Ogun gets first non-interest microfinance bank - Newstrends
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Ogun gets first non-interest microfinance bank

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Ogun gets first non-interest microfinance bank

Hayat Trust Non – Interest Microfinance Bank Limited, the first Islamic non–interest microfinance bank in the country has opened a branch along Folagbade – Ibadan road banking hub of Ijebu Ode, Ogun State, saying it is poised to provide inclusive financial services to small and medium scale entrepreneurs.

Among its pioneer customers is Leadfort Insurance Brokers Limited, which declared its resolve to open an account with the bank immediately.

Mr Adebanjo Olamiji of Leadfort Insurance Brokers who announced this while giving the firm’s goodwill message said he would also personally open an account with Trust Non – Interest Microfinance Bank.

However, a lecturer at the University of Lagos, Prof. Tajudeen Yusuf, has decried the exclusion of no fewer than 60 percent of the Nigerian population from access to credit facilities from the country’s conventional financial system.

Prof Yusuf said no country can develop when a significant percentage of its population is financially excluded as is the case in Nigeria, saying the situation has brought about stunted economic growth and development.

Speaking at the official opening of the Al- Hayat Trust Non –interest Microfinance Bank owned by Al-Hayat Relief Foundation in Ijebu –Ode, Ogun state tagged; “ The roles of islamic Microfinance bank in the society,” Yusuf explained that part of significant roles of Islamic Microfinance banks system is financial inclusion aimed at providing financial services to those who are traditionally excluded from the formal financial sector, particularly the poor, rural populations, and small entrepreneurs.

By offering Sharia-compliant financial products such as Qard al-Hassan (benevolent loan), Murabaha (cost-plus financing), and Musharaka (partnership), these banks ensure that individuals from all socio-economic backgrounds have access to financial resources.

The professor of Risk Management and Insurance noted that One of the primary objectives of Islamic microfinance is poverty alleviation by way of providing small-scale financing to entrepreneurs and small businesses, Islamic microfinance banks empower individuals to generate income, create employment opportunities and improve their standard of living.

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He stressed the need for concerted effort for more SMEs to grow so as to boost the nation’s Gross Domestic Products and reduce unemployment in the society.

“As it is happening in the banking sector, the same is happening in the insurance sector, Capital Market as well as asset management because of its inclusiveness.”

According to him, “Islamic microfinance banks play a significant role in society, particularly in regions where conventional banking services are not readily accessible or where there is a large Muslim population seeking Sharia-compliant financial services. Here are some of the key roles and contributions of Islamic microfinance banks.”

Noting that part of its roles is Promotion of Ethical and Socially Responsible, Support for Small and Medium Enterprises (SMEs], Risk-sharing and Profit-sharing, community Development as well as empowerment of women in the society.

He further stated that because of its inclusive nature and what Islamic banking stands for, the World Bank cannot close its eyes for its developmental progress.

He noted that King Charles of the United Kingdom is also advocating that the United Kingdom to be the epicentre of Islamic finance in the world because of the pivotal institutions that have played in boosting the economy of each nation.

The don pointed out that most of the conventional banks are also seeking license of Islamic zero free interest rate because they know that Islamic zero interest banking will soon take over the banking sector.

He said the World Bank recognises and patronizes the Islamic banking system while noting the active participation of developed countries such as Britain, Japan, and the US.

Speaking earlier at the event, the president of the foundation, Dr. Asif Olatubosun Azeez emphasized the pivotal role played by Hayat Trust Non-Interest Microfinance Bank in fostering community development, and contributing to socioeconomic stability in Nigeria.

He revealed that the conventional license was obtained when all attempts to secure a full-fledged Non-Interest Microfinance Bank license proved unsuccessful.

The chief lecturer at Sikiru Adetona College of Education, Science and Technology, Ogun State, noted that Al-Hayat Microfinance Bank for the period its operated before securing a full- fledged non –interest microfinance has Customer base grew to 34,066 and has also disbursed 3.9 billion to 17,085 customers while the total assets of the bank grew from 81.4million to 507.7million as well as increased in shareholders from 30 million to 74.4million.

Ogun gets first non-interest microfinance bank

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Police Arrest Man Over Fake Presidency Number Plate in Abuja

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Police Arrest Man Over Fake Presidency Number Plate in Abuja
Police Arrest Man Over Fake Presidency Number Plate in Abuja

ABUJA — The Federal Capital Territory (FCT) Police Command has arrested a man accused of impersonating a permanent secretary in the Office of the Secretary to the Government of the Federation (SGF) after he was allegedly caught using a forged number plate bearing the inscription “PRESIDENCY”.

The suspect was arrested on October 20, 2026, after police operatives intercepted a Lexus LX570 sports utility vehicle (SUV) in Maitama District, Abuja, at about 8pm.

According to the police, the concealed number plate carried the registration number 10B218 FG.

The command’s spokesperson, SP Josephine Adeh, disclosed that preliminary investigations revealed that the documents presented to support the registration were allegedly forged.

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Adeh said the suspect had claimed to be the legitimate holder of the number plate, prompting further investigations that reportedly uncovered the alleged fraud and impersonation.

“The vehicle and its occupant were promptly arrested for investigation and subsequent prosecution,” the police said.

The command added that investigations were ongoing and that the suspect would be charged to court upon their conclusion.

The police urged residents to remain law-abiding, cooperate with security operatives and report suspicious activities to the nearest police station.

The arrest comes amid concerns over the unauthorised use of official government and diplomatic number plates in the FCT. Police authorities have previously raised concerns that such plates could be used by unauthorised individuals to evade scrutiny or facilitate criminal activities.

The suspect’s identity has not been publicly disclosed, and the allegations remain subject to the outcome of the police investigation and any subsequent court proceedings.

Police Arrest Man Over Fake Presidency Number Plate in Abuja

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Woman Arrested for Torching Ex-Boyfriend’s Home in Fit of Jealous Rage

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Woman Arrested for Torching Ex-Boyfriend’s Home in Fit of Jealous Rage

 

Accra, Ghana — A routine breakup escalated into a catastrophic act of arson this week, leaving a young man homeless and his former girlfriend in police custody. The Ghana Police Service has arrested a young woman accused of deliberately setting her boyfriend’s rented apartment on fire after he ended their relationship. The shocking trigger for the split? The woman had answered a phone call on his mobile device without his permission.

 

According to preliminary police investigations, the couple became embroiled in a volatile and heated argument over the breach of privacy. The confrontation spiraled rapidly out of control when the boyfriend, reportedly furious that she had answered his phone, decided to end the relationship on the spot. Rather than accepting the breakup, the woman’s anger reportedly boiled over into a dangerous and premeditated rage.

 

In the aftermath of the breakup, authorities allege that the woman intentionally ignited a fire inside the man’s rented home in an act of vengeance. Eyewitnesses described a scene of sheer chaos as flames rapidly consumed the residence, forcing neighbors to flee and local fire services to be summoned to battle the inferno. Dramatic images from the scene reveal a landscape of utter devastation, with the apartment reduced to a pile of charred debris and twisted metal. While no casualties have been reported, the property damage is extensive, and the young man has effectively lost his home and belongings.

 

The Ghana Police Service acted swiftly following the incident, apprehending the young woman who is now in police custody facing potential charges of arson and destruction of property. Local neighbors have expressed profound shock at the severity of the attack, with one bewildered resident telling reporters, “It is just a phone call. To burn down a whole apartment because you were broken up with? It is a very sad day for us here.” The suspect is expected to be arraigned in court in the coming days as the police finalize their case, serving as a chilling reminder of the dangerous consequences of unchecked anger.

 

Woman Arrested for Torching Ex-Boyfriend’s Home in Fit of Jealous Rage

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Horror in Sokoto: Bandits Intercept Vehicle, Massacre All Passengers Returning from City

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Armed Bandits

Horror in Sokoto: Bandits Intercept Vehicle, Massacre All Passengers Returning from City

 

SOKOTO — In a gruesome escalation of insecurity in the North-West, armed bandits have reportedly intercepted a vehicle and killed all passengers on board along a road leading to the Isa Local Government Area of Sokoto State.

According to reports, the tragic incident occurred as the vehicle, a commercial transport conveying passengers, was returning from Sokoto city. The assailants, described as heavily armed, ambushed the vehicle, forcing it to a halt before opening fire on the occupants.

The incident was disclosed by Bakatsine, a conflict reporter covering northwestern Nigeria, who shared information about the attack and photographs of some of the deceased . According to the report, some of the victims were reportedly among the 3,000 people recruited by the Sokoto State Government who had been invited to Sokoto city for further screening and the collection of their documents . The passengers were said to have been travelling back home when the armed men intercepted their vehicle and opened fire on them.

The exact number of people killed in the attack has yet to be confirmed, and there has been no official confirmation from Nigerian authorities as of the time of reporting . Although photographs of some of the deceased have circulated following the incident, the total number of victims and their identities have yet to be independently established .

The attack highlights the persistent security challenges plaguing the region, where bandits frequently target highways and rural communities. Isa Local Government Area, which shares a border with Zamfara State, has been a notorious flashpoint for such criminal activities, including kidnapping, cattle rustling, and highway ambushes.

The reported killing also comes amid continuing concerns over attacks on civilians in other parts of northern Nigeria, particularly in communities affected by insurgency and banditry . Residents of the affected area have expressed deep grief and outrage over the continuous loss of lives, urging security agencies to intensify patrols along the Sokoto-Isa road and other vulnerable routes.

When contacted, the Sokoto State Police Command Public Relations Officer promised to provide details of the incident, stating that operatives have been deployed to the area to ascertain the facts and restore normalcy.

The mass killing underscores the urgent need for enhanced security measures to protect travelers and rural dwellers in Sokoto State and the broader North-West region. NewsTrends will continue to monitor the situation and provide updates as more information becomes available.

 

Horror in Sokoto: Bandits Intercept Vehicle, Massacre All Passengers Returning from City

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