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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2027 Polls: Christian Group Cautions Shari’a Council Over INEC Boycott Threat

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Independent National Electoral Commission (INEC), Chairman Prof. Joash Amupitan
Independent National Electoral Commission (INEC), Chairman Prof. Joash Amupitan

2027 Polls: Christian Group Cautions Shari’a Council Over INEC Boycott Threat

The Christian Social Movement of Nigeria (CSMN) has cautioned against attempts to politicise the leadership of the Independent National Electoral Commission (INEC), warning that threats to boycott elections on religious grounds could heighten tensions and weaken public confidence ahead of the 2027 general elections.

In a joint statement signed by its Governing Council Chairman, Elder Sunday Oibe, and Chief Executive Officer, Bosun Emmanuel, the group urged religious bodies and socio-political organisations to exercise restraint in public pronouncements capable of straining Nigeria’s already fragile political and security environment.

The warning followed a recent call by the Supreme Council for Shari’ah in Nigeria (SCSN) for the resignation of INEC Chairman, Prof. Joash Amupitan. Speaking at its 2026 pre-Ramadan lecture in Abuja, the Islamic body described the INEC chairman as a threat to electoral credibility and cautioned that Muslims might reject elections conducted under his leadership, citing concerns about neutrality and integrity.

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Reacting to the development, CSMN clarified that its position was not in defence of any administration or individual but a principled appeal to safeguard the credibility of Nigeria’s electoral process. The group stressed that appointments into key national institutions such as INEC leadership must strictly follow constitutional provisions rather than religious or sectional pressure.

“With the numerous challenges facing Nigeria, all well-meaning citizens must exercise restraint in words and actions that could escalate an already volatile situation,” the statement read.

The organisation noted that previous administrations had appointed INEC chairmen from different religious backgrounds without triggering threats of election boycotts. It warned that injecting religion into the administration of elections risks deepening divisions and undermining trust in democratic institutions.

CSMN further observed that leadership appointments in federal institutions have historically reflected Nigeria’s diversity and should not be exploited for religious mobilisation. According to the group, sustained religious polarisation could erode confidence in national institutions and weaken democratic stability ahead of 2027.

On broader constitutional concerns raised by some Islamic organisations, the Christian body called for clearer legal interpretation of the role of Sharia within Nigeria’s plural legal system, advocating long-term constitutional reforms aimed at promoting equity, justice and national unity.

The group urged religious leaders, civil society organisations and political actors to embrace dialogue, respect institutional processes and prioritise national cohesion. It emphasised that Nigeria’s stability depends on reducing religious confrontation rather than intensifying it as preparations gradually begin for the next electoral cycle.

2027 Polls: Christian Group Cautions Shari’a Council Over INEC Boycott Threat

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Suspected IED Explosion Rocks Bayelsa Secretariat, Police Arrest Suspect

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Bayelsa State Commissioner of Police, Iyamah Daniel
Bayelsa State Commissioner of Police, Iyamah Daniel

Suspected IED Explosion Rocks Bayelsa Secretariat, Police Arrest Suspect

A suspected improvised explosive device (IED) detonated early Wednesday at the Bayelsa State Secretariat Complex in Yenagoa, prompting an emergency response from security agencies and temporarily disrupting official government activities. Authorities have assured the public that the situation is under control, with no casualties and no property damage reported.

The Bayelsa State Police Command, led by Commissioner CP Iyamah Daniel, confirmed the incident, stating that the explosion occurred at approximately 6:00 a.m. Security operatives, including the Explosive Ordnance Disposal (EOD) Unit, the Special Drone Unit, and other tactical teams, were immediately deployed to the scene to contain the situation.

Upon arrival, police cordoned off the area and conducted a detailed search, during which they discovered another unexploded device, which was safely neutralised by EOD personnel. The swift response ensured that the Secretariat and nearby facilities were secured without further incident.

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Police also arrested a suspect, identified as Pentecost Elijah, a 60-year-old man from Otuan Community in Southern Ijaw Local Government Area. He is currently undergoing interrogation at the State Criminal Investigation Department, and authorities stated he will be charged in court once investigations are concluded.

In response to the explosion, the Bayelsa State Government ordered a temporary four-hour closure of the Secretariat, affecting over 6,000 state employees. The directive, issued by the Head of Service, Dr Wisdom Ebiye Sawyer, allowed security agencies to complete safety checks and restore normalcy.

Access roads leading to the State Secretariat and Bayelsa State Government House were cordoned off during the security operation, while officers urged residents to remain calm and vigilant. Authorities also called on the public to report any suspicious activities to the police to prevent further threats.

The incident has raised concerns over the security of government institutions in Nigeria and highlighted the importance of emergency preparedness, bomb detection, and rapid response operations. Residents have been assured that normal operations have resumed and that the security of the secretariat and its staff remains a top priority.

Suspected IED Explosion Rocks Bayelsa Secretariat, Police Arrest Suspect

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Electricity Workers Serve 21-Day Nationwide Strike Notice to FG

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National Union of Electricity Employees (NUDE)

Electricity Workers Serve 21-Day Nationwide Strike Notice to FG

Electricity workers under the National Union of Electricity Employees (NUEE) have issued a 21-day nationwide strike notice to the Federal Government (FG), warning of potential disruption to power generation and distribution if longstanding labour grievances are not addressed. The union cited anti-labour practices, wage violations, unpaid pensions and taxes, and worsening job insecurity across the Nigerian Electricity Supply Industry (NESI) as the basis for their action.

In a letter dated January 26, 2026, addressed to the Minister of Power, NUEE’s Acting General Secretary, Igwebike Dominic, lamented that repeated attempts to resolve precarious working conditions in power generating companies (Gencos) and distribution companies (Discos) since the privatisation of the sector over 12 years ago have been largely ignored. The union emphasised that previous communications to the ministry failed to elicit meaningful responses.

The union accused sector employers of refusing to negotiate or implement collective agreements and conditions of service, particularly in Gencos. They also highlighted the failure to implement the 2025 National Minimum Wage Act and consequential adjustments for electricity workers. According to NUEE, the sector remains plagued by managements that disregard procedural agreements and workers’ statutory rights.

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Workers further decried restrictions on union activities, claiming that employers deny employees the constitutional right to unionise. The union said that deducted union dues, Pay As You Earn (PAYE) taxes, and pension contributions have not been remitted for prolonged periods, in some cases stretching to 82 months in Discos including those in Kaduna and Kano states.

NUEE also raised concerns about the “militarisation” of workplaces, alleging harassment, intimidation, and threats against employees by managements of companies such as Ikeja Electric and Egbin Power Plc. They stressed that despite repeated electricity tariff hikes and increased revenues, workers’ welfare has stagnated, with no promotions, salary increments, or bonuses, while frontline staff often bear the brunt of customer frustrations.

The union also accused investors in the sector of failing to fulfil post-privatisation promises, including capital injection, metering, network expansion, and improved power supply, citing these as evidence of the privatisation exercise’s shortcomings.

NUEE has called on the Federal Government to urgently intervene by convening all stakeholders to resolve the crisis. The union warned that continued neglect would leave workers with no choice but to take “legitimate labour action” to defend their rights. “We demand the immediate resolution of all these anti-labour issues within twenty-one days of the receipt of this letter. Otherwise, we will not be constrained to take our fate into our hands by employing any legitimate labour weapon suitable for the situation. This is not a threat,” the statement said.

The notice signals rising tensions in the Nigerian power sector, with potential nationwide consequences if negotiations fail. Observers say any prolonged strike could significantly affect households, businesses, government institutions, and the overall economy, highlighting the urgent need for intervention to avert a power supply crisis.

Electricity Workers Serve 21-Day Nationwide Strike Notice to FG

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