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Ogun gets first non-interest microfinance bank
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.
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
metro
Court Orders Final Forfeiture of Jeremiah Useni’s UK Property to FG
Court Orders Final Forfeiture of Jeremiah Useni’s UK Property to FG
The Federal High Court in Abuja has ordered the final forfeiture of a UK property linked to late former FCT Minister, Jeremiah Useni, to the Federal Government, in a ruling that reinforces Nigeria’s push to recover suspected illicit assets.
Delivering judgment on Tuesday, Binta Nyako granted the application filed by the Code of Conduct Bureau (CCB), declaring that the property was reasonably suspected to have been acquired with proceeds of unlawful activities. The forfeited asset is located at No. 79, Randall Avenue, Neasden, London NW2 7SX, in the United Kingdom.
The court held that evidence presented by the CCB showed a clear mismatch between Useni’s legitimate earnings while in public office and the value of the London property. According to the agency, findings from its Financial Investigation and Forensic Accounting Unit (FIFAU) revealed that the late minister’s declared income could not justify the acquisition, indicating the likelihood of undeclared or illicit funds.
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Before the final ruling, the court had granted an interim forfeiture order on November 20, 2025. Following this, a public notice was published inviting anyone with interest in the property to contest the forfeiture. However, no individual or organisation filed any claim within the stipulated timeframe, paving the way for the final forfeiture order. The case, marked FHC/ABJ/CS/2333/2025, listed the administrators and executors of Useni’s estate, alongside the property itself, as respondents.
In a related development, the United Kingdom’s First-Tier Tribunal (Property Chamber), in case REF/2023/0155, had earlier ruled that Useni was the beneficial owner of the property. The tribunal found that the property was acquired under a fictitious identity, a move aimed at concealing ownership.
Ownership claims by individuals identified as “Ms Tali Shani” and senior lawyer Mike Ozekhome were dismissed by the tribunal. The court held that documents presented to support the claims were fraudulent and unreliable, further strengthening the case for forfeiture.
Counsel to the CCB, Sufyan Ahmad, anchored the application on provisions of the Proceeds of Crime (Recovery and Management) Act, 2022 and the 1999 Constitution (as amended). In her ruling, Justice Nyako stated that the forfeiture aligns with Nigeria’s legal framework on asset recovery and serves the interest of justice, particularly in cases involving suspected proceeds of corruption.
The judgment underscores the Federal Government’s intensified efforts to trace, recover, and reclaim illicit assets held both locally and abroad. It also highlights increasing collaboration between Nigerian authorities and international legal systems in tackling financial crimes and corruption-linked assets.
Court Orders Final Forfeiture of Jeremiah Useni’s UK Property to FG
metro
Teen alleges torture by stepmother, loses hand
Teen alleges torture by stepmother, loses hand
A 19-year-old boy, identified as Friday, has accused his stepmother of subjecting him to torture that resulted in the amputation of one of his hands.
Friday’s account was made public in a viral video shared by Nigerian content creator Lucky Udu.
The teenager alleged that the incident occurred while his father was away, during which his stepmother accused him of having an inappropriate relationship with her and demanded that he confess.
He claimed she threatened him with a knife when he denied the allegation.
Friday further alleged that he was taken to a man who accused him of witchcraft and subjected him to torture, including burning his hands over charcoal.
He said his injuries later became infected, but his stepmother allegedly refused to take him to a hospital and instead forced him to continue working.
According to him, a passerby who noticed his condition alerted the police, leading to his rescue and the arrest of the stepmother.
He was subsequently taken to a specialist hospital where doctors amputated his hand due to the severity of the damage.
The incident has generated reactions on social media, with many Nigerians calling for justice and stronger protection for vulnerable children.
Authorities have yet to issue an official statement on the matter.
Teen alleges torture by stepmother, loses hand
metro
Cars Torched as South Africans Protest Alleged Nigerian ‘Igbo King’ Coronation
Cars Torched as South Africans Protest Alleged Nigerian ‘Igbo King’ Coronation
Violence erupted on Monday in KuGompo City, Eastern Cape, South Africa, following the reported coronation of a Nigerian national as a traditional king, prompting the Nigerian High Commission to issue a 10-point safety advisory urging Nigerians in the country to prioritise safety and maintain a low profile.
According to the advisory titled “Advisory to All Nigerians Living in the Republic of South Africa,” citizens were urged to exercise caution, limit movement, avoid interactions with unfamiliar persons, and suspend socio-cultural activities to reduce the risk of becoming targets amid rising tensions. The circular also advised Nigerians to respect local laws and customs and refrain from posting inflammatory content on social media that could escalate the situation.
What began as a peaceful protest over the alleged installation of Solomon Eziko as Igwe Ndigbo quickly escalated. Videos and images of the coronation circulated widely, sparking anger among residents and civic groups. Protesters torched vehicles, vandalised properties, and clashed with law enforcement. Police reportedly deployed teargas and rubber bullets to disperse the crowds, while fire services worked to contain the blazes.
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A man was stabbed during the unrest and taken to hospital. Authorities clarified that the victim was not linked to the demonstration, though some civic groups claimed one of their members was injured and also struck by a vehicle.
Several groups, including ActionSA, the Patriotic Alliance, and the civic movement March and March, joined traditional leaders in condemning the alleged coronation as illegal and unconstitutional.
- Athol Trollip, ActionSA Eastern Cape leader, said: “There is no constitutional provision for any foreigner, legal or illegal, to coronate themselves in the Eastern Cape. We support existing local kings, not Nigerian kings.”
- Steve Motale, Patriotic Alliance spokesperson, said: “We condemn this fake coronation. Even the Nigerian High Commissioner has denounced it.”
The Royal House of AbaThembu also denied involvement, calling social media claims linking King Buyelekhaya Dalindyebo to the coronation false and misleading.
The unrest follows recent anti-migrant protests in South Africa, where residents demanded stricter immigration policies targeting Nigerians and other foreign nationals. Analysts say the protests reflect broader xenophobic tensions and concern over foreign influence on local traditional structures.
The Federal Government of Nigeria continues to monitor the situation closely, urging citizens in South Africa to remain law-abiding, cautious, and vigilant until stability returns.
Cars Torched as South Africans Protest Alleged Nigerian ‘Igbo King’ Coronation
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