Business
Reaffirms Commitment to Stronger Shariah Governance in Non-Interest Finance Sector
BY NKECHI NAECHE-ESEZOBOR—The Central Bank of Nigeria (CBN) has reaffirmed its commitment to strengthening Shariah governance, regulatory clarity, and risk management within the non-interest financial services industry as part of ongoing efforts to sustain financial stability, public confidence, and the orderly growth of the sector.
The commitment was reiterated during the 2nd Annual Interactive Session between the CBN Financial Regulation Advisory Council of Experts (FRACE) and the Advisory Committees of Experts (ACE) of Non-Interest Financial Institutions (NIFIs), held on Thursday, May 7, 2026, at the CBN Auditorium in Abuja.
Speaking on behalf of the Deputy Governor, Financial System Stability, Mr. Philip Ikeazor, the Director of the Financial Policy and Regulation Department, Dr. Rita Ijeoma Sike, described the session as a strategic platform designed to deepen the credibility, resilience, and soundness of Nigeria’s non-interest financial services industry.
According to Mr. Ikeazor, the engagement builds on the achievements of the inaugural session and reflects the CBN’s continued resolve to maintain a sound, credible, and resilient non-interest financial system driven by robust governance, effective compliance, and prudent risk management practices.
He noted that Non-Interest Financial Institutions have become increasingly important in Nigeria’s financial system by offering ethical and Shariah-compliant alternatives to conventional banking. He added that the institutions are making significant contributions to financial inclusion, real sector financing, Micro, Small and Medium Enterprises (MSMEs) development, and shared economic prosperity.
However, the Deputy Governor cautioned that the sector’s rapid growth, increasing sophistication, and expanding interconnectedness also expose it to unique challenges. These include Shariah non-compliance risks, governance concerns, operational vulnerabilities, and emerging technological threats, all of which could undermine public confidence and the credibility of the industry if not effectively managed.
He explained that the establishment of FRACE and the mandatory constitution of ACEs across all NIFIs were aimed at institutionalising a harmonised and resilient governance framework for the sector. He stressed that continuous engagement between FRACE and ACEs remains critical in ensuring that regulatory expectations are properly understood and consistently implemented.
“The objectives of today’s session include fostering the institutionalisation and effective operation of a robust Shariah governance system within Non-Interest Financial Institutions, and providing a structured platform for dialogue, knowledge-sharing, and collaboration,” he stated.
In his remarks, the Deputy Chairman of FRACE, Prof. Bashir Aliyu Umar, said the interactive session was organised to strengthen governance within the sub-sector and encourage constructive engagement between FRACE and the ACEs of NIFIs. He commended the CBN for reviving the initiative, which was first introduced in 2014.
The session featured technical presentations on “Shariah Non-Compliance Risk in Non-Interest Banks and its Impact on the Non-Interest Financial Services Industry” and “Islamic Fintech and Financial Inclusion.” Participants also engaged in discussions on governance, innovation, risk mitigation, and capacity building in the non-interest finance sector.
The post Reaffirms Commitment to Stronger Shariah Governance in Non-Interest Finance Sector appeared first on Business Today NG.
Business
Supreme Court Upholds APP’s Registration, Ends Deregistration Battle Ahead of 2027 Elections
BY NKECHI NAECHE-ESEZOBOR—The Supreme Court has brought an end to the legal dispute over the status of the Action Peoples Party (APP), affirming that the party remains duly registered and eligible to take part in the 2027 general elections.
The apex court struck out Appeal No. SC/CV/248/2026 after the appellant, Mr Blessing Elujiuba, voluntarily withdrew the case, bringing the challenge to a close.
This decision leaves intact earlier judgments delivered by both the Federal High Court and the Court of Appeal, which had upheld the party’s legal recognition.
The ruling was delivered on May 12, 2026, by a five-member panel of the Supreme Court led by Justice John Inyang Okoro, who noted that the matter was withdrawn without objection from other parties.
The court subsequently dismissed the appeal following its withdrawal, formally ending the proceedings at the apex level of the judiciary.
The case involved the Independent National Electoral Commission (INEC), the Action Peoples Party (APP), and the party’s National Chairman, Uche Kingsley Nnadi.
The initial legal action had sought to force INEC to remove APP from its register on the allegation that it failed to meet constitutional requirements under Section 225A of the 1999 Constitution.
However, earlier rulings had found that APP met the necessary legal conditions for continued registration, citing evidence of electoral participation and victories at local government level.
The courts also upheld the interpretation that fulfilling any of the conditions outlined in Section 225A is sufficient for a political party to retain its registration status.
With all tiers of the judiciary aligned in its favour, APP’s legal standing remains intact, clearing the party to continue preparations for the 2027 elections without any outstanding court challenge.
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The Director General of the International Atomic Energy Agency (IAEA), Rafael Grossi, said discussions on Nigeria’s nuclear power programme remain alive, amid continuous technical engagements with concerned authorities in the West African country.
Mr Grossi disclosed the progress made on the nuclear power arrangement with Nigeria while responding to a PREMIUM TIMES’ enquiry at an IAEA programme in Vienna, Austria.
The IAEA DG said the agency continues to work with Nigeria on its nuclear power plan and IAEA officials had held visits and technical meetings with relevant stakeholders to actualise the dream.
In May 2024, while on a visit to Nigeria for a seminar on ‘Promoting Cancer Awareness and Advocacy Programmes’, Mr Grossi expressed the agency’s readiness to support Nigeria’s efforts to develop a nuclear power programme during meetings with senior government officials, including the Secretary to the Government of the Federation, George Akume.
Speaking during the visit, he described Nigeria’s pursuit of nuclear energy as “a logical move for a country of your (Nigeria’s) size and importance.”
When this newspaper asked Mr Grossi about the progress of the discussions and technical meetings since the visit two years ago, the IAEA DG reassured that discussions are still ongoing.
“We have continued working with Nigeria, I have to tell you. It’s not that after that visit, things stopped. We have continued at technical levels, some visits, and technical meetings,” the IAEA DG said.
He noted, however, that no final decision has been taken on the programme, adding that Nigeria’s status as a big crude oil-producing nation makes its situation quite different from other economies.
“There hasn’t been a decision yet. There is like a pre-decision to explore the alternative. Of course, your country (Nigeria) is a big oil producer country, an exporter, etc. So the discussion in your country is different from that in other countries,” the DG said.
The IAEA boss insisted that the conversation around the programme is still alive, but Nigeria’s energy options are quite diversified.
“It’s a matter of diversification more than a matter of need, maybe. But the conversation space is pretty much alive, I must say,” Mr Grossi said.
Nigeria’s nuclear energy programme operates under the guidance and safety standards of the International Atomic Energy Agency (IAEA), aiming to add clean, stable nuclear electricity to the national grid. The programme is managed primarily by the Nigeria Atomic Energy Commission (NAEC) and is said to be advancing through the foundational infrastructure phases and planning stages.
READ ALSO: Survival logic of nuclear deterrence: The Iranian, Israeli, and American conundrum, By Jacob Edi
Earlier in September 2023, Nigeria signed its Country Programme Framework (CPF) for the period of 2024–2029 on the margins of the General Conference. A CPF is the frame of reference for the medium-term planning of technical cooperation between a Member State and the IAEA and identifies priority areas where the transfer of nuclear technology and technical cooperation resources will be directed to support national development goals.
Nigeria has been an IAEA Member State since 1957 and, according to the agency, its 4th CPF covering the period 2024 – 2029 identifies five priority areas, such as nuclear and radiation safety and security; food and agriculture; health and nutrition; water and environment; as well as energy planning and development.
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