The Securities and Exchange Commission (SEC) has disclosed that Nigeria’s non-interest capital market surged past a valuation of N1.6 trillion as at August 2025, marking a major milestone in the nation’s push toward ethical and inclusive finance.
SEC described the development as evidence of rising investor confidence and deepening participation in alternative, value-driven financial products.
In a release on Tuesday, the SEC Director-General, Dr. Emomotimi Agama, was said to have disclosed this much in Abuja during a joint press briefing on Monday ahead of the 7th African International Conference on Islamic Finance (AICIF) scheduled for November 4–5, 2025, in Lagos.
Ethical finance gains momentum
According to the release, Agama stated that the rapid growth of the non-interest market reflects a strong public appetite for ethical investing and a maturing regulatory environment.
He revealed that Sukuk — the Islamic equivalent of bonds — continues to dominate the segment, with the most recent issuance oversubscribed by more than 700 per cent.
“The non-interest capital market has attained a valuation of N1.6 trillion. The overwhelming subscription to our Sukuk issuances demonstrates strong investor confidence and expanding demand for ethical financial instruments,” Agama said.
He attributed part of this success to the newly enacted Investments and Securities Act (ISA) 2025, which provides a strengthened legal foundation for non-interest financial products and empowers the SEC to register a wider range of collective investment schemes.
“The new Act is a game-changer,” Agama emphasized. “It modernizes our regulatory framework, enhances transparency, and gives investors the confidence needed to engage more deeply with ethical finance.”
AICIF 2025: Charting Africa’s inclusive financial future
Themed “Africa Emerging: A Prosperous and Inclusive Outlook,” the two-day AICIF conference is jointly organized by the SEC, the Metropolitan Law Firm, and Metropolitan Skills Ltd. It will focus on ethical finance as a tool for building resilient, inclusive economies across Africa.
According to Agama, the event is strategically timed to coincide with the conclusion of Nigeria’s Revised Capital Market Masterplan (2021–2025) and will serve as a springboard for the next phase of sustainable financial development.
“This is not just another conference. It is a problem-solving platform that will deliver actionable strategies to drive new investment flows and inform future regulatory policy,” Agama said.
The conference will feature high-level sessions on infrastructure financing, green and ethical investments, agricultural finance, and the role of fintech in advancing Islamic finance.
Shared vision for sustainable prosperity
Also speaking, Ummahani Amin, Managing Partner at Metropolitan Law Firm and Chair of the AICIF 2025 Planning Committee, said this year’s edition reflects the growing importance of collaboration between regulators and market innovators.
“This year, we are especially proud of our strategic partnership with the Securities and Exchange Commission. It underscores our shared vision to strengthen the Islamic finance ecosystem, deepen investor confidence, and support innovation that aligns with integrity and shared prosperity,” Amin said.
- She added that Islamic finance remains one of the fastest-growing segments of the global financial system, and the AICIF provides a continental platform to shape its future in Africa.
- Beyond the plenary sessions, Amin disclosed that the conference will host an Awards Night and a Pitch Competition to celebrate innovation and spotlight young entrepreneurs shaping the ethical finance landscape.
