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Nigeria, Africa Need $30bn Annually To Fill Energy Gap, Explore Islamic Finance Monetary Tools



Nigeria and Africa will need between $22.6-$30 billion annually to fill the energy financing gap, as the world moves to tackle climate change and transition to more renewable energy.

This is even as the Nigerian Government said it will continue to explore Islamic finance tools such as Sukuk to tap into local and international investments.

This was disclosed on Tuesday at the 6th African International Conference on Islamic Finance (AICIF) tagged: ‘Towards a Just Transition’ and organised by The Metropolitan Law Firm and The Metropolitan Skills in collaboration with Africa Finance Corporation, and Security Exchange Commission (SEC).

Speaking at the opening, the Convener and Conference Chair, Ms. Ummahani Amin, said just transition requires the mobilisation of climate funds to vulnerable African countries facing the harsh reality of climate change such as increasing mortality, human displacements, and migration, among other impacts.

Amin who is the Founder of Metropolitan Law Firm, lamented that there are systemic structural deficiencies that continue to inhibit the just transition process in Africa. She listed them to include limited private sector participation, increasing debt vulnerability of the African countries, and lack of transparency and accountability in financial flows, among others.

The CEO of Metropolitan Skills Ltd noted that according to the African Development Bank Group, out of the $29.5 billion of climate finance flows to Africa in 2019/2020, about $9.4 billion. Or 32 per cent of the total, was allocated to energy systems, including energy education and research,  energy consumption and demand efficiency, energy policy, and administrative management or development of hydropower plants.

“This leaves up to $22.6 billion-$30.6 billion annually in the energy financing gap in Africa,” she said but stressed that  “given its nature and with over $2 trillion in global assets, Islamic finance offers a sustainable financing system for delivering Africa’s just transition process”.

“First, Sukuk and Islamic finance lending are two financial products that can be used to deliver clean energy infrastructure and large-scale programmes in African countries, particularly to aid the promotion of natural gas as a transition fuel in countries that can access it. Sukuk presents low risks and guaranteed returns to investors”, she asserted.

Amin said ACIF was an opportunity to strengthen the community of practice on the promotion and development of Islamic finance in shaping the future of sustainable economic practices.

“Our mission is to establish a sustainable endowment fund focused on supporting educational opportunities for the less privileged,” she said.

In the same vein, the Vice President, Kashim Shettima,  represented by a Special Adviser to the President on Economic Matters, Tope Fasua, said despite the huge potential of Islamic financing to drive a more competitive economy, Nigeria’s finance sector is lagging in adopting Islamic financing in its financial market.

He said: “We are committed to designing policies targeted at financial deepening and financial diversification for unlocking private sector financing.

“With global assets under management exceeding $2 trillion and the growing demand for alternative sources of financing, Islamic finance is central to both financial deepening and financial diversification in Nigeria.

“However, Nigeria’s fast-growing Islamic finance assets remain largely insignificant in the over $2 trillion Islamic finance global market, despite Nigeria’s demographic composition and increasing demand for alternative sources of finance such as Islamic finance.

“Hence, we will continue to explore Islamic finance tools such as Sukuk to tap into local and international investments.”

In his keynote speech, former Emir of Kano, Muhammad Sanusi II, while speaking on the theme of the event, “Towards a Just Transition”, said there was a need to switch to a sustainable, net-zero future.

“Since the industrial revolution, fossil fuels have powered extraordinary growth and development, albeit with huge costs to our climate. As a direct result, we are today in a climate emergency. To avert catastrophe, there is a growing concern to radically switch to a sustainable, net-zero future.

“This transition needs to happen fast, but it also has to happen fairly and inclusively. If done right, the transition offers immense opportunities: a systems change in which all communities, workers, and countries are lifted,” he said.


Instagram Unveils Improved Editing Tools For Creators, Users




Instagram has announced new and improved editing tools to help creators and users better express their creativity on the app. The new tools include several improvements to reels and exciting new updates for feed photos, carousels, and stories, that make it easier to create directly within the Instagram app.

For reels, enhanced video editing tools help users express creativity and tell the story they want to, all within the app. In the feed, new filters for photos and carousels will explore different tones and moods for posts. In addition to the editing tools, Instagram has also built new tools to help creators better understand their performance.

The full suite of updates includes:

Reel editing updates: We’re rolling out new fonts to level up text on reels, and updating editing individual clips with the ability to zoom/crop/rotate; undo and redo edits; and 10 new text-to-speech voices.

Audio updates: On reels, we’re launching the ability to add clips with audio from movies, TV shows,s or your own created audio to your reels from our new media clip hub.

New feed photo filters: We’re launching brand-new photo filters for feed posts and carousels.

Performance insights for creators: understand your Reels performance with a new metric, Reels Replays.

Custom Stickers: make your Reels or Stories stand out by turning part of any photo or video.

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2024 Budget: Obi Queries N20.5bn Proposal For VP’s House



Peter Obi, the Labour Party Presidential flag bearer in the country’s last general election, has once again yelled at the level of waste in the APC administration of Bola Ahmed Tinubu.


Obi, who had just blasted the government for sending over 1400 delegates to COP28 as wasteful, has now slammed the administration for proposing over N20 billion in refurbishment and construction of a new office space for the Vice President.

The LP standard bearer said he is still studying the N27.5 trillion budget presented to the National Assembly last week, but could not wait to wonder at the level of waste on nonessential things when the people are suffering and dropping into multi-dimensional poverty in droves.


Reacting in his X handle on Monday Obi said “Even as I am still studying the 2024 fiscal budget as presented to the National Assembly last week, I cannot wait as am compelled to ask what is exactly wrong with us as a country.



‘I ask this question because it is hard for me to understand some of the recent happenings in our nation, in these critical times.


‘The recent news about a budget provision of N15 billion for the construction of a new residence for the Vice President is both shocking and disheartening, considering the many important challenges facing our nation.


Obi recalled that “Just recently in the Supplementary Budget, the sum of N2.5 billion was included for the renovation of the Vice President’s residence in Abuja, which means that he already has a residence. Again, during the budget presentation, I heard the sum of N3 billion was allocated for the renovation of the Vice President’s residence in Lagos. If we total all these sums, we would have budgeted the sum of N20.5 billion for the housing of the Vice President at this critical time when we are not just the world’s poverty capital, but more people falling into poverty, with so many Nigerians not knowing where their next meal will come from”


“Our health facilities have collapsed, and unemployment is skyrocketing. I am convinced that 99.9% of Nigerians can only dream of living in the current residence of the Vice President.


The LP standard bearer also noted that ‘ Several people employed in the universities are not being paid. Just to give an example, the salary of a professor in a Nigerian university is about N400,000, which without removing tax is about N5 million a year. What we have budgeted for the housing of the Vice President who is already luxuriously housed is, therefore, the annual salary of about 3000 professors!


“This is the finance needed to develop the much-needed human capital.


“The budget of N5 billion for student loans, which is yet to be disbursed is only a tiny percentage of the cost of the Vice President’s new home.


According to the former Anambra state Governor, “We are projecting to use four times the amount for educating ALL Nigerian indigent students to house the Vice President, and we are being told  there is nothing wrong with us”


“I am sure the major teaching hospitals in Nsukka, Lagos, Ibadan, and Zaria did not receive this much capital vote in the budget this year.


“We have had leaders that were exemplary in the past. Most Nigerians may not know that the popular 1004 flats in Lagos, was land allocated for the building of a Presidential Mansion for the then Head of State, General Murtala Mohammed but he  “sternly turned down the offer and instructed that the land should be used to build blocks of flats for civil servants. That is the kind of sacrificial leadership worth emulating.


“Our leaders must therefore stop the recklessness and insensitivity to the plight of the masses. We need leaders who show compassion and are willing to sacrifice for common progress and development. Such compassionate and frugal leaders are critical in our journey to the New Nigeria”


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DCSL Set To Launch Innovative Boardroom App, Marks 10 Years Of Excellence



Bisi Adeyemi, Managing Director of DCSL

DCSL Corporate Services Limited, a leading corporate service firm is set to celebrate a decade of professional excellence and launch an innovative boardroom app – “The DCSL e-Connect App” on Friday 8th December 2023.


Bisi Adeyemi, Managing Director of DCSL, reflected on the significant milestones achieved in the past decade and reiterated the Company’s commitment to delivering unparalleled professional services across its bouquet of offerings to diverse sectors of the economy.


“Our ten-year journey has been propelled by an unwavering commitment to delivering exceptional professional service to a diverse range of corporate and individual clients across various business sectors.

“The introduction of the DCSL eConnect app marks a pivotal moment, as we embark on a new era of transformative possibilities, reinforcing our dedication to innovation and precision in communication and collaboration within the boardroom.

“This celebration marks not only a milestone in our journey but also a testament to our commitment to excellence and innovation in the corporate services landscape”.


The DCSL eConnect App is designed to elevate boardroom communication, and collaboration and redefine efficiency. The innovative App will empower Boards and c-suite executives to efficiently manage meetings, streamline access to and retrieval of documents, facilitate approvals, and conduct polls and performance evaluations, all while ensuring compliance and tracking company plans.


The exclusive event will be graced by key stakeholders, clients, business leaders, and media partners.

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