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ICSFS’ Islamic Team Participates in AAOIFI’s Intensive Workshop

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ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, Islamic team have participated in The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) workshop, the leading international not-for-profit organisation primarily responsible for development and issuance of standards for the global Islamic finance industry.

AAOIFI held the 14th AAOIFI-World Bank Annual Conference recently at the Gulf Hotel in the Kingdom of Bahrain. ICSFS’ Islamic team attended a 2-day intensive workshop designed and developed for Islamic finance professionals which was held upon conclusion of the 14th AAOIFI-World Bank Annual Conference.

The workshop was conducted by AAOIFI’s Master Trainer(s) with the objective to introduce and study key points and highlights of the newly issued financial accounting standards (FAS)—from the conceptual, practical, and comparative aspects.

ICSFS’ Islamic team, who are certified Islamic bankers (CIB) and certified Islamic specialists in accounting (CISA), attended the workshop where major topics and extensive usage of real-world case studies were discussed and learnt the technical complexities and implications involved in the implementation of the latest issued FAS.

ICS Financial Systems (ICSFS) has been a supporting member of AAOIFI for almost 10 years, with its ICS BANKS ISLAMIC software suite, which is a modular fully integrated solution designed and developed following the principles of Shari’ah in compliance with the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).

ICS BANKS ISLAMIC consists of an Islamic core system, which provides all common operations between various banking activities, and a series of Islamic modules which cover the various different operational and business requirements of our specialised segments.

ICS BANKS ISLAMIC can be offered as a complete stand-alone suite of Islamic Banking applications or as an Islamic Banking window, within the core system depending on the customer’s needs.

ICSFS invests in its software suites by utilising modern technology in launching new products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide.

ICS BANKS ISLAMIC software suites future-proof banking activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers journey experience, hence improving the trust and confidentiality between the customer and the bank.

ICS BANKS ISLAMIC has always been a pioneer in utilising the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system can be deployed on premises or in the cloud.


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General News

Senate Gives Tinubu Nod to Borrow Fresh $6Bn

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Senate on Tuesday approved the fresh $6 billion loan request forwarded to the lawmakers by President Bola Tinubu.

Senate Gives Tinubu Nod to Borrow Fresh $6Bn

Lawmakers approved the fresh loan on the same date the request letter was read by Godswill Akpabio, senate president.

The Senate approved the loans following the presentation and consideration of the report by Senator Aliyu Wamakko, chairman, Senate Committee on Local and Foreign Debts.

President Tinubu had written to the Senate seeking approval to borrow a total of $6 billion to finance key government projects and address budgetary gaps.

The requests were contained in two separate letters addressed to Godswill Akpabio, president of the Senate, and read during Tuesday’s plenary.

In the first letter, the President requested approval to obtain a $5 billion loan from Abu Dhabi Bank.

According to the President, the facility will be used to cover the nation’s budget deficit and support debt financing, among other fiscal obligations.

The request forms part of the Federal Government’s efforts to stabilise public finances and sustain ongoing government programmes.

In a separate communication, Tinubu also sought approval to secure a $1 billion UK Export Finance loan facility from London Citi Bank.

The loan is intended for the rehabilitation of key port infrastructure, including the Lagos Port Complex and Tin Can Island Port.

The President said the project aims to address critical infrastructure deficiencies in the country’s maritime sector

According to him, the rehabilitation will help improve efficiency, enhance safety standards, and support Nigeria’s efforts to diversify its economy beyond oil.

He added that the initiative would also strengthen Nigeria’s position as a regional trade hub.

Both requests have now been considered and approved by the Upper Legislative Chamber.


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FG Earmarks $2Bn to Launch 2 Satellites in 2028, 2029

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Federal government has fixed 2028 and 2029 for the launch of two communication satellites, NIGCOMSAT-2A and NIGCOMSAT-2B, as part of efforts to strengthen security and expand digital connectivity.

FG Earmarks $2Bn to Launch 2 Satellites in 2028, 2029

The government will be committing over $22 billion on the ambitious space-led growth agenda focused on new satellite launches, increased industry revenue and expanded broadband access in underserved communities.

At the opening of the 2026 Nigerian Satellite Week in Abuja, Dr Bosun Tijani, minister of Communications, Innovation and Digital Economy, confirmed the government’s approval for the acquisition of two new satellites—NigComSat 2A and 2B, describing the move as a “defining commitment” to national development, digital sovereignty and economic competitiveness.

Also, Mrs Jane Nkechi Egerton-Idehen, managing director of Nigerian Communications Satellite Limited (NigComSat), noted that the projects have moved beyond procurement to the execution stage.

She said the satellites are designed to enhance intelligence gathering, surveillance, and connectivity across Nigeria and neighbouring countries, particularly in support of security operations.

“For 2A and 2B, we have started the process. We have closed the tender and are now back into the financing and implementation stage. 2A is built to come up in 2028, and 2B for 2029.

“When they are up and running, they are expected to provide security within the borders and neighbouring countries. They will support the security agencies because data collection and intelligence in real time is important. Satellites like communication satellites allow that, irrespective of where they are,” she said.

On his part, Tijani, said the satellite programme forms part of a broader government strategy to deepen digital infrastructure nationwide.

According to him, the initiative complements ongoing investments in fibre-optic expansion and telecommunications infrastructure, while extending connectivity beyond Nigeria’s borders.

“The President’s approval of NIGCOMSAT-2A and 2B demonstrates a clear commitment to building the future. These satellites will enhance security, connect remote communities, and extend our fibre-optic network into neighbouring countries.

“Some of these neighbouring countries pay up to ten times more for internet capacity than Lagos. Extending our fibre network will not only improve connectivity but also enhance border security and regional collaboration.

“Satellite technology affects everything, from how a child in a rural community accesses the internet to how farmers make critical decisions and how businesses operate across distance,” he said.

 


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FG Launches CLHEEAN to Streamline Access to Government Services

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Federal government has announced the launch of CLHEEAN, an artificial intelligence-powered mobile application designed to improve interactions between citizens and public institutions.

FG Launches CLHEEAN to Streamline Access to Government Services

It is also a civic education and community engagement app.

Developed under the National Orientation Agency (NOA), the platform functions as a virtual assistant accessible via mobile devices.

It allows users to access information on public policies, ask questions, and interact directly with government services.

The app includes features such as instant messaging, voice recognition, and multilingual support, including several local languages, to reach a wider audience.

With CLHEEAN, users can also submit feedback, report concerns, and take part in discussions on public policies. The approach is intended to strengthen citizen participation and improve communication between the government and the public.

Lanre Issa-Onilu, director general of the NOA, said the initiative addresses a long-standing gap between citizens seeking to be heard and systems that do not always respond effectively, adding that the platform marks a step toward closing that gap.

The launch comes as Nigeria continues to face challenges in citizen engagement and the dissemination of public information.

By leveraging artificial intelligence, authorities aim to make public services more accessible while improving transparency and responsiveness.

The initiative also reflects a broader trend across Africa, where governments are increasingly exploring the use of AI to modernize public services and strengthen ties with citizens.


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