General News
IsDBI, IFE Lab Announce Award Winners for Best Application of Agent-Based Simulation in Islamic Finance

The Islamic Development Bank Institute (IsDBI) and the Islamic Financial Engineering Laboratory (IFE Lab) have announced winners of the second edition of the International Award for the Best Application of Agent-Based Simulation (ABS) in Islamic Economics and Finance.
The awards, announced during an online event on 23 December 2021, aim to encourage the use of new technologies in Islamic economics and finance, especially the use of agent-based modeling. In the second edition of the award, applications combining the blockchain technology and/or smart contracts were strongly encouraged.
The first-place award went to Yousef Lamrani Alaoui for his project on Islamic crowdfunding as an alternative way of doing microfinance; Yahya Hanine and Mohamed El Moktar Malick received the second prize for their project on group financing based on smart contracts; and the third prize went to Ahmed Mouad El Haloui for his work on how Islamic finance can help prevent and mitigate market distortions.
Meanwhile, Khadijah El-Hachami was awarded the fourth prize for her contribution towards an Islamic macroeconomic agent-based simulation, while Aissam Mansouri, Yassine El Idrissi, and Najlae Yachou received the fifth prize for their work on diminishing partnership for home financing and social impact.
The ABS award is expected to stimulate innovation and creativity in the field of Islamic economics and finance and encourage young researchers to contribute to the advancement of the field for the benefit of their communities and IsDB Member Countries. This year’s prizes were intended for young researchers including current Ph.D. candidates and 2019 Ph.D. graduates.
Speaking during the opening session of the event, Prof. Moulay Larbi Abidi, Director of the Mohammadia School of Engineering at Muhammad V University, Rabat, where the IFE Lab is based, expressed appreciation for the successful collaboration between the IsDBI and Muhammad V University.
Dr. Sami Al-Suwailem, Acting Director General of IsDBI, also praised the efforts from both sides to make the IFE Laboratory a unique experience in using the ABS models in the field of Islamic finance.
“ABS has been successfully applied in many areas, including pandemic and other business applications. Ph.D. candidates should capitalize on the potential usefulness of this important tool in today’s complex economies,” Dr. Al-Suwailem added.
Dr. Rajae Aboulaiche, Director of the IFEL, thanked the IsDB for its support to the IFE Lab, and expressed confidence that the achievements of the students of the Lab will be an important contribution to research in the field of financial engineering in relation to Islamic finance.
Before the awards session, Dr. Kaouther Toumi, Associate Professor in Finance at University of Toulouse 3, France, made a presentation on the selection process of the award winners. The awards were also preceded by technical presentations focusing on the latest developments in new technologies and their impacts on financial engineering in relation to Islamic finance.
The presentations were delivered by Dr. Sami Al-Suwailem; Dr. Anis Ben Khedher, Senior Information Solutions Specialist at IsDBI; Dr. Mahmoud Sami Nabi, Professor of Economics at the University of Carthage, Tunisia; and Dr. Boujemâa Achchab, Director of the High School of Education and Training, Berrechid, Morocco.
The IFE Lab is a one-of-a-kind research laboratory established in 2013 with the objective of modeling complex problems and the structuring of innovative Islamic financial products, using high performance simulation approaches such as agent-based modeling, and adopting new technologies such as blockchain.
General News
NITDA Deepens Digital Gender Inclusion with IgniteHer Bootcamp

In a powerful demonstration of its commitment to the Renewed Hope Agenda of the present administration of President Bola Ahmed Tinubu GCFR, the National Information Technology Development Agency (NITDA) has launched the second cohort of the IgniteHer Bootcamp for Women Entrepreneurs, a strategic initiative aimed at accelerating gender inclusion and economic empowerment through digital innovation.
The bootcamp, themed “Empowering Women Entrepreneurs for Growth and Innovation”, was launched in partnership with the Japan International Cooperation Agency (JICA) and brought together selected women entrepreneurs from across Nigeria, both physically and virtually, for rigorous training in digital skills, innovation management, business development, and investor readiness.
The NITDA Director General, Kashifu Inuwa CCIE, who declared the bootcamp open, reaffirmed the Agency’s role in aligning Nigeria’s digital development with the national priorities of reforming the economy for sustained inclusive growth and accelerating economic diversification through industrialisation and digitisation.
“Through IgniteHer, we are actualising President Bola Ahmed Tinubu’s Renewed Hope Agenda by expanding women’s access to technology and economic opportunity,” he stated.
The DG, who was represented by the agency’s Acting Director of the Digital Literacy and Capacity Building department, Dr. Ahmed Tambuwal, noted that inclusive innovation is a cornerstone of NITDA’s Strategic Roadmap and Action Plan (SRAP 2.0: 2024–2027), which supports national aspirations for inclusive growth, poverty eradication, and youth empowerment.
“We are not merely imparting skills; we are creating self-reliant entrepreneurs, change-makers, and leaders,” he added.
Inuwa disclosed that the IgniteHer Bootcamp is also a key component of the National Gender Digital Inclusion Strategy (NGDIS), through which NITDA is working to empower 12.7 million Nigerian women with digital literacy skills by 2027. He averred that the programme complements broader government efforts to bridge gender gaps, enhance productivity, and reduce unemployment, especially among young women.
Citing a report by the World Wide Web Foundation, the DG emphasised that closing the digital gender gap in Nigeria could unlock an estimated $13 billion in GDP growth over the next decade.
“This training is a step towards harnessing this economic potential and ensuring that women play an integral role in shaping the digital landscape of Nigeria,” he noted.
He therefore called on participants selected from over 12,000 applicants to seize the moment and shape the future of Nigerian entrepreneurship.
While highlighting NITDA’s leadership in strategic partnerships, the DG commended JICA and the Government of Japan for their ongoing collaboration in supporting digital empowerment through programmes like IgniteHer and the iHatch Incubation Programme, which provides startup support, mentorship, and innovation development to early-stage entrepreneurs.
“At NITDA, we believe that inclusive innovation is not just an ideal but a critical strategy that ensures the growth of a stronger economy, the development of smarter solutions, and the existence of more resilient communities. Through IgniteHer, we are dismantling barriers and replacing them with pathways to opportunity,” he concluded.
In his remarks, the Japanese Ambassador to Nigeria, Matsunaga Kazuyoshi, reaffirmed Japan’s long-standing commitment to innovation and gender inclusion in Nigeria. He announced that Japan, through JICA, is currently supporting two grant projects worth $30.9 million, focused on improving Nigeria’s startup ecosystem, strengthening the investment climate, and building an inclusive innovation hub.
The Ambassador also referenced the upcoming Tokyo International Conference on African Development (TICAD 9), themed “Co-create Innovative Solutions with Africa”, as further testament to Japan’s dedication to deepening Africa-Japan cooperation on digital transformation and entrepreneurship.
Lead Facilitator of IgniteHer, Hajiya Hafsat Salabi-Dange, described the programme as a catalyst for social and economic transformation. While praising NITDA’s visionary approach to development, she stated that the programme is a movement that is bridging the digital gender divide and fostering economic independence.
Encouraging the participants to remain curious, intentional, and bold, she said, “What you will gain here goes beyond business; it is a tool for community upliftment, national growth, and generational impact.”
General News
NAF, NIGCOMSAT to Boost Nigeria’s Security with Satellite Technology

Nigerian Air Force (NAF) and Nigerian Communications Satellite (NIGCOMSAT) Limited have entered into a strategic alliance aimed at advancing operational effectiveness, sovereignty, and sustainability through space-based innovations.
This was during a courtesy visit by Jane Egerton-Idehen, managing director and chief executive officer of NIGCOMSAT, to Air Marshal Hasan Bala Abubakar, chief of the Air Staff (CAS), at the NAF Headquarters in Abuja on Wednesday, August 7, 2025.
According to Air Commodore Ehimen Ejodame, director of Public Relations and Information, Headquarters, Nigerian Air Force, discussions during the meeting focused on leveraging NIGCOMSAT’s satellite capabilities to enhance the NAF’s mission-critical functions, particularly in the areas of secure communication, real-time intelligence, surveillance, and reconnaissance.
Both parties acknowledged that the future of national defence lies in digital dominance and home-grown technological solutions.
Abubakar stressed the urgent need for indigenous systems to support the evolving demands of modern air operations.
“We must continually seek innovative ways to improve our capabilities and reduce reliance on foreign systems.
Strategic collaboration with institutions like NIGCOMSAT is essential to ensure secure communication and real-time situational awareness across our theatres of operation,” the CAS said.
In her remarks, Egerton-Idehen praised the Air Force’s proactive approach and expressed NIGCOMSAT’s readiness to support the military with tailored satellite solutions that align with national security objectives.
“This partnership is not only timely but critical in strengthening Nigeria’s digital defence infrastructure.
NIGCOMSAT stands ready to deploy its expertise in support of the Nigerian Air Force and contribute meaningfully to national security,” she said.
Both organisations reaffirmed their shared commitment to advancing Nigeria’s security architecture through the use of indigenous space technologies.
General News
FG Announces New Fossil Fuel Tax

Federal government has announced it will impose a new 5 percent refined fossil fuel tax from January.
The surcharge, which has been signed into law by President Bola Tinubu to encourage clean energy use, could raise more than half a billion dollars annually.
The fee will apply to petrol and diesel, while cooking gas and compressed natural gas — which the government has tried to promote — are exempted.
Nonprofit group ActionAid Nigeria said the policy will “disproportionately impact the poor” and deepen inequality, noting that Nigerians have not recovered from the inflationary effect of the removal of fuel subsidies in 2023.
- E-Financial1 day ago
Zenith Bank Slammed with ₦85m Fine for Freezing Account on Invalid Court Order
- Telecom2 days ago
Airtel Nigeria CEO Identifies Data Boom, Nationwide Connectivity as Crucial Innovation Areas
- Telecom2 days ago
NCC Tightens Rules of Corporate Governance for Telcos
- Telecom1 day ago
Telcos Say Mobile, Internet Services in Nigeria may Collapse
- E-Business1 day ago
How to Avoid NIN Portal Lockout under New Restrictions — NIMC
- Broadcasting2 days ago
Mastercard Highlights Africa’s $16.5Bn AI Potential and Path to Digital Empowerment
- News2 days ago
Olukoyede, EFCC Chair Denies Forcing Ojulari to Resign as NNPC Boss
- E-Financial2 days ago
Zenith Bank rolls out drums for D’Tigress, rewards team with N200m