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Shareholders Back Jaiz Bank’s Bid to Raise N150bn Via Sukuk

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Shareholders of Jaiz Bank Plc yesterday approved the board’s request to mobilise the sum of N150 billion through the issuance of Sukuk instruments either in full or in series.

The capital injection will among other things, boost the bank’s current expansion drive, especially in the digital frontline.

The shareholders, also okayed the payment of N1.38 billion as dividend for the 2021 financial year, representing 4 kobo per ordinary share of 50 kobo each.

The resolutions were unanimously agreed upon by the shareholders who expressed satisfaction over the bank’s performance for the period under review.

This is the third year the Islamic bank has paid dividends to its shareholders since it began dividend payments in 2019.

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Speaking at the institution’s 10th Annual General Meeting (AGM) in Abuja, its Chairman, Alhaji Umaru Abdulmutallab, explained that the increase in the dividend payment followed its positive growth trajectory in recent years.

He said the perception of the Jaiz brand had continued to improve with the bank being “awarded the most-improved Islamic bank in the world by the United Kingdom-based-GIFA for the second year in a row.”

According to him, “The future looks bright and fulfilling. The macroeconomic indices are projected to have an uptick as most of the economies have rebounded except for a few.

“As for us (Jaiz Bank), we will remain resolute in providing our customers better services in an efficient and delightful manner. Our digital roadmap will be judiciously executed in order to simplify our processes and engender employee’s productivity while optimising shareholders’ return.”

However, the bank’s audited financial results for the period ended showed a 43 per cent growth in Profit Before Tax (PBT) from N3.07 billion in 2020 to N4.37 billion in 2021.

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This came on the backdrop of an increase of 31.76 per cent in Gross Income from N19.61 billion realised in 2020 to N25.84 billion.

Mr. Hassan Usman, the bank’s Managing Director/Chief Executive, said despite the tough operating climate characterised by weak economic growth and the negative impact of the COVID-19 pandemic, it achieved a lot in terms of financial stability.

Usman said the bank’s “external credit rating for instance has materially improved over the past 12 months. Three rating agencies (Fitch Rating, GCR Rating, and Agusto Rating) all gave the Bank investment grade rating of BBB/BBB-”.

He said the management will continue to deliver uncommon value to all stakeholders, adding that “I am confident to state that the future of the Jaiz brand remains promising for all of us”.

However, the bank’s total assets grew by 19.55 per cent from N233.60 billion to N279.28 billion while shareholders’ funds for the period grew by 36.20 per cent, from N17.85 billion to N24.31 billion.

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Earnings per share for the period increased by 40.10 per cent from 9.85 kobo in 2020 to 13.80 kobo in 2021.

The bank has consistently delivered remarkable results, which clearly reaffirms its continuous growth trajectory as one of the most profitable banks in the country.

 

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AfCFTA Urges Africa to Stop Exporting Raw Materials

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Patience Okala, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office has urged African countries to stop exporting raw materials and instead focus on adding value to its natural resources if it is to fully harness the opportunities offered by the African Continental Free Trade Area.

She stated this on Thursday at the Streamsowers & Köhn 20th Anniversary Business Forum, where she stressed that value addition and beneficiation are essential to Africa’s industrialisation and long-term economic growth.

According to a statement issued on Friday by the Nigeria AfCFTA Coordination Office, she said the AfCFTA goes beyond the elimination of tariffs, serving as a framework for industrialisation, value addition, and job creation across the continent.

“AfCFTA is not only about tariffs; it is also about value addition. Africa has to stop exporting raw materials. We need to add value and ensure that beneficiation is done on the continent,” she said.

Okala also said Africa’s economic transformation would depend on the effective implementation of the AfCFTA rather than on the signing of trade agreements alone.

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“We have moved beyond negotiations. The success of AfCFTA will be measured by the extent to which businesses can access new markets, trade seamlessly across borders, and benefit from the opportunities created by the agreement,” she said.

She noted that Nigeria had intensified efforts to implement the agreement under the leadership of the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, including the development of simplified AfCFTA guides in six languages to help businesses understand and take advantage of opportunities under the trade pact.

Okala called for stronger collaboration among governments, regulators, and the private sector to eliminate barriers to trade and investment and build a truly integrated African market.

“As we move from policy to implementation, our collective responsibility is to ensure that the opportunities created by AfCFTA become practical realities for businesses, particularly MSMEs, women-owned enterprises, and young entrepreneurs across the continent,” she said.

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Cisco Explores AI for Nigeria Farmers

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Cisco is exploring artificial intelligence (AI)-powered solutions to support smallholder farmers in Nigeria, as part of efforts to expand digital inclusion and technology adoption.

The initiative focuses on improving agricultural productivity through accessible, data-driven tools.

The move aligns with growing collaboration between Nigeria and the United States under the Commercial and Investment Partnership, which prioritises the digital economy, agriculture and infrastructure.

Speaking at the 2026 World Business Chicago, Brian Tippens, chief social impact and inclusion Officer at Cisco, said the company is assessing practical AI applications to help farmers combine local knowledge with data insights.

He said Cisco is exploring tools such as AI-enabled WhatsApp communities, geospatial mapping and weather intelligence to support day-to-day farming decisions.

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The approach reflects a shift towards low-cost, mobile-first solutions suited to rural environments.

Tippens added that the Cisco Foundation is investing in early-stage startups developing technologies for local agricultural challenges.

Industry analysts note that AI adoption in emerging markets depends on locally relevant solutions, rather than large-scale enterprise deployments alone.

Beyond agriculture, Cisco plans to expand digital skills development in Nigeria through programmes such as the Cisco Networking Academy’s One Million Learners initiative.

Tippens said the programme also supports partnerships with organisations working with persons with disabilities, including those developing tools for people with visual impairments.

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He added that Cisco’s social impact strategy aims to improve access to technology and promote inclusion, including in conflict-affected regions such as Borno State.

Cisco’s initiatives form part of broader efforts to link digital skills, connectivity and AI adoption to economic development in Nigeria.

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FG launches AI capacity-building programme for 11,700 unity schools teachers

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Federal Government has launched a nationwide Artificial Intelligence (AI) capacity-building programme for teachers in Federal Unity Colleges, with about 11,700 educators set to acquire digital skills aimed at improving classroom instruction and preparing students for a technology-driven future.

FG launches AI capacity-building programme for 11,700 unity schools teachers

The initiative advanced with the signing of the Terms of Reference (ToR) between the Federal Ministry of Education and ICEDT Consult Limited, paving the way for the nationwide implementation of the AI Teacher Capacity Development Programme.

The programme, to be implemented through the ministry’s Education Support Services Department, is part of the Federal Government’s efforts to modernise Nigeria’s education sector, strengthen teacher professionalism and equip students with skills required in the digital economy under President Bola Tinubu’s Renewed Hope Agenda.

Speaking during the signing ceremony in Abuja, the Director of the Education Support Services Department, Gabriel Amudipe, described the initiative as a strategic investment in Nigeria’s teaching workforce and the future of education.

He said the nationwide rollout followed the successful completion of a pilot phase conducted in selected Federal Unity Colleges.

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According to him, the implementation model developed by ICEDT Consult Limited will ensure effective coordination and quality delivery of the programme across the country’s six geopolitical zones.

Amudipe urged officials responsible for monitoring the project to ensure strict compliance with the implementation guidelines and maintain the standards achieved during the pilot phase.

“The ministry remains committed to supporting innovative initiatives that strengthen teacher professionalism, improve learning outcomes and promote the responsible integration of emerging technologies into education,” he said.

Earlier, the Deputy Director of the Education Support Services Department, Oladele Fapohunda, described the programme as a strategic intervention designed to deepen digital innovation across Federal Unity Colleges.

He stressed that collaboration among all stakeholders would be essential to achieving the objectives of the initiative nationwide.

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Also speaking, the Head of Strategic Partnerships and Learning Scientist at ICEDT Consult Limited, Dr Abdulrahman Orosanya, said the Federal Government approved the national rollout after the successful pilot implementation in six Federal Unity Colleges representing Nigeria’s six geopolitical zones.

According to Orosanya, the pilot demonstrated the potential of Artificial Intelligence to improve lesson planning, classroom delivery, assessment methods and teachers’ productivity.

He said the nationwide implementation would strengthen teachers’ digital competencies, improve instructional delivery and support the government’s vision of building a technology-driven education system capable of producing globally competitive graduates equipped with 21st-century skills.

The ceremony ended with the formal signing of the Terms of Reference by officials of the Federal Ministry of Education and ICEDT Consult Limited, signalling the commencement of preparations for full implementation across all Federal Unity Colleges.

The ministry said the programme would directly train about 11,700 teachers, while thousands of students across the country’s Federal Unity Colleges are expected to benefit through improved classroom instruction, increased digital innovation and the responsible application of Artificial Intelligence in teaching and learning.

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It reaffirmed its commitment to working with relevant stakeholders to modernise Nigeria’s education system, improve teacher quality and deliver inclusive, equitable and future-ready education nationwide.

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