NGX Pushes Ethical Capital Agenda as Islamic Finance Gains Economic Relevance
The Nigerian Exchange Limited (NGX) is intensifying efforts to expand ethical investment and sustainability through Islamic finance, positioning the capital market as a major driver of inclusive economic growth across Africa.
At the recently concluded 7th African International Conference on Islamic Finance, held in Lagos from November 4 to 5, 2025, the NGX underscored its plan to use non-interest finance as a catalyst for wealth creation, transparency, and national development.
The Group Chairman of NGX Group, Umaru Kwairanga, said the Exchange was committed to widening participation through its Non-Interest Finance Board, which seeks to attract investors interested in Sharia-compliant and ethically governed instruments.
“Our commitment to broadening market participation is unwavering. Through our Non-Interest Finance Board, we are dedicated to expanding access to Sharia-compliant financial instruments that attract investors who value transparency, inclusivity, and sustainability,” Kwairanga said.
The Lagos conference, jointly organised by Metropolitan Skills Limited and the Securities and Exchange Commission, brought together policymakers, regulators, development institutions, and investors to explore reforms and product innovations aimed at unlocking liquidity across Africa’s Islamic finance market.
With over N1.3 trillion in listed Sukuk, NGX remains a continental leader in non-interest capital raising, providing long-term funding for infrastructure and sustainable projects.
Speaking further, the Chief Executive Officer of NGX, Jude Chiemeka, described non-interest finance as central to the Exchange’s sustainability agenda.
“Our Non-Interest Finance Board represents more than just a platform; it embodies our commitment to unlocking ethical capital and ensuring sustainable development. By embracing innovation and building strategic partnerships, we are setting the stage for inclusive growth,” he said.
Vice President Kashim Shettima, represented by his Special Adviser on Economic Matters, Dr. Tope Fasua, also emphasised that Islamic finance offers “a credible mechanism for fostering equitable prosperity and sustainable development,” urging African nations to adopt the model more broadly.
Nigeria’s non-interest capital market has grown rapidly in recent years, buoyed by sovereign Sukuk issuances exceeding N1.4 trillion, which have funded critical national projects such as roads, housing, and power infrastructure.
By strengthening transparency, ethical governance, and sustainability principles, the NGX is positioning Nigeria as a reference point for Islamic finance innovation in Africa.
In a related development, the NGX Group Plc declared an interim dividend of N1.00 per ordinary share of 50 kobo each, following the approval of its unaudited financial statements for the third quarter ended September 30, 2025.
The Exchange, which became a holding company in March 2021 following the demutualisation of the Nigerian Stock Exchange, continues to deepen its strategic focus on green finance, innovation, and investor confidence as part of its broader economic transformation agenda.
