Islamic finance is growing globally and in Nigeria as an ethical alternative to interest-based conventional finance. This article outlines key differences, focusing on Shariah principles like the prohibition of interest, uncertainty, and speculation. It highlights profit-and-loss sharing and asset-backed transactions as core features. The piece also reviews major Islamic financing structures such as Murabahah, Ijarah, Musharakah, Mudarabah, and Sukuk. It concludes with insights into Nigeria’s expanding non-interest finance sector.

MTN’s proposed acquisition of IHS Towers and its competition law implications in Nigeria’s telecommunications sector are the focus of this article. It examines the regulatory concerns under the FCCPA and NCC frameworks, including risks relating to market dominance, access to essential infrastructure, and the potential impact on competitors and consumers. Comparative insights from other jurisdictions are also considered.

The SEC’s January 16, 2026 Circular significantly increases minimum capital requirements across Nigeria’s capital market operators, marking a decisive recapitalisation drive. The move reflects market expansion, inflation, currency pressures, and new risks, particularly in digital assets. While higher thresholds clearly support systemic institutions like broker-dealers, exchanges, clearing firms, and underwriters, the application to agency-based intermediaries such as fund managers and advisers raises questions about proportionality. The reforms are expected to strengthen resilience and encourage consolidation, but may also affect competition and innovation.