The Alternative Bank Secures $15M Murabaha Financing Line to Boost Nigeria’s Non-Interest Financial Sector
The Alternative Bank (AltBank), Nigeria’s premier non-interest financial institution, has announced the successful establishment of a $15 million Murabaha financing facility with the Islamic Trade Finance Corporation (ITFC). This strategic partnership aims to support the growth of Nigeria’s ethical finance ecosystem and enhance trade and commodity financing across the country.
The agreement was signed with Sterling Bank Limited serving as the executing agency during the Islamic Development Bank Group’s Annual Meetings held in Algiers, Algeria.
Dr. Jekwu Ozoemene, Group Executive at AltBank, emphasized the significance of the deal, stating, “This isn’t just a financing arrangement; it’s a demonstration of confidence in Nigeria’s expanding non-interest financial landscape. With this partnership, we’re unlocking essential funding that empowers our partners and advances our mission of providing ethical, inclusive financial solutions nationwide.”
Mr. Gbenga Awe, Group Head of Structured Trade and Commodities Finance, highlighted the strategic importance, noting, “The ITFC facility enhances our ability to support the real economy, especially in trade and commodities finance sectors where ethical and sustainable financing has proven transformative. It brings us closer to building a more resilient and inclusive Nigerian economy.”
Over the years, AltBank has built a reputation as a trusted partner in Nigeria’s trade and commodities finance space, offering tailored non-interest financial products to agribusinesses, cooperatives, and SMEs. This new funding will bolster the bank’s capacity to deliver timely, scalable solutions to vital sectors such as agriculture, solid minerals, and export-oriented industries.
By expanding access to international trade finance, AltBank is not only contributing to Nigeria’s macroeconomic objectives but also redefining the role of ethical finance in fostering inclusive growth. The partnership positions the bank to further expand its reach, drive innovation, create jobs, improve food security, and accelerate Nigeria’s integration into global value chains.