Johnson Ayantunji 
The Alternative Bank (AltBank), Nigeria’s foremost non-interest financial institution, has announced the successful signing of a US$15 million Murabaha financing facility with the Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group.
The agreement, executed in partnership with Sterling Bank Limited, was formalized at the ongoing Annual Meetings of the IsDB Group in Algiers.
The landmark deal positions AltBank as the Executing Agency, further cementing its growing influence within Nigeria’s ethical finance ecosystem.
It marks a significant milestone in expanding access to Shariah-compliant trade and commodities financing, particularly for high-impact sectors such as agriculture, solid minerals, and export-oriented enterprises.
“This is more than a financing deal. It is a statement of confidence in Nigeria’s growing non-interest financial ecosystem,” said Dr. Jekwu Ozoemene, Group Executive at The Alternative Bank.
“With this partnership, we are unlocking vital funding that empowers our partners and reinforces our role as catalysts for ethical and inclusive financial solutions across the country.”
Echoing the significance of the partnership, Mr. Gbenga Awe, Group Head, Structured Trade and Commodities Finance, noted: “This facility from the ITFC expands our capacity to support the real sector, particularly in trade and commodities financing where ethical and sustainable financing has proven to be transformative. It brings us one step closer to creating a more resilient economic landscape in Nigeria.”
Over the years, AltBank has built a strong reputation for delivering tailored, non-interest financial solutions to underserved segments of the economy, including agribusinesses, cooperatives, and SMEs.
The new funding line will significantly bolster the bank’s ability to offer timely, scalable financial products that directly support national development priorities such as job creation, food security, and export diversification.
This partnership with ITFC also underscores AltBank’s strategic intent to deepen Nigeria’s integration into global value chains through ethical finance. By enhancing access to international trade financing, the bank is contributing to broader macroeconomic goals while redefining how responsible banking can drive inclusive prosperity.
The Murabaha financing structure, in line with Islamic finance principles, ensures that funding is linked to tangible assets and commercial activities, promoting transparency and real-sector growth without speculative practices.
As AltBank continues to expand its footprint and influence, this deal reflects its commitment to innovation, ethical stewardship, and sustainable financial inclusion across Nigeria and beyond.
