The Sultan of Sokoto, Alhaji Muhammad Saad Abubakar III, yesterday cautioned the Governor of the Central Bank of Nigeria (CBN), Malam Sanusi Lamido Sanusi, to stop exposing Nigerian banks to the world.


The Sultan, who also warned Nigeria's economic leaders against exposing the country's economic problems to the world, said there were security dangers inherent in exposing the country's banks and economy to the outside world.

The Sultan gave this warning at his palace in Sokoto yesterday when the Director-General of the Securities and Exchange Commission (SEC), Ms Otei Arunma, paid him a courtesy visit to inform him of the Capital Market Club for secondary schools, which was launched in the state yesterday

He said, "When we have problems in the economy, we should not expose it for the whole world to know. We can go ahead to correct our banks without the knowledge of other countries.”

According to the Sultan, "The economy depends on security. Economy is a very important factor in the security of any nation. We must be careful on how we reshape our banks and economy."

He admitted that the country's financial institutions, especially the banks, don't do what they ought to do and engage in roundtripling, foreign exchange and declare billions of naira on paper.

He said the authorities must be careful on how they reshape the nation’s banks.

On the capital market, the Sultan noted that Nigeria's economy is very bad and people cannot invest what they don't have. He, therefore, enjoined the government to do all it can to improve on the economy and assist Nigerians.

He assured the director general of SEC of his support.

Ms Arunma had earlier said the capital market was very critical to the economic and social progress of Nigeria.

She said SEC was currently seeking ways to raise funds so that the huge developmental needs of the nation can be addressed.