ekt_bear:

Here is another profile:
http://www.africansuccess.org/visuFiche.php?id=871&lang=en
So did he receive this undergraduate degree in economics in 1981 or 1983? Did he receive this MSc in economics in 1983?

I'm kind of confused. And also puzzled about the inconsistencies. If anyone can find an official CV which lists dates and degrees, let me know.

SLS did not recieve any MSc in economics, we have been through this here on N/L many times in the last 2 years. The only MSc in economics he has are  the one awarded by Jarus and other praise singers here on N/L

If he graduated in 1983 and entered in 1977, then why did he take 6 years to finish a 4 year course? Or were there strikes and cancellations in Nigeria at that time too? 6 years to finish a relatively easy degree like economics (relative to something like engineering or hard science, at least. and I don't mean to offend any economics graduates, just being real here ) doesn't strike me as any example of intelligence.

Maybe he dropped out in between to attend an almajiri school.

This is the best I can find:

http://allafrica.com/stories/200912160227.html

He graduated with a Bachelor of Science degree in Economics from Ahmadu Bello University (ABU), Zaria, in 1981, after attending St. Anne's Primary School, Kakuri, Kaduna (up to 1972) and King's College, Lagos (1973-1977). On graduation from ABU, he performed his National Youth Service.

Sanusi began his working career in academics: he taught Economics at ABU (1983-1985). He then embarked on a banking career, first with Icon Limited, Merchant Bankers where, in a period of about seven years, he gained wide experience in issuing house activities, financial advisory services, privatisation, debt-conversion, credit and marketing. He rose to become area manager, Kano Area Office, before he resigned voluntarily to pursue higher education.

So entered college in 1977, graduated in 1981, taught econ at ABU from 1983-1985, did NYSC sometime between 1981 and 1983.

This seems consistent with his profile on the CBN website:

Sanusi Lamido Sanusi CON was born in Kano Northern Nigeria, on July 31, 1961. He obtained degrees in Economics and Islamic Law from the Ahmadu Bello University, Zaria and the International University of Africa, Khartoum.

I am not sure that he has any sort of post-graduate training at all. If anyone can find evidence of this, please let me know.

ekt_bear:

This is the best I can find:

http://allafrica.com/stories/200912160227.html

So entered college in 1977, graduated in 1981, taught econ at ABU from 1983-1985, did NYSC sometime between 1981 and 1983.

This seems consistent with his profile on the CBN website:
I am not sure that he has any sort of post-graduate training at all. If anyone can find evidence of this, please let me know.

So it appears I even overstated his somewhat limited education.

naijaking1:

@Katsumoto
Personal thanks for your effort to highlight this issue.
You'll be accused of working for the 'corrupt CEOs soon'.
You'll be accused of ethnic and religious bigotory, you'll be accussed of not brushing your teeth this morning, and you'll be accused of many other things, too bad to mention.
However, nobody will accuse you of not contributing your two cents to the best way to move the country and our people forward.
What could be more devastating to a country than placing an unqualified person at the head of their central bank

Nagoma already accused me working for the failed bankers.

Katsumoto:

Nagoma already accused me working for the failed bankers.

Hehe

The failed bankers are the ones paying your salary in obodo oyibo

ekt_bear:

This is the best I can find:

http://allafrica.com/stories/200912160227.html

So entered college in 1977, graduated in 1981, taught econ at ABU from 1983-1985, did NYSC sometime between 1981 and 1983.

This seems consistent with his profile on the CBN website:
I am not sure that he has any sort of post-graduate training at all. If anyone can find evidence of this, please let me know.

Welcome to my World.
If SLS has an MSc in economics, don't you think he would have posted copies all over for the World to see?

I have edited the Wikipedia page to remove this erroneous reference to his non-existent MSc, btw.

All of you guys trying to knock down Sanusi are talking trash. He has more balls than you and all previous CBN governors will ever have in a thousand lifetimes.  I would support an illiterate  any day who fires a crook masquerading as a Bank CEO, than a Central Banker with 10 Phds but without any moral fiber.   Nigerians always place emphasis on academic paper qualifications and fancy titles, and not on sterling human qualities like honour honesty and integrity and that is why our country is in a big mess.   As to risk management what is banking, or central banking for that matter, if it is not about risk management?  Take risk out of banking and you might as well start running a no holds barred gambling joint.   Get a life Sanusi detractors and go to bed.

@ekt_bear

Economic is a "science" degree, besides most schools here do economics degree up to 4 1/2 . 5years. Economics, you think is easy but it's not, it encompasses the demand and supply theory you're taught in econ 101.

ekt_bear:

Hehe

The failed bankers are the ones paying your salary[b] in obodo oyibo [/b]

hehe I never u knew u spoke igbo, lol

manny4life:

@ekt_bear

Economic is a "science" degree, besides most schools here do economics degree up to 4 1/2 . 5years. Economics, you think is easy but it's not, it encompasses the demand and supply theory you're taught in econ 101.

No, I know it isn't beans or something super easy like that. But it also had better not take you 6 years to do, unless there are extenuating circumstances. I have many friends who did econ at their first degree.

Lol I didn't even know "obodo" was Igbo. The oyibo part is Yoruba. I don't say phrases like this in RL, probably the influence of nairaland

Islamic Banking

Now this is one of the most controversial topics. It will be broken down into different sections
a) Does SLS have any moral right to work in a conventional Bank talk less of heading the CBN Given his Islamic antecedents and credentials
b) Given the challenges facing Islamic Banking in the Islamic countries and given its low rate of adoption of adoption in richer Arab countries, what is the economic benefit of the CBN Governor pushing and promoting Islamic Banking?
c) Given the high levels of religious intolerance in Nigeria, how responsible will the promoters of Islamic Banking be should there be an outbreak of violence related to Islamic Banking?


I will re-produce some information here that I previously produced on another thread; apologies to those who have seen it before.


Conventional banking requires banks to charge interest (Riba) which is forbidden in Islam (Haram). Most Islamic jurists still agree that taking Riba is sinful and I quote the Qu'ran below

'Those who charge riba are in the same position as those controlled by the devil's influence. This is because they claim that riba is the same as commerce. However, God permits commerce, and prohibits riba. Thus, whoever heeds this commandment from his Lord, and refrains from riba, he may keep his past earnings, and his judgement rests with God. As for those who persist in riba, they incur Hell, wherein they abide forever' (Qur'an 2:275)

Now we have a man with strong Islamic credentials; strong enough that he had to take a six year career break to study Islamic and Sharia studies. Now what does this man do right after finishing his Islamic and Sharia studies? He goes to work in a bank that collects interest. This man has worked in conventional banking now for 14 consecutive years selling products, directly and indirectly, to believers and non-believers alike. Some ask, what is wrong with that? Can a Muslim man (who doesn't even study Islamic and Sharia studies for 6 years) sell non-Halal meat to a Muslim? If not, why the double standard with conventional banking? Is SLS not attempting to pull wool over the eyes of everyone else? Why the silence on this issue from Islamic scholars? Is it because working in the bank is somewhat prestigious? Prestigious enough for followers to determine what to follow and not to follow? But conventional banking is antithetic to the rules if Islamic Banking (Fiqh al-Muamalat)

"Forbidden to you for (food) are: dead meat, blood and the flesh of the swine and that which hath been invoked the name other thanAllah." Holy Qur'an 5:4

^^^

You know I questioned the same thing; a man with an Islamic Studies degree shouldn't be heading the CBN. I just don't understand what is wrong with Nigerian lawmakers

What is Islamic Banking?

Islamic banking requires that depositors deposit their funds with the banks without expecting interest to be paid on such funds. However, depositors in investment accounts can share in the profit or loss of investment projects.

Lending is trickier. The basic principle in lending is Profit and Loss Sharing.
1. The borrower enters into a joint venture (Musharaka) with the bank and a formula is agreed upon to share the profit or loss.
2. In Mudarabha, the bank supplies the finance and the borrower supplies the expertise and there is a formula for sharing profit but the bank bears all losses.
3. Cost plus (Murabahah) – The bank buys an asset for the borrower and marks up the price and then the borrower repays the bank in instalments
4. Leasing (Ijar) – Bank pays for the asset and leases it to the borrower until an agreed date when the borrower pays the balance
5. Hire-Purchase – Similar to the Ijar, only that the asset goes to borrower at the end of the agreed period.
6. Loans – Bank loans to customers but instead of charging interest, it levies a service charge

There isn’t much of a difference with conventional but the banks aren’t allowed to term their fees as interests. Also, the banks bear most of the losses in Islamic banking as banks are not allowed to charge for defaults and even when a project fails, the banks must share the sale of assets with customers. This has led to many problems in Islamic Banking. Islamic Banks are unwilling to engage in medium to long term projects as the longer a project lasts, the more exposed it is to losses. Evaluation of projects is more extensive than conventional banking as each project must be assessed on its own merits. Government intervention is also a hindrance.

My only fear is the this man called SLS will print more money @ the expense of the public and give this bank (easily untraceable) and though the impact will not be bad nor adverse, but that's financial murder and he should be stopped.

Does SLS have any moral right to work in a conventional Bank talk less of heading the CBN Given his Islamic antecedents and credentials

Well, i may not comment much on this due to my limited knowledge of islamic laws and principles.But, if his religion which he happens to be an ardent follower forbade the charging of interest and the like, then SLS working  and earning a living from a conventional bank in which it's patterns of operation contravenes that of islam is a betrayal of his faith.The issue of whether it is morally wrong is a much wide discourse.

Given the challenges facing Islamic Banking in the Islamic countries and given its low rate of adoption of adoption in richer Arab countries, what is the economic benefit of the CBN Governor pushing and promoting Islamic Banking?

Available evidence have shown that countries practicing islamic banking is no better than their counterparts not practicing it.Take a case of pakistan, Iran, Behran,Yemen, Sudan, cambodia etc.These countries are among the poorest and most backward countries in Asia albeit practicing islamic banking.Compare these countries with their neighbours like India,S.Korea, Japan, china and singapore then it becomes obvious that islamic banking is not the panacea to our banking woes.The only striking thing you hear about the islamic banks is that they have cash reserves/assets in excess of trillions of dollars.Apart from this there is no further evidence to corroborate the impression that islamic banking has succeeded in alleviating the poverty of the very poor countries.

Given the high levels of religious intolerance in Nigeria, how responsible will the promoters of Islamic Banking be should there be an outbreak of violence related to Islamic Banking?

This is the crux of the matter.Nigeria and Nigerians are so sensitive to religious issues and will do anything to ensure that their faith is protected.Having this in mind, one would wonder if our cbn governor and his advisers have lost touch with reality.With the bombings, killings and maiming going on in Nigeria in the name of religion SLS deemed it convenient to talk about islamic banking at this time of our history.One funny thing with this SLS of a guy is that he doesn't seem to accommodate dissenting views regarding his policies.Should there be any outbreak of law and order as a result of his ardent campaign on islamic banking, then he will be held responsible for thwarting the existence of the Nigerian entity.

@Katsumo
Wow, you're even more versed than I thought, in Arabic/Islam? Good job.

manny4life:

My only fear is the this man called SLS will print more money @ the expense of the public and give this bank (easily untraceable) and though the impact will not be bad nor adverse, but that's financial murder and he should be stopped.

Given his antecedents in printing cash to bail out banks that didn't have immediate liquidity issues, SLS will most likely resort to printing should he need to bail out JAIZ bank or any other Islamic bank. He will justify it based on the bailout of the five banks.

chamber2:

Well, i may not comment much on this due to my limited knowledge of islamic laws and principles.But, if his religion which he happens to be an ardent follower forbade the charging of interest and the like, then SLS working  and earning a living from a conventional bank in which it's patterns of operation contravenes that of islam is a betrayal of his faith.The issue of whether it is morally wrong is a much wide discourse.

Available evidence have shown that countries practicing islamic banking is no better than their counterparts not practicing it.Take a case of pakistan, Iran, Behran,Yemen, Sudan, cambodia etc.These countries are among the poorest and most backward countries in Asia albeit practicing islamic banking.Compare these countries with their neighbours like India,S.Korea, Japan, china and singapore then it becomes obvious that islamic banking is not the panacea to our banking woes.The only striking thing you hear about the islamic banks is that they have cash reserves/assets in excess of trillions of dollars.Apart from this there is no further evidence to corroborate the impression that islamic banking has succeeded in alleviating the poverty of the very poor countries.
This is the crux of the matter.Nigeria and Nigerians are so sensitive to religious issues and will do anything to ensure that their faith is protected.Having this in mind, one would wonder if our cbn governor and his advisers have lost touch with reality.With the bombings, killings and maiming going on in Nigeria in the name of religion SLS deemed it convenient to talk about islamic banking at this time of our history.One funny thing with this SLS of a guy is that he doesn't seem to accommodate dissenting views regarding his policies.Should there be any outbreak of law and order as a result of his ardent campaign on islamic banking, then he will be held responsible for thwarting the existence of the Nigerian entity.

Those reserves include deposits in non-Islamic banks. I have always stated that no bank will have an issue collecting deposits that it doesn't have to pay interest on. It is just free money but the same non-Islamic banks will still charge interest on loans and overdraft obtained by interest-free depositors.

Sir Leigh Permberton (a former Governor of the Bank of England) once said to arab bankers in London, 'it is important not to risk misleading and confusing the general public by allowing two essentially different banking systems to operate in parallel'.

naijaking1:

@Katsumo
Wow, you're even more versed than I thought, in Arabic/Islam? Good job.

Thanks

chamber2:

Maybe he dropped out in between to attend an almajiri school.

Oga Katsumoto, I hope you're happy. 

Anyway, Ndu_Chucks is a poster I was aware of, but hadn't much opportunity to read until now.  He and BetaThings are doing a great job for the defense. 

Kats, Please don't jump on me.  I'm just half-observing.  The only thing worse than taking Economics is, actually TALKING about economics.  Macro Micro indeed. 

^^^^
---and your point is?

Quote from kaumoto,
[b]Agustín Carstens - Governor, Bank of Mexico
1. Secretary of Finance (2006 – 2008)
2. Treasurer, Bank of Mexico
3. Director-General of Economic Research (in charge of designing the Bank's economic policy with governor Guillermo Ortiz Martínez in the aftermath of the Tequila Crisis and the Russian default crisis)
4. Chief of Staff of chairman Miguel Mancera
5. Deputy Managing Director, IMF (2003-2006)
6. Former Chairman Banco Nacional de Comercio Exterior SNC
7. Former Governor Inter-American Development Bank
8. Master's degree, Economics University of Chicago (1983)
9. Doctorate in Economics University of Chicago (1985)

Economic Views
He identifies five characteristics of business cycles in emerging economies that distinguish them from those in industrialized nations[12]:
1. Business cycles in emerging economies are strongly tied to those in industrialized nations.
2. Cycles in emerging economies are more volatile
3. Volatility of emerging economies can be affected by additional factors that don't affect industrialized economies, such as price fluctuations
4. Rapid capital outflows made possible under corporate globalization can have severely harmful effects on emerging economies
5. Emerging economies are subject to the problems associated with exchange-rate regimes
Carstens claims that the solution to these problems is for emerging nations to[12]:
1. Adopt more open trade and investment regimes
2. Allow market control of interest rates
3. Ensure that their banks are robust enough to handle severe macroeconomic changes
4. Enact structural changes such as central bank autonomy, privatization of production, reduced regulations over labor markets, and reduced dependence on foreign savings

Publications
1. Emerging Markets Are Ready to Lead – Financial Times, 2001
2. Building a New International Financial Framework
Aspen Institute, Spain, May 30, 2011
3. Towards a Stronger, More Effective IMF - Peterson Institute for International Economics, Washington DC, June 13, 2011[/b]
fish brain, is mexico any better than Nigeria, so close to the USA that the educated illiterates of the world thinks she has a great economy, its so obvious that ur hatred is not for sanusi but for islam,

azoo:

Quote from kaumoto,
[b]Agustín Carstens - Governor, Bank of Mexico
1.   Secretary of Finance (2006 – 2008)
2.   Treasurer, Bank of Mexico
3.   Director-General of Economic Research (in charge of designing the Bank's economic policy with governor Guillermo Ortiz Martínez in the aftermath of the Tequila Crisis and the Russian default crisis)
4.   Chief of Staff of chairman Miguel Mancera
5.   Deputy Managing Director, IMF (2003-2006)
6.   Former Chairman Banco Nacional de Comercio Exterior SNC
7.   Former Governor Inter-American Development Bank
8.   Master's degree, Economics University of Chicago (1983)
9.   Doctorate in Economics University of Chicago (1985)

Economic Views
He identifies five characteristics of business cycles in emerging economies that distinguish them from those in industrialized nations[12]:
1.   Business cycles in emerging economies are strongly tied to those in industrialized nations.
2.   Cycles in emerging economies are more volatile
3.   Volatility of emerging economies can be affected by additional factors that don't affect industrialized economies, such as price fluctuations
4.   Rapid capital outflows made possible under corporate globalization can have severely harmful effects on emerging economies
5.   Emerging economies are subject to the problems associated with exchange-rate regimes
Carstens claims that the solution to these problems is for emerging nations to[12]:
1.   Adopt more open trade and investment regimes
2.   Allow market control of interest rates
3.   Ensure that their banks are robust enough to handle severe macroeconomic changes
4.   Enact structural changes such as central bank autonomy, privatization of production, reduced regulations over labor markets, and reduced dependence on foreign savings

Publications
1.   Emerging Markets Are Ready to Lead – Financial Times, 2001
2.   Building a New International Financial Framework
Aspen Institute, Spain, May 30, 2011
3.   Towards a Stronger, More Effective IMF - Peterson Institute for International Economics, Washington DC, June 13, 2011[/b]
fish brain, is mexico any better than Nigeria, so close to the USA that the educated illiterates of the world thinks she has a great economy,  its so obvious that your hatred is not for sanusi but for islam, 

Lets agree for a second that Mexico isn't better than Nigeria; using your argument, shouldn't the Governors have a similar profile? Instead, the Governor of Mexico's profile reads like a Brigadier in the Army whilst your Sanusi's reads like a corporal. 

The Governor of Mexico's CB attended better schools
The Governor of Mexico's CB has better professional experience
The Governor of Mexico's CB was considered for the IMF post; he was second in the vote. Your Sanusi wasn't even mentioned
The Governor of Mexico's CB was a Deputy MD at the IMF
The Governor of Mexico's CB has a Ph.D in Economics from a prestigious institution; it appears SLS doesn't have even a master's degree
The Governor of Mexico's CB has publications that actually relate to economics while SLS is writing Islamic papers

If you return with any more insults and I don't reply in kind, just know that I am ignoring you. And not that I can't respond.

chamber2:

Available evidence have shown that countries practicing islamic banking is no better than their counterparts not practicing it.Take a case of pakistan, Iran, Behran,Yemen, Sudan, cambodia etc.These countries are among the poorest and most backward countries in Asia albeit practicing islamic banking.Compare these countries with their neighbours like India,S.Korea, Japan, china and singapore then it becomes obvious that islamic banking is not the panacea to our banking woes.The only striking thing you hear about the islamic banks is that they have cash reserves/assets in excess of trillions of dollars.Apart from this there is no further evidence to corroborate the impression that islamic banking has succeeded in alleviating the poverty of the very poor countries.

stop arguing by intensifying on ur own weaknesses, this only means u'll loose debates if u r in any, now whatabout comparing Saudi Arabia, Qatar, UAE etc that practice islamic banking and are damn rich with cameroon, Brazil, Serbia, Marcedonia etc that use conventional banking,

Katsumoto:

Lets agree for a second that Mexico isn't better than Nigeria; using your argument, shouldn't the Governors have a similar profile? Instead, the Governor of Mexico's profile reads like a Brigadier in the Army whilst your Sanusi's reads like a corporal. 

The Governor of Mexico's CB attended better schools
The Governor of Mexico's CB has better professional experience
The Governor of Mexico's CB was considered for the IMF post; he was second in the vote. Your Sanusi wasn't even mentioned
The Governor of Mexico's CB was a Deputy MD at the IMF
The Governor of Mexico's CB has a Ph.D in Economics from a prestigious institution; it appears SLS doesn't have even a master's degree
The Governor of Mexico's CB has publications that actually relate to economics while SLS is writing Islamic papers

If you return with any more insults and I don't reply in kind, just know that I am ignoring you. And not that I can't respond.

NOW ASK URSELF WHOS THE GREATEST LOOSER, A CHIEF MEDICAL DIRECTOR THAT CANNOT TREAT MALARIA OR AN INTERN THAT IS TRYING TO CURE IT,

stop arguing by intensifying on your own weaknesses, this only means u'll loose debates if u r in any, now whatabout comparing [b]Saudi Arabia, Qatar, UAE [/b]etc that practice islamic banking and are damn rich with cameroon, Brazil, Serbia, Marcedonia etc that use conventional banking,

So, the success of this countries is as a result of islamic banking?I need you to convince me, with verifiable evidence, why you think the islamic banking is a better alternative to conventional banks.

This is the aspect of this discussion that interests me the most- the performance and soundness of his policies as it relates to his alleged intelligence according to his praise singers.
  Without overflogging the issues of past policy inconsistencies so as not to derail the progression of the topic, I want to talk more on SLS latest past time obsession that is causing ripples all over the country's financial sector.
Personally, I do not have problems with Islamic banking or non-interest banking-whatever cloak they choose to wear it for convenience. After all, the issue of setting up Islamic banks in Nigeria pre-dates Sanusi. The circular requiring anyone interested in setting up an Islamic Bank was first issued in March 2009, by the present deputy governor, Tunde Lemo, a reverend; and the  then[CBN] governor, Professor Charles Chukwuma Soludo.
However, the CBN under Governor Sanusi Lamido Sanusi has done more than anyone else to turn the concept of ‘Islamic banking’ into an Islamist political project.
Trouble started with the unnecessary linguistic gymnastics and intellectual obfuscation engaged in by CBN management. By splitting hairs over whether Islamic banking and Sharia banking are different from or part of non- interest banking, CBN inadvertently made their motive the issue, rather than focusing on the product. Calling on those who are interested in other forms of non- interest banking to come forward for licence when the CBN itself has no idea what these other forms are does not appear to be smart political communication.
SLS has skillfully, but disingenuously applied indirect rule strategy to try to put out the mid-day fire he set on the savannah and to absolve him self of Islamist demagoguery. People are more worried by the motives than what the product aims to achieve because the CBN should never be in the business of promoting a religiously based financial system as opposed to the conventional ones and other religions. Especially, when there is no serious evidence of its benefits in countries where it is being practised besides the fact that it avails muslims-that have problems reconciling their religious beliefs with the principles and dictates of conventional banking- the opportunity to use the services of a bank. This brings us to the divide and conquer arguments that have been posited by Nigerians that are opposed to it. In a country like Nigeria grotesquely divided between a muslim North and a Christian south-with ethnicity and regionalism being pre-requisite determinant factors in getting public positions, appointments, elective offices and ultimately control of sectors in the economy- it is imperative that people's sensibilities are taken into considerations when reeling out potentially devisive policies that will affect not just muslims but every Nigerian.
This brings me to my next question which I shall explore in my next post; what is the level of preparedness by the CBN management to educate people on what Islamic banking is all about, what it entails, who and who will constitute the decision making process-is it an exclusive of just muslims? How many Nigerian bankers are trained in Islamic banking and their products, what are the benefits to our economy, what about protecting people's deposits in these non-interest banks.
   The operations of Islamic banks are on a profit and loss share basis (PLS), which actually do not come fully under the jurisdiction of the existing civil laws. If there are disputes to be handled, civil courts are not sufficiently acquainted with the rationale of the operations of Islamic Banking.
Do we have legilations that ensure people will get justice in the events of any civil disputes that arises ? Nobody has even discussed the problems faced by these banks as a result of the limiting rationale behind the concept of Islamic banking.

I am surprised Jarus has not contributed to this bad-belle debate.

It appears the most sensible people can loose their calm when it comes to religion or tribe. All this wahala because of Islamic banking. Shior.

The issue is GEJ inability to react quickly.

chamber2:

So, the success of this countries is as a result of islamic banking?I need you to convince me, with verifiable evidence, why you think the islamic banking is a better alternative to conventional banks.

I may not know anything in economkcs but a first class graduate of biochemistry sure should know something about many thingss,
couple of months back while Iwas in osun state, I was watching a program on NTA osogbo about some enterprenuers and how their businesses suffer cos of debt servicing, the least lending band lends at an interest rate of about 14% and for them to stay in business they cant pay all their debts at at time but still have to increase commodities' prices. Then Sanusi came with bank of industries that lend money to these Guys at 7% interest rate, you can imagine how these peeps were happy and praising CBN for establishing BOI, they said they can pay debt a lot easily and an even reduce the prices of their produce and make more profit, thats just reducing interest by 50%, now imagine what would happen if you can borrow from a bank that will lend to you at 0% interest rate, even YOU will enjoy from it cos you'll uy a lot cheaper than now,, hence Economic stability is imminent,

One word : CHARLATAN.

nakedall:

The issue is GEJ inability to react quickly.

Please carry your boko haram chant go

They key issue holding back bank lending in Nigeria is "capital formation".

If the CBN cannot focus on increasing and encouraging capital formation, it should keep quiet and stick to what it knows best.

We need to encourage more people to open bank accounts, to lodge their money with banks.  Improve the availability of bank branches, encourage savings, reduce cash transactions (within a reasonable timeline).

If SLS had said, 50% of muslims do not use banks because they are not sharia compliant he could have had a case. But that's not his argument.  

Instead he creates chaos by :
- destabilising existing banks;
- taking a very long time and losing focus on re-capitalising and cleaning the bad banks;
- splitting the banking profession using a "false flag" - sharia bank; and
- discouraging cash transactions by his yeye N150k daily limit.

And instead of acknowledging his faults that he has not seen a single thing through to the end he wants to run "commodity boards etc".

Islamic banking will come and it will not increase lending at all.  And as for the Middle East states with high cash reserves, it is not Islamic banking that created the reserves, it is "OIL" money.

If Islamic banking is so good, why did Dubai have to go begging to its creditors over interest payments.