First, i have nothing against Islam, muslims or any Region in Nigeria. I simply like to follow the money and see who benefits from what.

In my opinion, the present islamic banking Sanusi is proposing is not out of a desire to follow the teachings of islam, but it is entirely regional politics and economic empowerment for the North. This is why.


Soludo's consolidation exercise left the North without a grip in the banking sector. Many of the banks back then where owned by Northerners and were mainly tools to launder money and get forex at government rate. The real Bankers survived the exercise and most of them where from the south. It meant the South Control Nigeria's finance irrespective of who is the president.

The first Agend of sanusi was to restore some control of the banking sector back to the North'. The Banking reform had a strong hidden agenda. This agenda was for CBN/Sanusi to take over some existing banks and sell to foreign investors fronting for some Northerners.

It was easy to execute as the bank MDs already had loads of crimes to answer for. President Yar'duas death truncated this plan as a Southerner, GEJ became President. If the banks are sold now, the buyers will not be reps of powerful Northerners.

Frustrated by the failure of the above plot, they switched to Islamic banking. I must say it is a brilliant idea. Unity Bank is known by everyone as a nothern bank and i dont know even one unity bank customer. So starting some new commercial banks isnt a good solution to breaking the southern domination in the banking sector.

With Islamic Banking, they can tap into an already existing customer base, muslims and have absolute control of the system using islam as a tool. Islam in Nigeria is controlled by the North, therefore this new banking system will be under their control. If you cant beat them, start your own. This new system will not operate in the same competitive market as the other banks and will easily grow as it has religious ties.
More importantly, most of the southern Bnakers will be shot out as they are not muslims.

In one sentence; Islamic banking in Nigeria is a scheme by some Northern Businessmen and politicians to reclaim a share in the Banking sector as they lost out during Soludo's consolidation exercise. It has very little to do with the satisfying the wishes of muslims.

The only problem i see is that, the people that will control this new system will also steal from it and destroy it as they did when they operated commercial banks.

In Nigeria, follow the money and you will see clearly.

mehn! are u for real?

u are a living definition of paranoia

I thought along same lines and have come to thesame conclusion i believe you are right that is why we should give Islamic bank a chance and goodluck to them who knows the whole country may also benefit from it and true- always follow the money

dasa:

First, i have nothing against Islam, muslims or any Region in Nigeria. I simply like to follow the money and see who benefits from what.

In my opinion, the present islamic banking Sanusi is proposing is not out of a desire to follow the teachings of islam, but it is entirely regional politics and economic empowerment for the North. This is why.


Soludo's consolidation exercise left the North without a grip in the banking sector. Many of the banks back then where owned by Northerners and were mainly tools to launder money and get forex at government rate. The real Bankers survived the exercise and most of them where from the south. It meant the South Control Nigeria's finance irrespective of who is the president.

The first Agend of sanusi was to restore some control of the banking sector back to the North'. The Banking reform had a strong hidden agenda. This agenda was for CBN/Sanusi to take over some existing banks and sell to foreign investors fronting for some Northerners.

It was easy to execute as the bank MDs already had loads of crimes to answer for. President Yar'duas death truncated this plan as a Southerner, GEJ became President. If the banks are sold now, the buyers will not be reps of powerful Northerners.

Frustrated by the failure of the above plot, they switched to Islamic banking. I must say it is a brilliant idea. Unity Bank is known by everyone as a nothern bank and i dont know even one unity bank customer. So starting some new commercial banks isnt a good solution to breaking the southern domination in the banking sector.

With Islamic Banking, they can tap into an already existing customer base, muslims and have absolute control of the system using islam as a tool. Islam in Nigeria is controlled by the North, therefore this new banking system will be under their control. If you cant beat them, start your own. This new system will not operate in the same competitive market as the other banks and will easily grow as it has religious ties.
More importantly, most of the southern Bnakers will be shot out as they are not muslims.

In one sentence; Islamic banking in Nigeria is a scheme by some Northern Businessmen and politicians to reclaim a share in the Banking sector as they lost out during Soludo's consolidation exercise. It has very little to do with the satisfying the wishes of muslims.

The only problem i see is that, the people that will control this new system will also steal from it and destroy it as they did when they operated commercial banks.

In Nigeria, follow the money and you will see clearly.

.

@ andromida.

I am happy u see things clearly.

Outside Agriculture, solid mineral mining and somethings like haulage, every other thing is dominated by southerners. The monopoly of administration the North had, has even been broken. The oil industry is strongly being controlled by southerners now.

This is a desperate move regain something.

When they had total control of Nigeria, the northern elite failed to empower the region. All the jobs are in Lagos, Port Harcourt and a few other southern cities.

When this new scheme succeeds, which it will. Greed will come in and destroy it again.

My Prayer is that the North finds its feet so we can practice true federalism.

dasa:

First, i have nothing against Islam, muslims or any Region in Nigeria. I simply like to follow the money and see who benefits from what.

In my opinion, the present islamic banking Sanusi is proposing is not out of a desire to follow the teachings of islam, but it is entirely regional politics and economic empowerment for the North. This is why.


Soludo's consolidation exercise left the North without a grip in the banking sector. Many of the banks back then where owned by Northerners and were mainly tools to launder money and get forex at government rate. The real Bankers survived the exercise and most of them where from the south. It meant the South Control Nigeria's finance irrespective of who is the president.

The first Agend of sanusi was to restore some control of the banking sector back to the North'. The Banking reform had a strong hidden agenda. This agenda was for CBN/Sanusi to take over some existing banks and sell to foreign investors fronting for some Northerners.

It was easy to execute as the bank MDs already had loads of crimes to answer for. President Yar'duas death truncated this plan as a Southerner, GEJ became President. If the banks are sold now, the buyers will not be reps of powerful Northerners.

Frustrated by the failure of the above plot, they switched to Islamic banking. I must say it is a brilliant idea. Unity Bank is known by everyone as a nothern bank and i dont know even one unity bank customer. So starting some new commercial banks isnt a good solution to breaking the southern domination in the banking sector.

With Islamic Banking, they can tap into an already existing customer base, muslims and have absolute control of the system using islam as a tool. Islam in Nigeria is controlled by the North, therefore this new banking system will be under their control. If you cant beat them, start your own. This new system will not operate in the same competitive market as the other banks and will easily grow as it has religious ties.
More importantly, most of the southern Bnakers will be shot out as they are not muslims.

In one sentence; Islamic banking in Nigeria is a scheme by some Northern Businessmen and politicians to reclaim a share in the Banking sector as they lost out during Soludo's consolidation exercise. It has very little to do with the satisfying the wishes of muslims.

The only problem i see is that, the people that will control this new system will also steal from it and destroy it as they did when they operated commercial banks.

In Nigeria, follow the money and you will see clearly.

I like the way you think. Keep it up some day you will be able to correctly discern the policies and politics of Nigeria.

dustydee:

I like the way you think. Keep it up some day you will be able to correctly discern the policies and politics of Nigeria.

I dont know if its a compliment. Are you saying i dont understand the policies now?

See Nigeria as a business Venture (the same way our leaders see it) and follow who gains from what. that is the best way to see things.

Policies which are not driven by greed are born out of ethnic, religious or regional sentiments. We dont do what is best for Nigeria, but what is best for our region and its people.

@ Poster:

You are damn right!

I have always told my notherners friend, especially the Hausa/Fulani that collectively, the north does not have pedigree for business or better put cannot compete with the south business-wise. One thing is fundamental to my assertion and it is the fact that Hausa/Fulani people believe so much in communal sharing - a form of communism where when one person strikes wealth, he declares jamboree for his people to come and eat and would rather not teach them how to strike wealth by themselves. Those others believe that it is the one man's destiny to be wealthy and it is their destiny to share with him or eat from the crunches from his table. That is why they are very contented people, never aggressive in the pursuit of money (I mean the majority cos their are exceptions). If a group of people have this kind of mentality, they would hardly support capitalism and if you are not a capitalist, you hardly can survive in business. That is the hard truth about business.

With Islamic banking, the conservative, communist north is fighting the capitalist South. In 2006, after OBJ's 3rd term bid was defeated, a northern friend from Jigawa State told me in plain terms that the north has realized its mistakes in the way they have seen the private sector driven largely by the South, helping the south to gain more political power and that come 2007, when they get power back, they would go for economic power. They have seen the emergence of wealthy Southern businessmen in the private sector and the reduction in the number of wealthy Northern folks as OBJ headed towards privatization and supposedly stiffling wealth making opportunities for Northerners in government since that was where they had been focused to make money. Shortly after Yar'adua's presidency was inaugurated, nearly all appointed economic policy makers were from the north, Dangote became NSE President and then Sanusi Lamido Sanusi became the CBN Governor. All is now set to help the north regain lost grounds economic wise.

It is good that the north is waking up. I kind of like how they are responding to the challenge from the South. With Islamic banking, they would be able to evolve a form of banking that will give them an advantage. I am waiting for them to do something like that in the Telecoms industry because the major indigenous players their are also Southerners. Maybe they should come together and Islamize one Telecoms company that will allow free calls on weekends and charge lesser tarrifs compared to the MTNs and Glos of this world. The competition will really help Nigeria as long as it is healthy. I really wish them good-luck!!!!

Conspiracy theorists on the prowl. If you think the North needs to destroy the 'Southern-dominated banking system before it establishes itself in the sector, then you don't know anything.

With moneybags like Dangote, Dantatas, Isiyaku Rabius, Chachangis to fund it, experienced banking veterans like Umaru Muttallab(ex-UBA MD, FBN Chair), Aliyu Abba Kyari(ex-UBA CEO), Mohammed Yahaya(ex-Union Bank CEO), Ibrahim Ayagi to supervise it, and young turks like Hassan Usman(CEO, Aso Group), Mansur Mukhtar, Shamsudeen Usman(former CBN DG), Obadiah Mailafiah(former CBN DG), and others that spread across these so-called southern banks' boards to manage it, you think the northerners cannot have at least 5 banks?

The fact, they -especially their moneybags- are not just interested in that sector, and indeed not cut out for services sector generally.

So keep crying hidden agenda that only exists in your imagination and those of co-travellers in that warped reasoning.

@ Jarus. insightful. good Job.

The North cannot destroy it and cannot compete in the present banking environment. so the solution is to create a new system that will favour them.
They are very interested in the Banking sector. They have always been, but lost out during the consolidation exercise as they only relied on Government Patronage.

They have not built an economy in the North. ask the big names you called where 70% of their invest is. its in the south to avoid loosing all during those unpredictable riots and to take advantage of the vibrant middle class over here



Towards the end of OBJ tenure, i read an interview with a prominent northerner. He complained that all the industries in Kano are shutting down because the president is not from the north. most of the industries there, are only opened to collect FG grant. The main livelihood of the North is Government handouts. they hardly generate anything because they have not built an economy for the region.

There is always a conspiracy the average man does not notice as he is too busy trying to survive.

Like i said, the sooner the North start generating funds, the better for us all.

This conspiracy theory is just nauseating to me.

Did they tell you they are interested in banking sector? If they are, isn't Dangote moneyed enough to raise 25B to float a bank? The North has never been dominant in the Financial services sector from time immemorial, even when we had 89 banks, only 2 or 3 can be called a northern bank. Their primary area is commodity trading/manufacturing. The whole issue of northerners wanting to destroy South's banking system is mythical to me.

Stop your paranoia about this North wanting to create alternative banking system for themselves. What many of you don't know is even that many of these northern businessmen will even prefer to borrow from interest-dealing institutions.

Dasa i dont believe your conspiracy theory
DOnt be blinded along religion lines

Is only people with little education can support this Islamic banking.

I believe, those who want Islamic Banking deserve to get it. My point is, the entire process is to guaranty economic empowerment for one region only. It is designed to favour one group and keep the other group out. The motive is not to satisfy religious beliefs.

It is not a conspiracy, its just deciet. A few people taking advantage of the belief of many to enrich themselves.

Sanusi must be giving some people nightmares, I hope some people will not develop high BP because of this Islamic banking, if Sanusi is trying to empower the Northern people in the banking sector, let Southerners tell their bankers to stop putting their hands in the till, they should run banks in the proper manner.

If the proposed Islam banking system would bring some kind of relief and development to the Northern region, then it should be supported. I wonder why most clerics are having jitters over the issue. They have stolen our tithes and offerings and lived big so I wonder what their problem is. God work and Caesar's work are two divergent lines.

The Northern regions needs some kind of uplift both economically and politically and if the islamic banking can see to this, then we should elbow in and give our full support.

pDude:

If the proposed Islam banking system would bring some kind of relief and development to the Northern region, then it should be supported.

Totally in support of this move.

I understand the reason why a lot of people are concerned about Islamic banking its the recent happening in Nigeriaand the Boko haram menace unfortunately Sanusi has gone about the whole thing as if he has a hidden agenda afterall the bible advanced the concept of non-interest banking why give it an Islamic title? I know a man as knowledgeable as Sanusi knows that the Bible clearly states that God hates usury so why didnt he just introduce it as non-interest banking? My take is Sanusi was/is insensitive to the secular nature of the country we all know everybody is egocentric about his/her Religion.

After all there are already investment houses operating under islamic laws in the country they claim they do not collect interest but they do, only compared to banks their rates are lower not so low though but still a good thing to happen.

About the conspiracy theory Why disbelieve it? we are all in this country together we are all aware that since amalgamation regions have tried to establish themselves through nepotism, ethnicity, and all other vices there is no need to pretend as if we are suddenly naive. This is Africa what racism is to the western world is what ethnicity is to Africa just look around you in African countries where there are different ethnic groups one group will always try to establish its supremacy at the expense of the other groups and if they are caught napping well as we all know the rest is history. From Nigeria's civil war to Rwanda to Sudan. History repeats itself when leaders refuse to understand the society they live in and the differences inherent in that society and in this case SLS is the curlprit.

Jarus:

Conspiracy theorists on the prowl. If you think the North needs to destroy the 'Southern-dominated banking system before it establishes itself in the sector, then you don't know anything.

With moneybags like Dangote, Dantatas, Isiyaku Rabius, Chachangis to fund it, experienced banking veterans like Umaru Muttallab(ex-UBA MD, FBN Chair), Aliyu Abba Kyari(ex-UBA CEO), Mohammed Yahaya(ex-Union Bank CEO), Ibrahim Ayagi to [b]supervise it, and young turks like Hassan Usman(CEO, Aso Group), Mansur Mukhtar, Shamsudeen Usman(former CBN DG), Obadiah Mailafiah(former CBN DG),[/b] and others that spread across these so-called southern banks' boards to manage it, you think the northerners cannot have at least 5 banks?

The fact, they -especially their moneybags- are not just interested in that sector, and indeed not cut out for services sector generally.

So keep crying hidden agenda that only exists in your imagination and those of co-travellers in that warped reasoning.

my friend, you keep trying to show that you, are clever, but am afraid, you are far from that, of all this names you have mention, how many of this people started any bank from scratch? none of them, the mutallab, and abba kyari you mentioned, where mds of the banks when the federal govt owned substantial shares of the banks, they owe their elevation not to any brilliance, but rather to the fact that they were the only few northerners that had vague ideas of banking and economics at the time, so stop shouting at the top of your lungs about failures. their money bags not interested in the financial sector? oh pls! try again!
the op's theory is spot on, and as usual they will fail again and again and again

df2006:

my friend, you keep trying to show that you, are clever, but am afraid, you are far from that, of all this names you have mention, how many of this people started any bank from scratch? none of them, the mutallab, and abba kyari you mentioned, where mds of the banks when the federal govt owned substantial shares of the banks, they owe their elevation not to any brilliance, but rather to the fact that they were the only few northerners that had vague ideas of banking and economics at the time, so stop shouting at the top of your lungs about failures. their money bags not interested in the financial sector? oh pls! try again!
the op's theory is spot on, and as usual they will fail again and again and again

Isn't it funny that when a southerner rises to top position, it is because of his brilliance, but when a northerner rises to same position, it is because of govt connection?

Some people are still living in incurable delusion, where, deceived by their la cram la pour degree, they think they are the only ones that are educated.

Anyway, being someone that selects whom I engage or which posts I respond to, I'm sorry I responded to your post(even though it was directed at me), for, aside the grammar somersaults, it's doesnt meet the basic standard of reason I look for in posts worthy of my response.

^^^^ ha ha if you remember very well, i have dealt and exposed you before, so your superiority complex dose not fool me one bit, such over sabi, yet again you have shown, my statement is filled with grammatical errors, yet, you understood clearly, what i said. you are sorry you responded to me? sorry for yourself. looser

Jarus you get time for these people o, well this is naija for you, I am sure that a northern version of nairaland will be rabidly anti south.
Sanusi should please accelerate the establishments of these banks, I need to do business with them jare.

Jarus:

Isn't it funny that when a southerner rises to top position, it is because of his brilliance, but when a northerner rises to same position, it is because of govt connection?

Some people are still living in incurable delusion, where, deceived by their la cram la pour degree, they think they are the only ones that are educated.

Anyway, being someone that selects whom I engage or which posts I respond to, I'm sorry I responded to your post(even though it was directed at me), for, aside the grammar somersaults, it's doesnt meet the basic standard of reason I look for in posts worthy of my response.

My freind, I beg go and sit down jare and stop trying to bamboozle us with correct English but incorrect refutal based on faulty analysis.

The analysis of the poster, Dansa, if not 100% spot on, is like 90% correct. Someone was talking on a general level about business acumen of the south versus North, and you mention some like 10 names to refute it. Does that constitue the North. How silly! You do understand what "generality" implies. You want to compare the number of countless unknown millionares of the South to the North. Dont even try it.

With a university degree and some family pedigree, it's easier to stand out in the North and for instance easier to become a Senator. But not so in the South, especially in the South-West states. So many peoples with baggage of degrees from all over the world.

So Dansa's theory is believable and logical. And for those that are saying people are looking for conspiracy where there is none, then you are not a student of history.
In every nation, across time, the major preoccupation of political and economic elites is plotting conspiracies. Most of the world system emerged out of conspiracies before there were now corrected/perfected by other processes. The Nigeria of today, the lopesided federalism, the injustice and inequality is a product of conspiracy. To the elites, they dont think it as conspiracies; its just how they go about playing their high stake games.

And if you are trying to say the South is not more educated than the North in face of so much insurmountable evidence that is as glaring as the noonday sun, then you are the one living in delusion: GRAND DELUSION. And you better not say this in any public gathering.

The Hausas started their wind down from the center when they declared islamic law for North. Now they declared islamic banking. They are calculating that they will win 2015 presidential election. If they do we will see more wind down and disengagement. Here are few things we can expect:

1. Hausa as official language and arabic/english as second language.

2. Consolidating power back into the Caliphate and electing regional Governor answerable to the Caliph.

3. Independent treaties and alliances complete with diplomatic representations.

4. Full wind-down and a declared Hausa sovereignty.

Lanre,
Well, I never said the North is more educated than the south, what I always have issue with is this belief by some even below average southerners that the mere fact that they are southerners automatically confers knowedge superiority on them above a northerner.

As for the conspiracy theory, well, God help you if you believe it. But I dont believe it and the Sanusi I know I'm sure can never be a party to it. Period!

Jarus:

Isn't it funny that when a southerner rises to top position, it is because of his brilliance, but when a northerner rises to same position, it is because of govt connection?
Some people are still living in incurable delusion, where, deceived by their la cram la pour degree, they think they are the only ones that are educated.

Anyway, being someone that selects whom I engage or which posts I respond to, I'm sorry I responded to your post(even though it was directed at me), for, aside the grammar somersaults, it's doesnt meet the basic standard of reason I look for in posts worthy of my response.

So did Sanusi become CBN governor because he was the most qualified or because a certain part of the country felt it is their turn to run the CBN??

In case you have forgotten or you just don't know, as at the time of assuming the leadership of CBN, Sanusi has not written one published article on the economy in any journal or any print media whatsoever to demonstrate his knowledge of the Nigerian economy but has written lots of political and religious articles which properly aligns with his foremost ambition to be the Emir of Kano. In a serious country, this guy would never smell the door of the CBN.

So Jarus, tell me if Sanusi's case does not support the fact that Northerners hardly get anywhere on merit??

It is not that a certain part of the country felt that it is their turn, there is the unwritten constitution in Nigeria that supports rotation of public offices. From Ahmed AbdulQadri(a northerner) to Paul Ogwuma, Joseph Sanusi, Chukwuma Soludo(all southerners), it is not debatable that a northerner should be the next. So it is not the northerners that 'felt' it is their turn, it is what your convention(actually written, as Federal Character) supports. And Sanusi is one of the best from the North.

So go blame your constitution, written and unwritten, first!!!

Well, SLS never lobbied for it. He was invited to come and serve, and like you said, he had ambition to become emir, so did he have to reach the peak of his banking career. After all, foremost banker, Oladele Olasore, ex-FBN CEO like Sanusi and Nigeria's Banker of the Year 1988, is also now an Oba in Osun state. So what's wrong in having ambition to become a king? How has that meant you cannot reach the peak of your professional career?

And it's only a plus -not a must- that he should have written articles for journal. If he's good enough to become FBN CEO, beating southerners in the board to it, he is good enough for CBN.

Jarus:

Lanre,
Well, I never said the North is more educated than the south, what I always have issue with is this belief by some even below average southerners that the mere fact that they are southerners automatically confers knowedge superiority on them above a northerner.

As for the conspiracy theory, well, God help you if you believe it. But I dont believe it and the Sanusi I know I'm sure can never be a party to it. Period!

Well you are right. Sanusi looks and sounds like a forthright person. Still when I read Dansa's post, there was logic and sense in his postulations.
So like I'm saying, elites do not regard or think this as conspiracies. They see it just as a gameplan. And truly there is nothing evil about this particular conspiracy: to empower the North more in financial sector and enable them(i.e average/middle class Northerners). Not all conspiracies are outrightly bad. But they still have to sit down and discuss it in secret and mask the real intention of the decision, especially since it seems Islamic Banking will gets its own different set of rules for operations.

I only hope the average Northern business men/women who otherwise cannot compete favorably in "seeking of loan" with their Southern counterparts will greatly benefit from it, and it wont become another "Ibru Bank" mentality, only interested in granting loans to already super rich business men and politicians.

And in reply to Ex-factoria, politics will always play a role in who gets appointed as the CBN Governor, but regardless of how he got there, it's a fact that Sanusi has enough competence, experience and education to be the CBN Governor. And when it comes to integrity(most important), despite his controversies and sanctimonious pride, I dare to say he has a lot more of it than Soludo who created a timebomb in the Banking Industry, which is now being painfully-gradually defused today.

It is not that a certain part of the country felt that it is their turn, there is the unwritten constitution in Nigeria that supports rotation of public offices. From Ahmed AbdulQadri(a northerner) to Paul Ogwuma, Joseph Sanusi, Chukwuma Soludo(all southerners), it is not debatable that a northerner should be the next. So it is not the northerners that 'felt' it is their turn, it is what your convention(actually written, as Federal Character) supports. And Sanusi is one of the best from the North.

So go blame your constitution, written and unwritten, first!!!

yeah right, blame it on the rain, for your people's gross incompetence, yes your people!
my grammar no correct, but you are corroborating what i said earlier, that left for competence alone these names you mentioned will never set foot near any banking hall, keep enjoying your federal character, but i tell you it will not be for long.

If he's good enough to become FBN CEO, beating southerners in the board to it, he is good enough for CBN.

pathetic! good enough to beat who? arrangee CEO.

Jarus:

Lanre,
Well, I never said the North is more educated than the south, what I always have issue with is this belief by some even below average southerners that the mere fact that they are southerners automatically confers knowedge superiority on them above a northerner.

As for the conspiracy theory, well, God help you if you believe it. But I dont believe it and the Sanusi I know I'm sure can never be a party to it. Period!

i will ignore the above, where u refer to people, as below average, and[b] concentrate on the fact that you are aware and you know and believe that sanusi is a party to this conspiracy.[/b]

now if the posters will allow me, i will dig into the archives, and re post,  what our, mr, over sabi jarus, posted, once upon a time, written by his beloved emir to be, mr sanusi, showing clearly his mindset, for northern empowerment thru incompetent and true to type, substandard means, and my friends, you will not believe this! thru education!

for a man with such mindset,  it is just to easy for us to see where he is headed, with his islamic banking, and mr jarus is completely aware!

Bring on the article and thread. It's not new, all Nairalanders are aware. And we have disproved it as not out of place. You can bring them on again.

^^^^ oh now, you can respond to me abi? pathetic!

Because I can allow ignorance to fly by just ignoring, but not lies against me.