₦airaland Forum

Its so unfortunate that a run-off-the-mill, middle-of-the-road like u still exist,  Its people like u that actually give Nigerian education a bad name,  what can be more analytical than what I said,  the funny thing is thgat u were just making statements that lack statistics and no  explanations but just the percieved facts of your underdeveloped brain,
look at your words that I highlighted, u said these countries trade oil, are you saying your point of argument is that the banking system should be the only revenue for a country cos I see no reason why their trading in oilshould be a point here,  go back research and come back,  does Nigeria not trade in oil, are we a success what about venezuela thats one of the world oil giants that even practice the conventional banking system are they any better  before you rain abuses, use your fish brain to think,  even ask yourself what have u been saying since cos you seem to make no point at all,  and I'm very sure u finished with a 3;1 OR 4:1 COS ITS SO OBVIOUS,

You are obviously a clown.I mean, how did a fool like you manage to graduate from the university?What empirical evidence do you have to suggest that islamic banking is the best for us?You are truly a mediocre.The only reference you could make was a group of traders in Osun state.How does that relate to the experience of other states and countries?You need statistics to believe what i am saying, just google it or are you lazy to do simple research even with your useless first class?Maybe, you think we will feel intimidated if you say you have a first class.

As I am reading this, I took N50 note out of my pocket. It bears the following
the signature of Sanusi Lamido as Governor
Naira Hamsin
Naira Iri Ise
Aadota Naira

I took out N1,000 note. It bears the following:
the signature of Charles Soludo
Arabic inscription

Do the test. it is simple Don't just believe fiction because somebody has said it

In fact nothing has changed on our currency notes since Sanusi took over except the signature of the Governor
Again, for the purpose of clarification since the time of Soludo
for N50 notes and below, the denominations have Hausa, Yoruba and Igbo written on them
for N100 notes and above, the denominations have Arabic inscription of Hausa names written

Don't mind my ignorance.I have been out of the country for awhile.

I think Sanusi is more celebrated internationally than insideNigeria. Perhaps the mediocrity celebration , if there is, can be placed more accurately.

which international celebration are you talking about?SLS is not celebrated any where.

[b]your first class in biochemistry and your lack of analytical depth only expose the problems of our education system. [/b]You need to take your time to understand issues first before rushing to brag about a mediocre certification from a probably mediocre University.
It is very important for people to understand that the Islamic banking model is a subset of NON-Interest banking. The issue here is not with the product but the motive. Why emphasize on Islamic banking instead of non-interest banking? Why should the CBN governor be promoting Islamic banking, holding Islamic conferences to promote the cause at the expense of other forms of non-interest banking? When Soludo gave licence in principle to JAIZ bank, an Islamic bank that never took off, he did not make any exclusive guidelines alone for Islamic banking like Sanusi is doing. Unlike Sanusi, Soludo issued the licencing to Jaiz giving thesame guidelines for all Non-Interest banking models. Why spend state resources organizing conferences and hiring experts on Islamic banking, exclusively to Islamic banking model when that should be in the purview of private practioners of any of the models if they want to sharpen their competetive edge.
Does it not smack of an agenda to bring in islamasize the financial system given the utmost importance that the CBN management has put on just one model in the presence of many? When was the last time you checked the Naira notes for any of Yoruba-Hausa-Igbo inscriptions? It has reverted to arabics since Sanusi.
In terms of economic benefits of islamic banking, can you without mincing words state clearly any economy that has succeded due to the presence of Islamic banks and the strict adherance to its principles. In real sense, there is realy no difference between their non-interests claims and the mark-up charges they levy on loans except that they put themselves more at risk than conventional banks will want to do. Seriously, what are their success stories? It is all good to talk about lending without interest charges but what happens when the business fails? Do you know that the bank almost entirely bear the brunt of the failure and put people's deposits with them in jeopardy. Mr first Class grad, I am not an economics either, neither did I graduate with a first class but I don't think it takes a super-brain to figure out the obvious with Sanusi- he is way over his head and is confused as to how to handle the job, he is just gropping in the dark and I personally think he has been infilterated by islamist fundamentalist.

Guy, you wicked o. But come o, you mean the hause, igbo and yoruba inscriptions on the naira have been reverted?Something is really wrong somewhere.God help this country in the hands of this bigot of a man.

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

First, let me state that the bank of industry (boi) is not a creation of the CBN under SLS.I expect that you know that there are other things that made it impossible or difficult for the traders to pay back there loan order than the interest rate.The cost of doing business in Nigeria is very high coupled with the decaying infrastructure, power problem and the likes.So, high interest may not necessarily be the reason for default in loan repayment, if so, why do advanced countries of north america and europe developed even in the face of high interest rates?

Then, i said, from the evidence so far regarding the practice of islamic banking world over, in what way has the islamic banking contributed in alleviating the poverty of the poor countries?The modern day revolution with its attendant consequences are mainly in islamic countries, where the practice of islamic banking is wide spread.If islamic banking is the panacea why are those people still poor?

You made reference to UAE, Oatar etc as evidence of the success of islamic banking, i laugh.These countries you mentioned trade mainly oil products, and most of this transactions are done through conventional banks.They gain alot from increases in oil price.And most of the advancements in those economies can never be attributed to islamic banking, i stand to be corrected.So, why do we need it in Nigeria?

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.

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.

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.

2) How on earth did an ordinary economics graduate with no sort of advanced training in his field (either through schooling or work experience) become a CBN head?

My confusion too.But what can you say of a country where mediocrity is celebrated.

1983? Did he receive this MSc in economics in 1983?

My thinking is that he taught economics at ABU in 1983, nothing more.

What CAN is saying is not different from what most of us have been hammering on this forum since the idea of Islamic banking came up.SLS is simply a bigot

SLS's incompetence is becoming glaring as events unfold

Stop this! What experience are you talikng about?
He's good enough and qualified enough for the job.
12 years (not sure here), bsc and msc in economics, what else do you want.

No sir, i disagree that 12 yrs of non policy experience is enough to warrant his appointment as the cbn governor.Have you wondered why almost all Central bank governors world over are leading experts in the business of Macroeconomics with at least a Phd?Having a Msc Economics without strong research exposure does not even make you a good economists in the right sense of it, not to talk of someone in a non policy environment.

This is a topic i would have loved to contribute from the very beginning, being an ardent commentator on SLS's incompetence, lack of foresight and abysmal disregard to economic fundamentals.Starting from his educational qualifications ,i think there is nothing much to discuss there when compared with other central bank governors the world over.We are yet to assess his performance during his undergraduate days and the grade he eventually graduated with.In terms of SLS being a lecturer at ABU, that is nothing extraordinary as far as northern universities are concerned.Any body can be lecturer in most northern universities and colleges of education.

I have always questioned the astronomical promotion of SLS from a mere head of Risk Mgt to the MD of one of Nigeria's premier bank.This unconventional promotion is typical of northern Nigeria.Remember the case of Ribadu and the rest.Sanusi's experience so far, taking into account his inconsistency as a banker, is not adequate enough to warrant his appointment as the cbn governor.But what can we say in a country where meritocracy has been sacrificed in the altar of mediocrity, quota system and ''i know you.''

Sanusi's handling of the nation's economy is the most unprofessional ever.During his reform of 2009 i wondered why Sanusi blew a mere administrative issue out of proportion.That was when i began to question his competence.The way and manner the whole reform was handled with so much noise, threat, road show and propaganda leaves one in doubt of SLS intentions and objectives.This man overheated the Nigerian economy in the face of the global meltdown, thereby making the impact much more severe.This is contrary to how Prof.Charles soludo handled his consolidation exercise.

SLS also printed the nation's currency to bailout banks without the approval of the national assembly.I could recall during US bailout, a lot of discussions went on.On the contrary SLS printed the nation's currency without any form of debate or approval.Does it mean SLS can also print our currency to send his numerous wives to Oshodi market?This question remains answered, but it goes to showcase SLS's incompetence and recklessness.

Someone here equated the knowledge of microeconomics to having good foundation in Risk Mgt.That person is joking as far as Nigerian universities are concerned.A typical graduate of economics in any Nigerian university does not know what risk mgt is, unless when exposed to further training or personal effort.So, saying that SLS is a Risk Expert because of his undergraduate training in microeconomics is baseless.He may have received training at the FBN which enabled him to discharge his duties at ease.The only time risk mgt was ever mentioned during my undergraduate days in Economics was in a statistics class and we did no much that mere standard deviation etc.

Let me wait and monitor the direction of this discussion as the posters has stated in order not to pre-empt the issues.

Onye Ori

Ole

Lame

I.diotic

Senseless

Stewpid

Primitive

Jujustic

Can You Ride In Bed?

Don't try me there

Can you give us other reasons why a global, serious professional body like CFA will invite an African regulator to come and address them, if not for spectacular performance of interest from him? Or do you think he was there to sing for them?

To most people, Nigeria is Africa and Africa is Nigeria.Where I live currently, if you tell anyone you are an African the first question will be, are you a Nigerian?So, inviting SLS to speak in such a large conference of finance professionals, to me, has nothing to do with his performance.Charles Soudo is currently a member of the UN advisory council, the only African/black in the group.Was his appointment based on his performance?I am not trying to discredit SLS, but let current economic situation in our country gauge his performance.The position of the CBN, even when occupied by a clown, goes with immense honour and recognition.So, inviting SLS to the conference shouldn't be seen as a surprise.

Sanusi, as i have earlier said is eloquent and undoubtedly brilliant.Most of his policies are good, but his approaches are always very wrong.This is the only problem i have with him.It's not a case of being a northerner or a muslim.His approach to solving problems is just not healthy for a young economy such as ours.Just because there are a few cobwebs in a building does not mean it is about to collapse.What it needs is cleaning.So, blowing issues out of proportion is is just ridiculous.

Stocks a valuated mostly by the magic word [b]CONFIDENCE [/b]in a company or economy!
Of which sanusi so far has had a negative effect .

GBAM

We should give him the very prestigious Nairaland award in speech-giving

The thing tire me o.I just read through the link provided by Jarus.There is nothing extraordinary there.The CBN governor just narrated how he succeeded in killing the Nigerian economy to the international finance professionals and they were puzzled on how a CBN governor could do a thing like that One even made jest of him by asking him to be the fed reserve chairman.Of course the US govt cannot take such risk

It would help a lot if you could help us with the statistics.

The records are there for you to confirm.Just go to Google and type in whatever you want.

So, because a CBN governor spoke at an international finance conference means he is doing Nigeria proud?Why is he the CBN governor at the first instance ?Sanusi is an eloquent speaker no doubt.How Many jobs have been created since he took over as the CBN governor?Lets allow the basic economic indicators to weigh his achievements, not just speaking to an international audience.Any motherfucker who manages to finish school should be able to do that.

Really! So Almajiris now care about global politics. I thought your argument was that we should not broaden this argument beyond Nigeria. You know; you folks were saying you don't care if the Vatican says Islamic banking is good, or if it is practised in UK or America. You only care about Nigeria,  bla, bla, bla.

Now you have shifted the goal post to suit yourself- Typical.

By the way even American Superstars are now singing: "We're spending Arab Money" what they really mean is "We're spending muslim money." You might want to edit your thoughts on Christian progression and prosperity. Even in football oil Sheikh's are buying top European Clubs. Even our own Dangote wanted to buy a major stake in Arsenal.

The recent growth among a few Asian countries is not as a result of the ingenuity of their people neither is it a product of strict observance to Islamic principles.Rather, it is the manifestation of the tides of globalisation  with its attendant financial flows and investments from North America and parts of Europe.

Why don't you guys just admit that the problem you have is not with Islamic banking but that you are afraid that someday, a Muslim army will sweep through Nigeria and once and for all declare the country as an Islamic State.

Once you have told the truth and stopped lying, we can start to help you address those fears. However, these arguments you have against Islamic Banking are just ridiculous and outright dumb!

Remember the Truth shall set you FREE!

Methinks the reverse is the case here.The muslims all over the world have been living in constant fear that one day the Christians would take over the entire world.This has made them apprehensive and violent.This is manifested in constant killings, bombing and impositions by the muslims.In their usual way, the christians have remained calm, progressive and prosperous at the dismay of the muslims.America,Britain and most parts of europe was built on christian principles of love, freedom and peace.Today, these countries remain reference points to their backward, aggressive and violent islamic counterparts of Asia.

Back home, the Igbos who are predominantly christians are constantly progressing than their northern muslims despite fighting a civil war a few years ago.Don't it amaze the north at the rate at which the Igbos are succeeding in all aspects of life?This is because they believe in freedom, love and collective prosperity.Most countries that fought the 2nd world war are yet to recover, but the Igbos came out of the civil war stronger, better and brighter.Is it not amazing?On the other hand, the north, which is predominantly muslims remain the most backward segment of the Nigeria entity, despite benefiting enormously from the ''one Nigeria'' conception.

The north, and most muslims believe in hero worship and considers whatever their ''leaders'' say as supreme.This is the major reason for their underdevelopment and backwardness.On the contrary, the igbos built their hope in God, not in individuals.We don't worship emirs, obas etc.

Sanusi is leading the campaign for an Islamic banking system because he considers himself a northern leader whose words and opinion should be revered.He forgot suddenly that we live in a constantly changing world where hero worship is considered archaic and often viewed with great disdain.He forget suddenly the ''one Nigeria'' contraption which the north promulgated.He forget so soon how the north fought with their last blood to maintain ''one Nigeria''. He forgot the fragility of religious issues in Nigeria and the threat it imposes on the ''one Nigeria'' contraption of the north.

Who is afraid of islamic banking?None to my understanding.We only pity the northern muslims because this is another avenue to loot them dry by their so called leaders.They will be encouraged through their imam to pull their money in islamic banks to achieve jihadist movements in the name of Allah.At the end they will continue to wallow in poverty, misery and subjugation while their their christian brothers continue to prosper.Of course, the Islamic banking/banks will never thrive in the south-eastern part of Nigeria.So, the igbos stand to loose nothing.

Igbo leaders and those in priviledged positions are engaging in numerous philanthropic ventures aimed at alleviating the poverty of their people.What has sanusi and other priviledged nothern oligarchies done for their people?Where was Amino kano, Tafa Balewa when Awolowo declared free education to the people of the south?Currently, there is free and compulsory education in most states of the south, what are northern leaders doing knowing too well that their people are educationally disadvantaged.

So, the northern muslim leaders think islamic banking is the solution to the backwardness of their people?Lets watch and see.I only pray that the Nigerian case does not resemble that of Iran, Pakistan Behran, Afghanistan etc.

On Thursday February 3, 2011 as reported in the Vanguard of Friday 4, 2011, Sanusi climbed to the rooftop to proclaim what can be likened to ‘ O ye faithful Moslems of Nigeria, I Sanusi Lamido Sanusi shall grant unto you Islamic bank in Nigeria soon’ Are you kidding me? Islamic banking as always been permitted under the enabling laws for banking in Nigeria, this is known to the practitioners in the industry and one already got an approval in principle 7 years before…what exactly is Sanusi commencing? Just like the political Shariah, there you have your political Islamic banking introduced and championed for personal aggrandizement of a man with savior mentality. A sitting CBN Governor for that matter.

It is pertinent to mention here that attempts are being made by some to reduce this to Christians protesting an introduction of Islamic banks in Nigeria and that whereas they are available in many countries like Bangladesh, Malaysia, South Africa, Egypt, Pakistan etc and even well known Christians dominated countries like United States and Britain. Nothing could be far from the truth. The question we should ask is why was there no protest when Jaiz International PLC was licensed in 2004? The then CBN Governor was professional about it, simply approved them under the existing laws and did not constitute himself as the champion for Islamic banking. But 7 years after the first would-be Islamic bank has been approved, Mallam Sanusi  introduced the guidelines for non-interest banking which read in parts that:


The Central Bank in every country is a conservative establishment. The Governors or by whatever name the man in charge is known they are never heard on political or religious issues. Mallam Lamido Sanusi should quit his grandstanding, quit his playing to the gallery, quit his nose-poking into the messy political terrain and must also operate within the laws of the country. Nigeria’s economy needs healing not noise making.
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This has been my thought and comments on this Islamic banking of a thing.The writer of this article captured the feelings of everyone.God bless the writer for saying the truth.

Yes. GEJ wants the public debate on it to be concluded before drawing the final conclusion on it. So, let the debate go on.

On my own part, I am not against an interest free banking, I am against tagging it "ISLAMIC" banking. Must it be "ISLAMIC" before it can give interest free loan? Our NAPEP is underfunded. Our Bank of Industries is there. Why not pump money into these and other developmental and welfare outfits. In fact, some NGOS and existing banks can be selected and funded to handle interest free banking.

I seriously distaste  the religious connotation to the whole idea.

I wonder o. Infact, there is no evidence to suggest that the Islamic banking has contributed to the advancement of any country.What we hear is that islamic banking has assets in trillions.All countries practicing the Islamic banking are very poor.So, whats the benefit in Nigeria?

[color=#006600]AZERBAIJAN,ARMENI,JORDAN ,BAHRAIN,KAZAKHSTAN,BANGLADESH,BHUTAN,KYRGYZSTAN

SRI LANKA,LAOS,SYRIA,BURMA,LEBANON,CAMBODIA, MALAYSIA,TAJIKISTAN

THAILAND,MONGOLIA,NEPAL,TURKMENISTAN, INDONESIA,NORTH KOREA

IRAN,OMAN, UZBEKISTAN, IRAQ,PAKISTAN,VIETNAM,PHILIPPINES,YEMEN[/color]

Even with islamic banking, the above countries are still very poor.If interest payment is truly the bane of modern economic development, why are the above islamic nations poor?Why countries such as japan, India, China, singapore, S.Korea etc which have embraced western development paradigms are faring better than any of them.

Why do some folks want us to belief that islamic banking is the messiah we need now when available evidence have proved otherwise?Also, the history of modern day revolution cannot be complete without most islamic banking states being mentioned.

Who's afraid of Islamic banking? A Christian igbo writes:

Remember, the poster of this thread is also a core northern muslim.Moreso, Sanusi is rich enough to bribe a handful of igbos to achieve his ambition no doubt.If jarus becomes the cbn governor and decides to introduce islamic banking i ,an igbo man, will support him and so will other igbos.The reality is that northern muslims are notorious extremists and we cannot afford to trust them this time, especially when sanusi is leading the campaign.

The issue of Islamic banking is far beyond non interest.

But the governor insisted that he would pursue the current move for the establishment of Islamic banks in the country unless stopped by a law court, as according to him, the history of Islamic banking dated back to 1991.

And then;

He said that the CBN under his administration was not promoting Islamic banking but only doing its duties of providing necessary guidelines to ensure adequate regulation for its operations.

This sanusi is truly a bigot

Solution To Our Educational System

How is this a solution? Seun is really using this site to promote sensationalism. How this made the front page still bothers me.

Why all the noise about Islamic banking, if u feel islamic banking is not for u, then shut the F00k up, u can start your own christian banking.

enough of this madness, everyday the politician are degrading our future and the only thing we do is to make noise, we won't make noise when we perceive bad governance, only on religion, f000lish set of people with no brian to know what is important.

Christian leave muslim to do their thing and do your too. Must everything muslim becomes problem for christian, bunch of f00ls, set up your christian banks and bank their, we just create wahala for ourselve where there is none

With this little insult of mine to you f00ls, i hope i've been able to insult you and not to confuse you that Islamic banking is good and will not cause wahala 4 you hippocraze

Walahi kai dan buroba shege!

Nigeria will be heaven on earth without people like you.Scum head

@BP

God bless you.

The issue is not about islamic banking and that is what most of our muslim brothers are missing.The issue is in the level of bigotry displayed by sanusi and possibly the north.Our experiences with northern muslims are never pleasant.So, anything coming from a northern muslim must be taken with a pinch of salt.

I must admit that I find this cross-fire between the two groups appalling and disappointing. And if the truth must be told, it is all due to the word Islamic in the name of the bank. Do the two groups assume that Nigeria belongs to them only? When will this cat and mouse relationship end? This is one of the reasons why I am for the restructuring of this entity called Nigeria.

We need to co-exist peacefully as brothers and sisters living in the same country and minimise needless bickering and acrimony.

That will not be possible when bigots like sanusi are allowed to run a conservative institution like the CBN

Please can you back up what you are saying above. He went from mosque to mosque bragging about Islamic banking. How is that a bad thing? How is Islamic banking a bad thing, apart from the fact that it is called ISLAMIC which seems to be such a big deal?

Some people say that Islamic banks are not viable. Ehn, then leave them to continue in their conceit until they fail, there is no need to tear your hair out over them.

Please tell me more about the corrupt CEO that should be executed. I don't know what you are talking about there.
The only way that Sanusi can sell off banks is if those banks have failed. In that case the shareholders have forfeited their investment. However, quite the opposite is true. The Voodoo banking that we have in Nigeria has gone on for far too long.

In order not to waste my time on issues already discussed in previous threads, i would refer you to the discussion on this:

https://www.nairaland.com/nigeria/topic-700308.0.html

If you have the time, kindly go through the discussions therein.