₦airaland Forum

sanusi is not dabbling in religious or ethnic issues.  He has simply made provisions for a form of banking to take place with the economy.  It is called Islamic banking because it was developed under Islamic regimes.  As far as I'm aware sanusi only dealt with banking issues not general religious issues.  Although Religion touches upon each and every aspect of life.

Then it's been long you left Nigeria.This man, Sanusi, goes from mosque to mosque bragging on how far he has gone with the Islamic banking and that others who are not comfortable with it should go to hell, knowing fully well how delicate religious issues are in this country.This same sanusi came out opening to say that the corrupt CEO would/ought to be executed, even when the court of law has not decided the case.This same sanusi is currently bragging that he would sale off banks that don't belong to him irrespective of what the shareholders feel.

Now tell me, how many Central bank governors will do the above?Even in the face of the global financial crisis which was obviously caused by the ceos, how many times did you hear the Fed Reserve chairman accuse any of them?When non interest baning was introduced in the uk, how many times did you see the central bank governor preaching about it?

Meanwhile, there is a difference between the non interest banking practiced in the UK and US and that practiced in Iran.Why the first is just non interest banking and is available for everyone, the later is islamic banking which is sharia compliant and not available for everybody.It is the type practiced in core islamic states like iran that sanusi wants to introduce in Nigeria which is supposed to be a secular state.Then, tell me why non muslims will keep quiet?

I don't know which country you've been to, it sounds to me like you have never left nigeria, not even left your ancestral village.  In England all I hear every day is Mervyn King this, Mervyn King that, interest rates this interest rates that. 
http://www.bbc.co.uk/news/business-12655035

In America, even though he is no longer chairman of Federal Reserve all you hear in the news is Alan Greenspan said this, Alan greenspan said that . . .
Trust me, the head of the central bank of any country is a big big man, and he is 'a decision maker, as per country economic'.

Guy, say this to your village king.No Central Bank governor will dabble into religious or ethnic issues.Yes, they are very influential policy makers and their words make moves, but none,i repeat none has ever dabbled into religious issues or any issue capable of aggravating the economy.

@maclatunji

Go and sit down.You seem not to understand the issue.You keep jumping from one thread to another in defence of Islamic banking.

This Sanusi is a bigot.An Islamic leader in the CBN.

This is the worst CBN governor ever.

if i were a judge i'll sentence this beast of a man to death by starvation

This is the best punishment for him.

Apart from the relocation of some ministries, there will also be an increase in hotel bills and travelling allowances as they will have to attend cabinet meetings from their respective areas.

When we are complaining that the cost of running the Nigerian govt is too high somebody is busy thinking of how to further skyrocket it.This arrangement is obviously not feasible in Nigeria.Even the current security situation of the country makes it totally impracticable.

Bad idea. Cost of governance will increase in 100s of billions of naira.

Exactly.There will be budgetary allocation for Air Travels and hotel accommodation.Remember most bills and other admin activities will need to be approved by either the executive or the legislature.

This will provide another avenue for looting.Aside that, it will put the citizenry into immense stress.Lets assume you want to meet with a senator and also the president and then attend a meeting at the supreme court.It then means u have to travel to 3 different places to get all these things done.

Rather, i would suggest that the legislature be decentralized.There is no need having both state and federal legislatures.We should have only the state legislatures who will meet ones every month to deliberate on national issues and thereafter go back to their respective state assemblies.This guys are doing no job.They need to be engaged seriously.

So what happens to your wife afterwards?Kill her too, cos both indulged in the act.Hence you have forgiven your wife i think you should forgive this other guy and move on.You will be happier not killing him at the long run.

But, if i were you i would let this guy know that what he did was wrong and possibly confirm if he had intimacy with my wife.Atleast that will ease up the tension.They may not have done anything, but women are silly though.

Please don't kill

[sup][/sup]

So we are right in our arguments all this while?Truth is always constant.

Okay uncle chambers, im waiting for my offer letter. I just applied. How can u be reached? Like a mail address or something.

If you really want private discussions i would advise you put up your email address here so that any of the members who want to assist in any way may be able to contact you.Because of scammers i would suggest you open a new email address for this purpose.Any email requesting upfront payment or your private info is scam.But i think your questions and concerns can be handled here on the forum.

Jarus, sagamite etc are obviously more experienced and exposed in the area of investment banking than my humble self.I just picked interest in IB recently.

You said you are currently running a univ of reading Msc and yet you sound like someone in Nigeria.Is it an online masters if i may ask?I cannot say what the prospects are owing to prevailing economic situation, but i will advise that you allow your passion, future goals and interest guide you.Money is not everything.Kindly be specific on what you actually want so that more experience members will be able to help.

I doubt if anyone here will have the luxury of calling you on phone, except scammers in most cases.

@Cory

have you graduated or about to? And please remove your phone number before this scammers get hold of it.You could open an email address for this purpose.

Mr.Jarus

I can understand that you are an ardent supporter of SLS and his policies.Your posts seem not to be in defends of Islamic Banking rather SLS.There is nothing wrong with that anyway.I believe every young man who is desirous of making impact in the society will tend to identify with certain line of thought.I did same during the time of soludo.But do you think SLS, as the CBN governor, should be championing the idea of islamic banking knowing fully well how sensitive religious issues are in this country? 

The CBN governor, as far as my knowledge can carry me, is not expected to dabble into issues capable of aggravating the economy.The idea of islamic banking is capable of leading Nigeria into another civil war.Even in core Islamic states like pakistan, the idea of islamic banking generated a lot of heat in 2004.Please read the abridged article from wiki below:

''In Islamabad, Pakistan, on June 16, 2004: Members of leading Islamist political party in Pakistan, the Muttahida Majlis-e-Amal (MMA) party, staged a protest walkout from the National Assembly of Pakistan against what they termed derogatory remarks by a minority member on interest banking:

Taking part in the budget debate, M.P. Bhindara, a minority MNA [Member of the National Assembly], referred to a decree by an Al-Azhar University's scholar that bank interest was not un-Islamic. He said without interest the country could not get foreign loans and could not achieve the desired progress. A pandemonium broke out in the house over his remarks as a number of MMA members, rose from their seats in protest and tried to respond to Mr Bhindara's observations. However, they were not allowed to speak on a point of order that led to their walkout,  Later, the opposition members were persuaded by a team of ministers, to return to the house, the government team accepted the right of the MMA to respond to the minority member's remarks,  Sahibzada Fazal Karim said the Council of Islamic ideology had decreed that interest in all its forms was haram in an Islamic society. Hence, he said, no member had the right to negate this settled issue.[42]
Some Islamic banks charge for the time value of money, the common economic definition of Interest (Riba). These institutions are criticized in some quarters of the Muslim community for their lack of strict adherence to Sharia.'' http://en.wikipedia.org/wiki/Islamic_banking

Now tell me how this system will succeed in a secular state like Nigeria?

My lost post elaborately addressed the question you raised here, but will try to summarize. But before that, I must commend your demonstration of understanding of Islamic issues beyond basic and your civil articulation of points. It's been long I had this kind of engagement on Nairaland, as opposed to the kamikaze, bring-down-the-roof style of many people on discussions that border on Muslims/Islam.

That interest is forbidden in Islam is express as contained in the Qur'anic verse you brought forward earlier in the thread. But like any other religious issue that is inferential rather than express, the issue of whether working in an interest-dealing bank is forbidden is controversial among Islamic scholars. Some say it is also forbidden, as it constitutes contributing to interest, some others say 'see, if we abandon modern banking, we are going to lose, so it is expedient that Muslims also join'. Sanusi belongs to the latter and I have read him criticize the former camp before(one of the reasons I doubt his Islamic banking is to satisfy a set of people and not in national interest). His opinion should be respecte and that doesn't make him less Muslim, while those that say 'look, don't touch interest banking with a long pole' are also stricter Muslims.

The Sanusi I know doesn't appear to me as someone that will want to satisfy a certain set of people at the expense of national interest, not least interest-criticizing Muslim clerics he had fought in the past. His Islamic banking push is to plug Nigeria into the alternative banking system being adopted in various countries the world over.

Unfortunately, neithe you nor me has mind-o-meter to read his motivation.

You actually summarised it there.

And who says licences cannot be granted as well as evoked? Who says that CEOs cannot be thrown in jail and hounded by the EFCC? Nothing is irrevocable in life. Razing people and things to the ground in Nigeria has never been a challenge. Establishing and maintaining however is. The Islamic bank can always be sent to the grave like other banks before it, if the next CBN governor can establish a link between terrorism and the bank, and that would not be such a difficult thing to do if the governor will not be too preoccupied with looting the treasury

So, you think this is easy to do in Nigeria?Maybe you are not a Nigerian.If someone could be beheaded by mere using a paper written with arabic language, then what happens when a christian CBN governor for instance discovers that the Islamic banks are used to finance terrorism and decides to revoke their licence?Even you will be among those that will wage war against the Christians in the north.The fact is simple, remove religion from the CBN affairs, especially in a secular state likes ours where religious fanaticism and extremism is widespread.

I am in love with Rochas.

I am in love with Rochas.

I am in love with Rochas.

Imo is now in the hands of God

Further more, Islamic Banking is strong in PREDOMINANTLY MUSLIM countries. It remains indeterminate the extent to which Christians will be allowed to participate in Islamic Banking. For instance, ceteris paribus, a non-Muslim investor would be at a disadvantage if his muslim rival can obtain funds at zero interest (if he is prevented from Islamic Banking) while he is struggling to obtain a loan with interest rates in double digits; particularly if the Nigerian State invests in Islamic Banking. How will the CBN prevent some investors from exploiting the system i.e depositing the bulk of their funds in conventional banks and receiving interest and obtaining interest free loans from Islamic Banks? [/b]It would be a shame for the CBN to create a multi-tier banking system which advances the position of certain investors while putting others at a disadvantage. These and other questions remain unanswered.

Excellent insight there.Let there be a round table discussion on this issue before eventual take off.Sanusi is not ''all knowing'' and he cannot have monopoly knowledge on economic fundamentals just because he happens to be the CBN governor.Gossip coming from the CBN has it that SLS hardly takes other people's advise/opinion, irrespective of how robust such opinion might be.Maybe this is due to his princely upbringing or a case of blotted self-worth.

During the corrupt CEO saga i was among those who [b]naively questioned SLS's action.Naively in the sense that i was a young Economics graduate who knew nothing other than theoretical macroeconomics.I could remember arguing with my lawyer brother and his doctor friend that our SLS overacted over a mere administrative issue thereby aggravating the economy.I foresaw danger and today the evidence is clear-high employment, stock market crash,unavailability of credit, low FDI etc.

The same situation is playing out today.He is vehemently canvassing the Islamic banking idea without intimating Nigerians(not just northern muslims) on it's fundamentals and operational principles.The items you outlined above are fundamental issues that need to be addressed.Some folks here think we don't like anything Islamic, far from that.Every policy of the CBN needs to be properly and adequately scrutinised to weigh its merits and demerits.Most people here see only the advantages-interest free.Nigeria cannot be like Iran or Malaysia, those are predominantly muslim communities.

Then coming to Sanusi Lamido Sanusi, he should not be the one campaigning for the establishment of the bank because he is a regulator. Let those who are sponsors of it campaign and enlighten Nigerians. the Regulator will be criticized if he personally campaigns for it. SLS is a good man, and he should be readily available to offer the license if everything is in order to guarantee the success of the banking (IMHO though) but not to personally campaign. Or does Islam permit someone to be the judge, accuser, the judged all at the same time. Let other prominent good Muslims campaign for it, why are they all quiet (someone will ask too)

The most disturbing part is that SLS goes from mosque to mosque intimating them on the progress he has made on the eventual take off of the Islamic banking.If the so called Islamic banking will benefit all Nigerians why limit the awareness campaign to only Muslims?Why not visit other quarters?How many times has SLS visited the S-S or SE to enlighten them on the islamic banking idea?And he is supposed to be the CBN governor.When soludo was there he toured round the country informing Nigerians (be they muslims or christians)  on the CBN programs and activities and subsequently sought their contribution for the success of the programs.I am yet to see SLS do that.

One of the responsibilities of the CBN governor is to continuously inform the populace on on-going activities of the CBN without being partial.In the case of the Islamic banking SLS confined the information and inherent benefits (if any) exclusively to northern muslims.And yet someone wants me to believe that there is no skeleton in his cupboard.I could remember listening to SLS last yr on TV when he encouraged northern muslims to go for further training and gain more knowledge of the islamic banking.Why can't same be done to all Nigerians?Did you also know how much the CBN has spent between 2009-11 to send northern muslims on further training on islamic banking?Is the islamic banking meant to benefit only northern muslims?If so, then it shouldn't be allowed to flourish.

If we believe in one Nigeria, then every action and program must be made to benefit all Nigerians, not just a few ethnic group, religion or association.I repeat, there is nothing wrong with the islamic banking in theory, but there is something wrong with it in practice as far as Nigeria is concerned.

To be fair to all, SLS should extend his campaign (he is now a politician) to all Nigerians irrespective of their religious inclination.

After all this news? Safe journey

I would just remove Sanusi from the CBN

SLS wasn't the first Governor to try to institute Islamic Banking but it appears that he is personally interested in its introduction. The job of the Governor is to create the environment; it isn't his job to push the establishment of a BANK. Like I stated before, I have no issues with Islamic Banking, I only question its viability and I explained this with examples from Malaysia, Iran, Bangladesh. And also because it didn't take off despite its introduction during the reigns of Joseph Sanusi and Soludo. If it is viable, nothing stops conventional banks from introducing it. It is a product just like other banking products.

You just spoke my mind and confusion.I have been thinking, why would a cbn governor champion the course of establishing a particular bank?Why didn't previous cbn governors not introduce the islamic banking  even after nursing the idea?

There is nothing wrong with the islamic banking, but there is something wrong with the way and manner SLS is going about it.This has made most of us suspicious and apprehensive.In a secular state such as ours, most things need to be handled with great care.In countries such as Malaysia, Iran etc where islamic banking is practiced there is no much division in terms of ethnic-religious compartments.Even in this countries there is no evidence to suggest that the introduction of islamic banking has helped improve the lots of the populace.Iran is still riddled with poverty, misery and chaos, Singapore has left Malaysia and joined the league of developed countries.The bulk of businesses in Malaysia are owned and operated by the Chinese and other foreigners who don't even have access to interest free loans.So, why do we need islamic banking in Nigeria?Is islamic banking going to be the messiah of our banking problems?I don't think so.

We are not against anything islamic as most people have claimed.We are not just comfortable with the establishment of an islamic bank in a secular society, especially when the call is coming from someone who is expected to act as an umpire. And our experiences with the northern muslims over the years have put us in doubt as in genuineness of their actions.

Nigeria is a country where everybody lives in fear.We are almost afraid of everything and cannot even trust our neighbours.So, I would advise that SLS concentrates on his job as the CBN governor- maintaining macro-economic stability, and free himself from political and religious contamination.

Chief, please familiarize yourself with the FACTS of the case, before taking a position. Sanusi has given the banks more than a year to recapitalize. He even gave the banks bail-out money to help them recapitalize. My Father is actually a shareholder in several of the banks and he will lose most of the money. And that is simply due to the fact that he did not do his due diligence in purchasing and managing his shares. As far as throwing tens of thousands out of a job, you should actually be thanking Sanusi for savings tens of thousands of jobs. Had Sanusi allowed the banks to continue their fraudulent activities, the banking system will collapse, leaving hundreds of thousands out of a job.

Listen, it is impossible to sanitize the banks without sacrifice. 5 years from now, everybody will praising Sanusi for making the Nigerian banking system world class

Hey Mr, it's either you don't live in Nigeria or you have no touch with reality anymore.The purpose of every reform is to make the system better and productive.From the facts available since the inception of Sanusi's tenure which sector of the Nigerian economy can you confidently say is growing?The entire banking sector seem to be in moribund- no credit,employment and profit.Other sectors of the economy are dead due to credit starvation.And yet you still think sanusi has done well.

Investors are becoming worried because of kidnapping, Boko Haram, Mend, OPC and MASSOB, investors do not want to put their monies in economies that are run by gangsters.

All this are as a result of the embargo placed on employment which is the aftermath of sanusi's reform.When people are engaged in productive activities they tend to think less of crime.

Lets remember the trillions of Nigerians monies that will have gone down the pockets of these managers of Sanusi had not stepped in, now they want us to believe that he is not good for Nigeria, hey guys wake up if you want thieves to manage your money do not complain when your cash gets missing, for me let Sanusi do his job.
If the Banks are bad let them go, the others will learn from it and people will not loose their monies. Lets stop this excuses, those managers should be in jail.

keep quiet if you don't have anything meaningful to say.

Over 100 secondary schools and 100 primary schools were given laptops and desktops worth over N900 million by the Foundation.

Even though i commend the efforts of the donor, but donating laptops to pry and secondary sch students is pure malapropism.An average Nigerian university student has no computer, and these are people who are expected to engage in research and all that.Why not do not the laptops to the university students?

Also, most of the books donated will find themselves in the bookshops soon, no thanks to our corrupt sec sch principals and VCs.During my time at the uni, books were donated by our US based alumni, surprisingly these books never came into the library.They were all sold.

Kudos to them anyway.

Even as naive as i was a few years ago, i maintained that sanusi was/is not a good choice for the cbn governorship.A man who is more or less a religious leader is no fit for a cbn position.But what do you expect in a country without merit system, where everyone talks about federal character principle and complete observance of the quota system without regard for merit and integrity.

Sanusi is as corrupt as the CEOs he prosecuted.If not, tell me how an ordinary manager in a Nigerian premier bank was promoted to the position of the MD within the shortest period of time, even though he had spent a little time in the banking sector and subsequently became the CBN governor.This swift promotion is very typical of the north, before it was Ribadu, and now it's sanusi and the rest.

Between 2009-11, all indices of growth in Nigeria have dwindled.Rather, unemployment is as it's highest level, inflation is immeasurable, exchange is no go area, and the crime rate has increased as a result of hardship.Nigeria now has suicide bombers, kidnappers etc.All these are the aftermath of the sanusi insensitive, unprofessional and parochial management of the nation's economy.Now,having been defeated, he is talking about islamic banking and sort of nonsense.A CBN who does more talking and less of action.


Somebody should call this man to order.

I had earlier responded to this at the career section.This is my view ;

Both complement each other, so it is difficult to say which is better.Finance is an offshoot of the mainstream Economics.Studying Economics or Finance depends on one's interest and future goals.So, none can be said to be better.The only d/f b/w finance and economics is that the later is quite broader and therefore covers a lot more aspects of finance.An econs grad with little more effort can conveniently do what a finance grad can do or even more.

During my undergraduate studies we actually did almost all courses offered by the finance students, likewise they, except some more advanced maths, micro-macro and econometrics courses which were taken by econs majors only.

In summary, i can say both are good and offer better career opportunities.Finance is basically applied Economics.

interview a 10 yr old student in the usa and interview a 10 yr old student in nigeria and compare their level of intelligence. the difference will make you want to become a terrorist and target the education minister in nigeria and blow him up to pieces.

Hahaha :oHehehehe

The standard of education in Nigeria is obviously very low.Infact there is no standard in Nigeria in the real sense of it.

Now I knew what BODMAS/BEDMAS is back in my primary school days in Nigeria.

Does that mean they can't perform basic mathematical operations?I don't think so.

Both complement each other, so it is difficult to say which is better.Finance is an offshoot of the mainstream Economics.Studying Economics or Finance depends on one's interest and future goals.So, none can be said to be better.The only d/f b/w finance and economics is that the later is quite broader and therefore covers a lot more aspects of finance.An econs grad with little more effort can conveniently do what a finance grad can do or even more.

During my undergraduate studies we actually did  almost all courses offered by the finance students, likewise they, except some advanced maths, micro-macro and econometrics courses which were taken by econs majors only.

In summary, i can say both are good and offer better career opportunities.Finance is basically applied Economics.

Look up his profile: B.Sc economics from ABU, and then master from University of Khartoum in Islamic studies.
Most of all, he's from the Kano royal family, and that entitles him to any job he wants in Nigeria

Imagine this nitwit.So because he is from a royal home entitles him to any job in Nigeria?This is the most silly comment i have read on NL

This bookshop, sorry bishop is a disgrace to the knowledge vested in him, Islamic bank, is't must to transact with them. Ok, i hear you,there are islamic states and still churches are existing there, there are even more to come, what a bigotry?? Ok, lets have christian bank of Nigeria. No marginalisation

Another slowpoke

Who is even comparing prof.Soludo with sanusi?On what footing are you placing them?Sanusi can only dream to achieve what soludo did during his time as the cbn governor.Soludo, as a well trained professional, foresaw the global economic meltdown and recapitalised our banks to wither the impact of the global heat.It took sanusi just a few days in office to destroy what soludo laboured to achieve.soludo created the micro-finance banks, but sanusi destroyed them.A risk manager who does not even know how to mitigate risk exposure, causing run in banks and increasing the unemployment pool.

Sanusi is obviously pursuing a northern agenda.A technocrat turned religious leader.The faster we relieve sanusi of his job at the cbn to enable him concentrate in his religious bigotry the better for us.

Sanusi remains the worst cbn governor so far.He is more or less a religious leader.