IslamicFinance.de

The former Governor of the Central Bank of Nigeria Mallam Sanusi Lamido Sanusi claimed that 20 billion US dollars had gone missing from the coffers of the NNPC. Two weeks later, he was been suspended and relieved of his duties. As a next step, he will probably be subjected to a formal probe and the EFCC will be called in to investigate his tenure of office. Femi Fani Kayode commends his immense courage for speaking out and exposing the monuemental corruption in the government that he once served and that has now decided that they no longer require his services. Kayode is convinced that if you speak truth to power and you take on the system, the system will fight back and they will attempt to destroy you and all that is yours. Yet at the end of the day, the only road that is worth taking is the road of righteousness and truth, and it is the only one that leads to lasting honour and glory.

In September 2012, the Central Bank of Nigeria launched the Nigerian Sustainable Banking Principles. The adoption and implementation of these principles are compulsory and require Nigerian financial institutions to develop a management approach that balances environmental and social risks. Since its launch, there have been a series of initiatives and dynamism towards embedding sustainability in the Nigerian banking sector. However, sustainable banking in Nigeria could be abandoned if it is not pursued by subsequent Central Bank governors. Unfortunately, the Nigerian business environment is particularly characterised by poor governance and weak consumer voice, which will in turn have implications for the success or failure of the longevity of the Nigerian Sustainable Banking Principles.

According to the Governor of the Central Bank, Mallam Sanusi Lamido Sanusi, banks in Nigeria will be required to appoint at least 30 per cent female board members and 40 per cent management staff by 2014. The decision was taken with a view to stimulating women's participation in development and nation building. He added that this year every bank must publish its gender positions, when they publish their statement of accounts. The Central Bank will not be exempted from this. Moreover, Mallam Sanusi lamented the high rate of school drop-outs in the North where over 70 per cent of girls cannot read.

The increased level of corruption and insecurity in the northern part of the country as well as mixed signals from power and petroleum sector reforms were likely to affect Nigeria's output performance, according to the Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi. Moreover, the CBN for the ninth time in a row decided to leave the Monetary Policy Rate (MPR) also known as the benchmark interest rate at 12 per cent with a corridor of +/- 200 basis points. It also maintained banks' cash reserve requirement (CRR) at 12 per cent and liquidity ratio at 30 per cent with the net open position at 1 per cent.

The Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has described China as a major contributor to the de-industrialisation as well as underdevelopment of Africa. He warned that with the growing interest of China in the continent, Africa was opening itself up to a new form of imperialism. Sanusi explained that China is no longer a fellow underdeveloped economy but an economic giant capable of the same forms of exploitation as the West. Trade between China and Africa was worth more than $200 billion in 2012. There has also been strong growth partly as a result of Asian demand for African resources.

The Financial Regulation Advisory Council of Experts (FRACE) were inaugurated by the governor of Central Bank of Nigeria on January 10th in their headquarters. Governor Mallam Sanusi Lamido Sanusi pointed out that the establishment of the FRACE was part of the provisions of the bank's Guidelines aimed at regulating and supervising institutions which offer financial services compliant with Islamic commercial jurisprudence. FRACE will further ensure that products and services offered by the non-interest financial institutions meet the requirements for compliance to the principles underpinning their mode of operation.

Islamic finance is playing each day goes by an even more important role in today’s global financial village.
Operators of Islamic banking disputed tha fact that Islamic banking cannot be fully Sharia based unless there is Takaful to take care of their insurance businesses.
Mallam Sanusi Lamido Sanusi, Governor of the Central Bank of Nigeria, stated that Nigeria is the most populous black nation in the world with a population of about 150 million, boasts of a significant Muslim population, majority of whom yearn for such financial services.

Mallam Sanusi Lamido Sanusi, Governor of the Central Bank of Nigeria (CBN), disclosed plans by the apex bank to sell its first ‘sukuk’ within 18 months.
The banking sector regulator has the strong oppinion that this will help arouse interest in Islamic banking in the country.