[size=14pt]CBN invests $5m in Int’l Islamic Liquidity Mgt Corporation[/size]
on NOVEMBER 21, 2011 · in FINANCE

By Omoh Gabriel,Business Editor

Central Bank of Nigeria (CBN), has formally joined International Islamic Liquidity Management Corporation with an initial investment of $5 million. The investment accords Nigeria the full membership of the body. What is not clear, however, is if the investment has the backing of the Presidency that has the power to approve such investment.

At the tail end of Chukwuma Soludo’s tenure, the CBN investment in Africa Finance Corporation became contentious as he was accused of not having Presidential approval for the investment of public funds in AFC. The matter was fully investigated.

As at March 2011, there are191 members of the IFSB comprising 54 regulatory and supervisory authorities, seven international inter-governmental organisations and 130 market players, professional firms and industry associations operating in 43 jurisdictions of which the Central Bank of Nigeria is one such regulatory body that has full membership status.

By this development, Nigeria has fully embraced Islamic banking which the CBN had said was non-interest banking it was pursuing. The nine founding members of the IFSB are Bahrain Monetary Authority (now known as the Central Bank of Bahrain), Bank Indonesia, Central Bank of the Islamic Republic of Iran, Central Bank of Kuwait, Bank Negara Malaysia, State Bank of Pakistan, Saudi Arabian Monetary Agency, Bank of Sudan (now known as Central Bank of Sudan) and the Islamic Development Bank.

The CBN Governor Sanusi Lamido Sanusi is a council member of the body. Other council members are Chairman, Mohammed Said Shahin Governor Central Bank of Jordan, Deputy Chairman, Rasheed M. Al-Maraj Governor Central Bank of Bahrain,

Dr. Atiur Rahman Governor Bangladesh Bank, Haji Mohd Rosli Haji Sabtu Managing Director Autoriti Monetari Brunei Darussalam, Djama Mahamoud Haid

http://www.vanguardngr.com/2011/11/cbn-invests-5m-in-intl-islamic-liquidity-mgt-corporation/

[size=14pt]CAN faults CBN’s $5m investment in Islamic biz group[/size]
on NOVEMBER 23, 2011 · in NEWS

By Sam Eyoboka
CONTROVERSY that attended the issue of non-profit (Islamic) banking in Nigeria was yet to settle down when it appeared that Malam Sanusi Lamido Sanusi, Governor of Central Bank of Nigeria, CBN, was on another collision course with the Christian commu-nity in the country as he was said to have invested the nation’s $5 million in an Islamic organisation known as International Islamic Liquidity Management Corporation.

The investment, according to reports, automatically makes Nigeria, a secular nation, to be a full member of the Islamic body.

According to the reports, there are 191 members of the body comprising 54 regulatory and supervisory authorities, seven interna-tional inter-governmental organisations and 130 market players, professio-nal firms and industry associations operating in 43 jurisdictions of which the CBN is one such regulatory bodies that has full membership status.

Pastor Ayo Oritsejafor, National President of Christian Association of Nigeria, CAN, the umbrella body of Christians, who had spearheaded a campaign against the manner the CBN governor has been using the nation’s collective resources to champion the cause of Islamic banking in the country, responded in a telephone interview.

He told Vanguard: “If what you are telling me is true, then it confirms what we have been saying all along which people have refused to acknowledge and accuse us of heating up the polity. When we react to certain subterranean attempts by some individuals to Islamise the nation, we are accused of heating up the polity.

“They don’t acknowledge that we are only reacting to the actions of certain individuals who appear to be untouchables.”

According to the CAN president, the decision by the CBN governor to drag Nigeria into the Islamic group is reminiscent of the way the General Ibrahim Babangida’s military administration dragged the country into the Organisation of Islamic Countries, OIC.

http://www.vanguardngr.com/2011/11/can-faults-cbns-5m-investment-in-islamic-biz-group/

When did CAN turn to a supervisory body of our Central Bank, What do they know about Economy & Finance? Do they know more than the brilliant Nigerian at the Central Bank? Do they want Nigeria to remain stagnant? Infact, am sorry to say; they are behaving like enemy of progress & infact enemy of God. I tire o! In the present day economic turmoil, dont you understand that the central bank as to play save. Abí uná want make them use our money build brewery and casino's?

Olowojègúrè:

When did CAN turn to a supervisory body of our Central Bank, What do they know about Economy & Finance? Do they know more than the brilliant Nigerian at the Central Bank? Do they want Nigeria to remain stagnant? Infact, am sorry to say; they are behaving like enemy of progress & infact enemy of God. I tire o!  In the present day economic turmoil, dont you understand that the central bank as to play save. Abí uná want make them use our money build brewery and casino's?   

Why shouldn't they monitor their money?

lets see gej's response to this unconstitutional act.