April 13, 2024

Pathfinder News

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My New Book Will Unsettle Politicians-Sanusi

The 14th Emir of Kano, Muhammad Sanusi II has announced that he has written a new book which he thinks would unsettle many Nigerian politicians ahead of the 2023 general election. Sanusi made the announcement, while speaking at the 14th African International Conference on Islamic Finance. Speaking further, the former governor of the Central Bank of Nigeria said his new book has a whole chapter addressing the issues of Islamic financing, its benefits and challenges in Nigeria and Africa as a whole.Although he did not say exactly when in 2022 the book is set to be released or launched.

“I’m holding down now because I want to hurt some politicians in 2022. And when you read the stories in the book you will just be amazed at the extent people can go with these Islamisation theories.” Giving an instance, Sanusi said when the CBN was set to licence a bank, there were indication and stories flying around that the apex bank did it in the plan to islamize the country. He said: “In fact, the DSS was on standby to ensure that doesn’t happen and that the security does not get out of hand.” “A report was already sent to the president to ask the CBN to back down on that for national security.”

Emir Sanusi

Sanusi said that the strategy adopted by some of the mischief makers worked because there was no way you would tell a president that the security of the country is under threat and he will ignore such report.He said that the benefits Islamic financing can bring to Nigeria’s development has been overridden by many of the misconception surrounding Islamic banking. He warned that the use of religion and other tools in Nigeria have continued to slow development process. He said: “In Nigeria religion is a political tool, look at the issues we have now, a northern or southern president.”He said he believes that an average Nigerian cares less about where the president emerges from but sincerely wants a functional and inclusive system. He added: “But the crux of the matter in our today’s politics is southern or northern president.”

Speaking more on Islamic financing, Sanusi said emphasis should not be laid on avoiding interests but also on other benefits and the sustainability of such finance and investment approach. “Islamic financing is discipline in itself, you raise N100 million for a particular project of item, you cannot divert the money for something else. There must be accountability.” Using the SUKUK projects to lay emphasis, the former CBN governor said there have been infrastructural development, construction of roads among others in states that have few or no Muslims in them. The SUKUK, as explained by Nigeria’s Debt Management Office, is an investment certificate that represents the ownership interest of the holder. The certificate entitles the holder to receive income from the use of the assets.