First Bank Of Nigeria

Nigeria licenses first Islamic bank

By MUSHTAK PARKER | ARAB NEWS

Published: Jul 3, 2011 21:34 Updated: Jul 3, 2011 21:34

The most revealing thing about the latest new guidelines for non-interest banking issued by the Central Bank of Nigeria (CBN) on June 21; the provisional license given to Jaiz International to launch the country's first Islamic bank subject to fulfilling the bank authorization requirements; and the revelation that the Nigerian Treasury's Debt Management Office is studying the possibility of the country issuing its debut sovereign sukuk within the next year or so, is not the provisions of the above developments but the reaction of Nigerians (presumably) commenting on the websites of local newspapers and other such outlets.

Disturbingly these ranged from vitriolic Islamophobic rants which linked Islamic finance to terrorism financing and forebodes the transformation of Nigeria into a new Jihadist haven, to flattering admiration for Mallam Lamido Sanusi, the governor of CBN, for rising above the critics and facilitating the introduction of Islamic finance under financial inclusion policy. The few voices that saw Islamic banking as an alternative form of financial management to the interest-based capitalist conventional system and more connected to the real economy and with a potential to contribute to development in Africa's most populous country for the benefit of all Nigerians, hardly had a look in.

It would be unfair to draw generalizations from such a sample of comments, but in relation to recent statements from various groups and the sensitivity of the CBN over the matter, it becomes apparent that under the surface Nigeria is a highly sectarian society, which is further fuelled by the constant reinforcement of stereotypes on all sides of the ethnic and religious divides. Nigeria has a population of about 170 million which is roughly half Muslim and half Christian.

This is unfortunate because Nigeria in general is a highly educated society but with huge developmental challenges because of governance shortcomings in which the military have had a pervasive influence since independence, endemic corruption and economic mismanagement.

In June, the Dioceses in the Church of the Nigeria Anglican Communion appealed to the country's House of Representatives and the Senate not to pass any legislation to facilitate Islamic banking in the country on the grounds that it would pose a serious threat to the unity of the federation; it would violate the country's secular constitution; and favor one particular religious group.

4 First Bank staff arraigned for alleged fraud

Calabar—Four staff of First Bank of Nigeria Plc, have been arraigned before a Magistrate Court in Calabar, Cross River State, over alleged illegal withdrawals from the account of a customer, one Chibuike Nwogu.

The four staff of the bank, who were arraigned on a three-count charge of conspiracy and stealing are Ikpeme Moses,  Aniekan Etim, Jonny Udofia,  and Lydia Attah.

The police in the charge,  alleged that the accused persons, unlawfully conspired among themselves to commit the offence,  punishable under Section 516 of the Criminal Code.

The charge read, “on April 14, 2011 at First Bank Calabar, in the Calabar Magisterial District, you did unlawfully conspire amongst yourselves with intent to commit felony to wit, by stealing, thereby committing an offence punishable under section 516 of the Criminal Code cap C16 Vol 111.”

*That you  Ikpeme Moses on the said date, allegedly stole the sum of N50,000 from Current Account number 1202010078551 property of Chibuike Nwogu,  thus committed an offence punishable under section 390 (9)  enshrined in the Laws of Cross River State.

*That four of you, lodged a First Bank cheque slip with Account No 1202010078551, property of the same Chibuike Nwogu and stole his money, which is punishable under section 467 of the Criminal Code.

Anieka  Edet was accused of  unlawfully stealing the sum of N20,000. The accused persons, pleaded not guilty and were granted bail by the court, while further hearing was adjourned till July 6, 2011.

First Bank of Nigeria, a century of banking

The Report: Nigeria 2010

Scheme of merger, (under section 100 of the Investments and Securities Act No. 45, 1999) between First Bank of Nigeria Plc and MBC International Bank Plc, FBN (Merchant Bankers) Limited

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