- Former Emir of Kano Muhammad Sanusi II on Tuesday, November 9, announced he has a new book coming out
- The former governor of the Central Bank of Nigeria revealed that Nigerian politicians may be once the book is released
- According to Sanusi, a whole chapter is dedicated to addressing the issues of Islamic financing, its benefits and challenges in Nigeria and Africa
Sanusi made the announcement on Tuesday, November 9, while speaking at the 14th African International Conference on Islamic Finance which was attended by a Legit.ng reporter.
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.
How CAN president never gave me the opportunity to explain Islamic Banking, former Emir of Kano Sanusi
Although the former emir did not say exactly when in 2022 the book is set to be released or launched.
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"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.
"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."
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.
"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.
"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.
The federal government is issuing SUKUK to fund construction and rehabilitation of key economic infrastructural projects like roads among others.
According to the DMO, the Nigerian government raised N100 billion under the SUKUK. Sanusi encouraged more enlightenment of the general public on Islamic financing.
African International Conference: Former Kano's emir throws jab at Nigerian media
Sanusi said this at the 5th African International Conference on Islamic Finance themed; Infrastructure financing, sustainability and the future of African market 2.0, Legit.ng correspondent reported.
Jokingly noting that the media has fallen into the habit of sensationalising his comments, Sanusi said he carefully selected the words used in his speech for the conference.