19th September, 2011
Dear Mr. President,
Nigeriaâ€™s CBN And Islamic Banking
You are richly blessed in Christ Jesus. Godâ€™s grace, peace and mercy abundantly abide with you and may the LORD, the God and Father of our Lord and Savior Jesus Christ grant unto you the Spirit of wisdom and revelation in the knowledge of Christ Jesus, the eyes of your understanding being enlightened, that you may know what is the hope of Godâ€™s call upon your life, why you are the current president of Nigeria, and what are the riches of the glory of Godâ€™s inheritance in the saints and you are a saint of God if indeed you believe in the Lordship and Kingship of Jesus Christ as the only begotten Son of God, in whom also the Godhead bodily resides and I know and believe that Mr. president is an ardent believer in Christ Jesus.
Your presidency is unique in the sense that it confirms Godâ€™s word which declares that the race is not to the swiftest, nor the battle to the strong, nor bread to the wise, nor riches to men of understanding, nor favour to men of skill but time and chance happen to them all and it is also God who changes the Times and the Seasons. In this wise your presidency has the purpose of God as its foundation. I am confident that He who has crowned you president of Nigeria against all historical calculations of manâ€™s wisdom which is foolishness before God, will beautify you with divine wisdom to fulfill His plan and purpose.
Note this divine truth when the righteous are in authority, the people rejoice; but when a wicked man rules, the people groan. Proverbs 29:2 and again God declares, when the righteous rejoice, there is great glory; But when the wicked arise, men hide themselves. Proverbs 28:12. Mr. President, for too long the people of Nigeria have been groaning under the yoke of the wickedness of our RULERS in government. The catalogue of woes is long. We lack the very things that we have in abundance. We have crude oil but we donâ€™t have petroleum products. We have arable land but we import food. We have destroyed NEPA (now PHCN) in order to import generators. Shamelessly we jet overseas for very simple medical treatment. How many foreign leaders have come to Nigeria for medical attention and how many British students have come to Nigeria for schooling? Weâ€™ve destroyed our health and educational sectors. We no longer steal in millions but in billions and very soon we shall graduate to stealing in trillions. Weâ€™ve never had LEADERS but abundance of RULERS who have manifested very high level of unpatriotism. How? We loot our treasury, bank the loot in the Whitemanâ€™s bank who turns around to lend the loot to us through World Bank and IMF; who now indirectly control our economy thus fulfilling the word of God, The rich rules over the poor, and the borrower is servant to the lender. Proverbs 22:7. Nigeria should be a lending and not a borrowing nation. This is not the main purpose of this open letter to our very dear President from whom the people of Nigeria expect so much.
We did not vote for you on the platform of PDP. We voted for you because you are Goodluck Ebele Jonathan. If you understand this youâ€™d succeed by the Grace of God who crowned you President of Nigeria. By Godâ€™s grace youâ€™d exceed your set goals for Nigeria.
Dear Mr. President, we want to know:
Is Nigeria an Islamic state?
Is Nigeria a registered member of the (OIC) Organization of Islamic Conference? In the time of Ibrahim Babangida (IBB) as the unelected military president, Nigeria, we were made to understand, was registered with the OIC as a member in total disregard of the opinion of Nigerian Christians. Is Nigeria still a member of OIC?
Is the Central Bank of Nigeria, CBN, a member of â€œIslamic Financial Services Boardâ€?
Mr. President we understand from the news we read in some of the nationâ€™s newspapers that the current Governor of the CBN, Malam Sanusi Lamido Sanusi, is spending our hard earned resources to finance the subtle and progressive islamisation of Nigeria? What does the constitution of the Federal Republic of Nigeria say about religion and the state? Is the CBN governor above the constitution of Nigeria? Is it true that the CBN will soon issue an Islamic bond: another step in the grand design to subtly Islamise Nigeria? Who is the President of Nigeria, the CBN governor or Mr. President himself? Who handles the steering of Nigeriaâ€™s economic vehicle? On whose table does the buck stop? Who calls the shot on matters relating to the economy of Nigeria, Mr. President or the CBN governor?
We all understand how explosive the issue of religion is especially in a multicultural and multireligious society as Nigeria; a country that is trying to evolve into nationhood. Sudan split into two nations on religious ground. Nations with wisdom have constitutionally allowed their citizens to practice their own religion without state interference. No religion should be imposed on Nigeria since we are not all of one religion. I am a Christian and for whatever our dear CBN governor personally believes would be the economic benefit of Islamic banking to Nigeria, God speaking to me by the Bible which is the word of God tells me to beware for the antichrist will subtly come as a man of peace but inside of him he has sinister designs to trap me into bondage. My Bible states it this way, that we should no longer be children, tossed to and fro and carried about with every wind of doctrine, by the trickery of men, in the cunning craftiness of deceitful plotting â€¦ Ephesians 4:14. He comes as an angel of light, but he is not the angel of light. He comes with what looks beautiful on the outside but within itâ€™s very destructive. Itâ€™s like the Trojan Gift. See how heâ€™d act. He shall â€¦ persecute the saints of the Most High, and shall intend to change times and Law. Then the saints shall be given into his hand â€¦ Daniel7:25 again â€¦ his power shall be mighty but not by his own power â€¦ and shall prosper and thrive. He shall destroy the mighty and also the holy people. Through his cunning, he shall cause deceit to prosper under his rule. And shall exalt himself in his heart. He shall destroy many in their prosperity â€¦ Daniel 8:23-25. Thus he shall act against the strongest fortresses with a foreign god, which he shall acknowledge; and advance its glory; and he shall cause them to rule over many and divide the land for gain â€¦ he shall have power over the treasuries of gold and silver, and over all the precious things of Egypt; also the Libyans and Ethiopians shall follow at his heels â€¦ yet he shall come to an end and no one will help him. Daniel 11:36-45. We have to be ultra watchful and prayerful. God! Help us. Again, is Nigeria an Islamic state?
IBB started the first phase of this subtle islamisation process. Sanusi is now embarking on its seocnd phase and we all keep quiet. Do men in government truly love Nigeria? We have OPC, MASSOB, MEND, and the latest is BOKO HARAM. We hear stories of Nigeria being a likely operations centre for Al-Qaeda. How true the story is, we donâ€™t know but every reasonable person knows that behind every smoke there is some fire. Those in government should therefore watch their statements and actions, especially in our present situation. Our highly respected Sanusi should be advised to retrace his steps; he should not impose Islam on us for whatever good he thinks is derivable from his Islamic banking. Nigeria does not need it. Nigeria has in her midst a man who has a fantastic bank model that will transform our economic landscape without tying us to any foreign zone.
What does this mean from point of the spirit realm? The spirit realm rules the natural realm for in the spirit realm, covenants are established. It takes blood to establish and to annul a covenant especially when it is entered into on behalf of nations. Therefore we have to be very careful and very sensitive on issues that go deep into our foundation as an evolving nation. What do I mean?
Nigerians are subject to the constitution of Nigeria. Mr. President swore to an oath to uphold the constitution of Nigeria. Everybody including Mr. President is subject to the constitution of Nigeria. IBB as head of state of Nigeria took the nation to OIC and we kept quiet and so it was endorsed in the spirit realm if we have not withdrawn our membership. Have you found out why Britain is yet to endorse the euro zone covenant? Now, Nigeria is taking another step forward through Sanusi to strengthen the Islamic covenant between Nigeria and Islam in the spirit realm. This covenant is being forced on me, a Christian, against my will and against Jesus Christ. Sir, what do I mean? (I am a Christian and I totally believe that Jesus Christ is the Son of God and God Almighty, He is the Eternal Father, the I AM that I AM. Islam does not believe and confess Jesus Christ as the Son of God. Islam does not accept Jesus Christ as God. Therefore, the god of Islam is not the God of the Christian. We are not serving the same God. This being the absolute truth, why should IBB and Sanusi bring me into covenant with Allah through OIC and Islamic banking?) If Mr. President keeps quiet it stands. Again, when a citizen who should be subject to the constitution of a nation, rises above the constitution of his nation, and the President of that nation keeps quiet contrary to his oath to uphold the constitution of his nation, he ceases to be president of that nation in the spirit realm and with time it will manifest in the natural realm, for spiritual forces will begin to interact to enforce the covenant. There is war in the spirit realm for the presidency of Nigeria. Who wins? He who abides by the covenant wins? Which covenant? The covenant of the blood of Jesus Christ, the Lamb of God if he obeys the covenant.
When Soludo wanted to introduce the decimalization of the naira, which may have triggered the upward valuation of the naira, what happened? Yarâ€™Adua stepped in to impose the headship of his position as the president of Nigeria. The decimalization of the naira was dropped. Soludo was dropped. He never had a second term.
Our dear CBN governor should be called to order. See what is already happening to the less than one year Presidency of Goodluck Jonathan: Boko Haram and their bombings which reached a level that British Prime Minister David Cameron refused to go to Abuja and Mr. President had to fly to Lagos to meet him. +The talk of scrapping the NYSC and people have started questioning our nationhood. All these combine to distract Mr. President from realising his vision for the country. However, Godâ€™s ultimate purpose will stand. If the CBN governor indeed has the interest of Nigeria at heart, he would not be acting to stir up forces which are capable of destabilizing the tender fabrics of Nigeria.
The CBN governor should be more concerned with the following:
Evolving strategically proactive policies and initiating practical measures that will see the naira evolve into an international trading/reserve currency. Can this be achieved? Whatever the mind conceives and believes can be achieved. This can be achieved within four years from 2011 if the CBN understands the interactive forces of the international money game. In the days of Gowon as the head of state of Nigeria, though not through any deliberate policy measures, the naira was gradually and systematically evolving into an international trading/reserve currency. Our â€œrulersâ€ after Gowon, who had no knowledge of the interactive forces that play in the international money game, succumbed to the smartness of the World Bank/IMF game and the naira was destructively SAPPED. The naira fell and is yet to rise again. Today itâ€™s about N155/160 to get $1. Can the naira progress to about 35kobo to $1 as it was then? Yes, it can. This should concern Sanusi if indeed he is patriotic and understands the game. Which game? The geopolitics of international finance; the sure prophetic direction of global economy; the beginning and end of globalization. As money failed in Egypt, money will again fail and it is already failing globally. Global economy will never get well as the world will never know peace until the Man of Peace takes over. I see another very severe meltdown like never before. As Egypt, then a world power was bailed out of trouble by Joseph a man of the covenant, we need people who understand the covenant to proactively and prophetically position Nigeria to take advantage of the imminent global financial crises just like Joseph acted in Egypt. Egypt excelled because Pharaoh was a wise head of state who acted decisively and prophetically to install Joseph as his second in command and so Egypt was saved and Egypt prospered. Our CBN governor should concern himself with proactively and progressively positioning Nigeria for some crucial role in the geopolitics of money and banking and not submit himself as a toy/tool in the hands of international money game players. When will the naira rise? When shall we rise as a nation to fulfill the call of God on Nigeria? When shall we truly stand as a Giant in the community of nations? The Spirit is moving away. Nigeria, an economic giant, when shall this come to pass?
2. Developing a sound CBN Banking Supervisory Model. This can be achieved within 12 months if one is not already in place. This should concern our CBN governor and not the cunning islamisation of Nigeria. Over N12bn was withdrawn from a Nigerian bank, wired to London, and withdrawn from the London bank and nobody in CBN knew until the deal was concluded, so we read in the newspapers. How do we check such occurrences? Easy to achieve if the government of Nigeria desires it. This should concern the CBN governor and not the cunning islamisation of Nigeria.
3. Develop an Economic Growth Banking Model suitable to Nigeria, designed in consideration of our own peculiarities. This will involve a total overhaul of the operational psyche of the current CBN. This is possible and achievable within two to four years from 2011. Germany developed the universal banking model that triggered Germanyâ€™s recovery after the war. Germany from within the resources of her innerman achieved that feat. Japan from within her own inner manâ€™s resources was able to develop the second largest economy before 2011. China, with a good grasp of the international money game has surpassed Japan through her own unique Banking/Economic Model. What is Nigeriaâ€™s banking model if we have any? Canâ€™t we conceive a model that is our own, which also will trigger our total development as a nation? Of course we can. This should concern not only the CBN governor, but every Nigerian in government and not for a minister to spend N125 million to organise a birth day.
We need a new look CBN, a proactive and prophetically oriented CBN and not a reactionary CBN, and not an Islamic oriented CBN. Donâ€™t we have indigenous brains that can create our own unique Banking Model in view of our own peculiarities? Of course we have them in abundance. In truth and indeed we need a proactive and prophetically oriented government to alter the course of global history. Do we have Josephs and Daniels in our government?
Mr. President Sir, Nigeria does not need to borrow a dime to develop. We also donâ€™t need foreign investors to grow the largest and most efficient economy in the world. No nation will abandon herself to develop Nigeria for Nigerians. Every nation is racing to the top. Its mental laziness and day dreaming to expect another nation to develop Nigeria in the real meaning of the word development. Foreign investors need Nigeria for we have what they need. We have the resources to feed the world. We have the men and materials to shoot Nigeria into the Numero Uno world power.
We donâ€™t need to sell our banks and our economy to the forces that play in the international money game through either euro or Islamic bond. We donâ€™t need to enslave Nigeria to Islam through Islamic bond which is the ultimate goal of our lovely Sanusi or to neocolonise Nigeria to Europe through the Eurobond. With due and much respect (Sanusi has done well in my estimation, for no one is yet perfect. We are all striving toward perfection) to our CBN governor, itâ€™s like he is short of original and practical development concepts and so has decided to take the short cut of copy-catting without examining the immediate and long-term implications of his actions, and the Nigerian government is hesitant to act probably because Sanusi is above the constitution of Nigeria. What works in Europe and America may not work in Nigeria, because Nigeria is different. We need creative and patriotic leadership. How I wish ministerial positions in Nigeria would be openly made available to the best candidates. It should be required of would be ministers to produce and submit their practical and achievable programme to justify their appointment as ministers and should be periodically assessed with the view of dropping non performing ministers.
As Sanusi is bent of Islamizing the CBN and Nigeria and we who are Christians and law abiding citizens of Nigeria do not want to be forced into Islam, I therefore suggest this in the interest of Nigeria.
My suggestion: The creation of a Christian Banking Group (CBG) in the CBN to be headed by a Christian who will be the Governor of the CBG and who will be answerable to the president of Nigeria and not to Sanusi. This CBG will be charged with the responsibility of developing, designing and installing the Christian Banking Model and I am very certain this Model will trigger the overall development of Nigeria. While Sanusi heads the Islamic Banking Group (IBG), a Christian heads the Christian Banking Group. Both Groups will report to the President through a Board of Directors comprising Moslems and Christians. Other religious groups may also call for their model of banking. Sharia law will be for the Moslem, while the New Testament of the bible will form the basis of the Christian law. Other religions may also call for their own kind of law. I believe this is what the honorable CBN governor has in mind. I stand to be corrected. Mr. President, this proposal is sent to you for deep consideration and necessary action.
Once again, Mr. President, is Nigeria an Islamic state?
What is the position of the constitution of Nigeria on religious banking systems?
What is the mandate of the CBN governor?
What is the position of Nigeriaâ€™s banking act?
Mr. President, in consideration of the following: Nigeria and the geopolitics of international finance; the prophetic direction of the global economy which points to more crises in the future; the need for a proactive CBN and not a reactionary CBN; the beginning and end of globalization and its implications for Nigeria; the total development of Nigeria we have developed what we see as the best banking model in the world. The benefits of this model include the following:
The banks that are powered by this model have the following features: The banks cannot fail. Theyâ€™d only fail if CBN fails, the most profitable banks in the world, and the safest banks in the world. This model is not run anywhere in the world. Nigeria will be the first nation in the world to run this model. The world will come to Nigeria to learn this model of banking. Note another truth, as at today as you are reading this piece, there is no healthy bank anywhere in the world. The banks are all in financial trouble, and shielded by their Central Banks. I stand to be challenged on this. Call a national seminar and I will explain in detail.
This model automatically checks inflation. Nigeria is currently suffering from what I term stagflation or probably retrogflation and this banking model will substantially check these inflation types. It drastically checks the reckless printing of baseless money in what is called bail out fund. When Central Banks resort to printing baseless money, it destroys the economy in the long run. USA is a current case study in faulty economic/banking model. The dollar has collapsed, but in Nigeria the dollar is waxing strong. Why? The CBN does not seem to understand this. The next global financial crises will be devastating. In the globalised economy, nations that donâ€™t have REAL asset-based economy like we donâ€™t have presently will be neocolonised.
This model gives value to the naira. I donâ€™t see why the naira should not be an international reserve/trading currency by now. This banking model positions the naira as a bench mark in the valuation of the West African Currency Unit (WACU).
This banking model reduces to zero the incidence of negative shifting or unbundling, a misapplication of the shiftability theory of bank capital management. This being the case, there would be no need for the CBN to be printing inflationary baseless money for bank bailouts. Bank Balance Sheet laundering will be substantially reduced.
This banking model triggers economic/industrial development, spreading the wealth of the nation to the people of Nigeria.
With this model, Nigeriaâ€™s minimum bank capital will receive value to N450 million automatically. In three years from adopting this new banking model, our minimum capital will rise to N150 million. O! How I wish Iâ€™d be challenged on these assertions. We donâ€™t need N500 million as minimum capital to run a credible Credit Bureau outfit. I know a Nigerian who has all it takes to start a Credit Bureau business in Nigeria with less than N15 million, but has been hindered from doing so by the ridiculous N500 million minimum capital requirement of CBN. I wish, weâ€™d hold a national debate on this. We take delight in destroying our indigenous creativity. N500 million for a credit bureau is very ridiculous. N15 million is okay.
If indeed we love Nigeria, letâ€™s begin to give value to our naira. Letâ€™s rebuild our economy. Letâ€™s begin to look inward. Letâ€™s encourage ourselves.
Mr. President Sir, despite the measures listed hereunder which have been the path of our CBN over the years, we still have banking crises, not only in Nigeria but the world over.
The forced mergers and acquisitions in the banking industry. Apart from forcefully reducing the number of banks in the country what economic impact was derived from it? Because Europe and America merged and acquired banks, we were forced to do same.
The over 1250% increase of the nationâ€™s minimum bank capital to N25bn, an indication of the worthlessness of the naira resulting from the paperisation of the naira; thank God for the crude oil He has given us. We are still recapitalizing and shall continue to recapitalize. Do our banks have competent and knowledgeable management?
The reckless printing of baseless money by the CBN to bail out banks;
Our policy inconsistencies in nationalizing, denationalizing, privatizing, deprivatising of the banking industry seem to be endless.
Despite all these, we still have banking crises, inflation is stagflating into retrogflation; unemployment is increasing; the naira is always nose diving.
If only a national seminar would be organized on the Nigeria banking industry and globalisation. (The geopolitics of international finance; the prophetic direction of the global economy; the beginning and end of globalization; proactively positioning Nigeria for global leadership.) Letâ€™s peep little into geo-economic politics a little. â€œThe collapse of world finance is sure and certain. The euro and the U.S. dollar both appear fragile. Jobs are increasingly outsourced out of the United States at an alarming rate. Confidence in U.S. debt instrument around the globe is declining fast. Meanwhile, the shakings continue to hit the world financial system. What do these mean? Is the world on the verge of a major financial collapse? How is Nigeria positioning to rule the world?
â€œItâ€™s not only the United States that is in trouble. Look at Greece, Spain, Portugal, Ireland, Italy, Belgium and several other European nations whose negative economic stance will soon crash the euro. The melt down has not started. These are but the beginning of sorrows.
â€œIncontrovertibly, I declare this truth the global financial system is falsely foundationed and must collapse if itâ€™s not restructured. Nigeriaâ€™s banking model, like the worldâ€™s system we have copied is very faulty.
Geo-economic politics is structuring and we are talking of Islamic or no Islamic banking.â€
I donâ€™t see why Nigeria should not adopt the model I am talking about. If Mr. President is determined in developing Nigeria economically and industrially, the author of this banking model should be encouraged to implement this model by introducing it to the CBN.
O! Nigeria! When will you become a world power? When will the black race produce a world power nation?
â€¢A concerned citizen of Nigeria.
cc: Christian Association of Nigeria;
Pentecostal Fellowship of Nigeria.