Emefiele's Appointment By Islamic Bank: Let CAN Bring 100billion Naira Seed Offering By Agba Jalingo

Agba Jalingo 

Nigeria's CBN Governor, Godwin Emefiele, a Christian, has been elected as the Head of the International Islamic Liquidity Management Corporation (the IILM).

The International Islamic Liquidity Management Corporation (the IILM) is an international institution established by central banks, monetary authorities and multilateral organizations to create and issue short-term Shari’ah-compliant financial instruments to facilitate effective cross-border Islamic liquidity management.

By creating more liquid Shari’ah-compliant financial markets for institutions offering Islamic financial services (IIFS), the IILM aims to enhance cross-border investment flows, international linkages and financial stability.

Established on 25 October 2010, the current shareholders are from the central banks and monetary agency of Indonesia, Kuwait, Luxembourg, Malaysia, Mauritius, Nigeria, Qatar, Turkey, the United Arab Emirates and the Islamic Corporation for the Development of the Private Sector.

Membership of the IILM is open to central banks, monetary authorities, financial regulatory authorities or government ministries or agencies that have regulatory oversight of finance or trade and commerce, and multilateral organisations.

The IILM is hosted by Malaysia and headquartered in Kuala Lumpur.

Founded on 31 December 2010, it had total assets worth about $236 million and equity worth $54 million and has continued to grow since then.

Nigeria joined in 2012 and I am sure you know who was President then.

The election of Emefiele, for me is another opportunity for Nigeria to assert its new leadership position in the Corporation and raise the necessary interest free capital to finance our budget deficit.

Those with religious fears can do us a favor and wait for a while. We need development. The type we see in those Islamic countries we admire like Dubai, UAE, Qatar, Jordan, Bahrain etc.

The government has explained that the 100bn to be raised from this particular Sukuk, will be specifically used to fund the construction of Ibadan-Ilorin Rd, Kolo-Otuoke-Bayelsa-Palm Rd, Enugu-P/Harcourt Rd, Kaduna Eastern By-Pass, Kano-Maiduguri Rd. and Loko-Oweto Bridge over River Benue.

It is also worthy of note that other countries who have also floated Sukuk include France, Germany, Italy, Ireland, Luxembourg, Britain, Kenya, South Africa, Sudan, Niger, Cote d’Ivoire, and Togo.

In the alternative, CAN can as well bring out their own interest free 100bn and give it to this Muslim President and ask him to use it as a seed offering to construct bad roads in Northern Nigeria, and Christianize every Muslim over there.

God bless Nigeria.