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Islamic banking: Reps deny backing Sanusi

ABUJA — The House of Representatives, Tuesday, denied that it has thrown its weight behind the Governor of the Central Bank of Nigeria, CBN, Mallam Sanusi Lamido Sanusi, over his policy to introduce Islamic banking in the country, saying no decision had been taken by the House on the matter.

There were reports in some national dailies (not Vanguard) that the House of Representatives had given its support to the controversial policy of Islamic banking being proposed by the apex bank.

This came on the heels of denial of the claim by the CBN governor that the Anambra State government had received credit facilities from the Islamic bank.

Sanusi had appeared before the House of Representatives last week where he defended the policy of Islamic banking as well as the  CBN decision to limit the daily withdrawal of cash to N150,000 for individuals and N1 million for corporate bodies.

Addressing a press conference after an executive session of the House yesterday, Chairman of the ad-hoc committee of the House on Media and Publicity, Hon. Opeyemi Bamidele, said reports in the newspapers did not reflect a true representation of what transpired in the House.

He said: “The House of Representatives has not by any means and on whatsoever ground endorsed Islamic banking. The Governor of the Central Bank of Nigeria was invited to provide explanation on two policy issues that we felt were in the over-riding interest of the nation.”

He said the final decision of the House on the contentious Islamic banking and the limit on cash withdrawal would be determined by the prevailing national interest, noting that it was not under obligation to toe the line of the executive in its policies, adding: “We will not play to the gallery.”


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.