By MICHAEL EBOH

…Say it’s provocative, insensitive
Stakeholders have kicked against the introduction of the Nigerian Stock Exchange, NSE, Lotus Capital Islamic Index, NSE LII, saying it is an attempt to Islamise the Nigerian Financial system and further provoke non-Muslims.

In an interview with Vanguard, the stakeholders said the NSE should overturn the introduction of the index and focus on returning confidence to the capital market.

“What the NSE should have done, giving the multi-religious nature of our country which is officially a secular state, is to introduce a religion-neutral ethical investments index.

“Is ethical investing only for Muslims? Will the NSE create separate indices for Christians, Traditional Worshippers, Buddhists, Eckists and other religious groups? Should this be NSE’s priority?” said Mr. Eghes Eyieyien, a financial analysts and Managing Consultant/Chief Executive Officer, Pharez Consulting Limited.

“The NSE should not dabble into sentimental issues. They need to go back to the drawing board, as this is the best way they can discover and come up with the right action or policy that is going to move the capital market forward,” said Mr. Taiwo Oderinde, a shareholder and National Coordinator, Proactive Shareholders Association of Nigeria, PROSAN.

In its own view, the Pentecostal Fellowship of Nigeria, PFN, in a statement signed by its General Secretary said, “The action of the NSE in introducing a religion-specific Index is shocking, utterly insensitive and even provocative to non-Muslims. Giving the multi-religious nature of our country and its secular status, organizations such as the NSE should not be seen to be promoting and projecting any religion.”

The PFN said the desire to invest in funds or securities in the Nigeria capital market which meet certain ethical standards and moral criteria is not the exclusive preserve of Muslims.

According to the PFN, the murderous activities of the Islamic terrorist organization, Boko Haram, has tested the unity of our nation and put a strain on the already fragile relationship between the two largest religious groups in our country — Christianity and Islam.

“Nigeria’s quest for true unity and harmony would not be served by the NSE’s attempt to create another cleavage along religious lines in the capital market. The NSE should rescind its decision and rather focus on restoring investor confidence in the capital market which has remained bearish for a protracted period,” the PFN noted.

Continuing, Eyieyien  said the NSE’s insensitivity is another attempt by Islamic bigots to present Nigerians with a fait accompli and create the impression that Nigeria is an Islamic Country, saying that, “the Islamic Index is dead on arrival.”

He said, “Some naively think that there is no ‘Islamisation Agenda’ being pursued by Islamists in the Nigerian Financial Sector despite the evidence to the contrary.

“Mallam Sanusi Lamido Sanusi’s impunity to disregard extant provisions of the Nigerian Constitution and the Banks and Other Financial Institutions Act in imposing Malaysia-style Islamic Banking is well documented.

“Indeed, Justice Gabriel Kolawole of the Federal High Court, Abuja, recently ruled that Sanusi’s action in issuing an Islamic Banking licence to Jaiz Bank was ultra vires as he had no such powers.”