Thursday, December 30, 2010

Assassination of Abia State Human Rights Activist

Who killed Comrade Chidi Nwosu?
Who is responsible for the gruesome murder of the foremost Human Rights Activist?
Whose jackboot suppressed the voice of the masses in Abia State, nay Nigeria?

Comrade Chidi Nwosu, one of the foremost Human Rights activists in Abia State was assassinated in the early hours of Wednesday, December 29, 2010 in his bedroom at Abam, Arochukwu Local Government Area, Abia State.

The family source disclosed that the gunmen trailed him to the family house in Abam and brutally silenced him between 12midnight and 1am on the said date.

Comrade Nwosu was the President of Human Rights, Justice and Peace Foundation (HRJPF), a member of Campaign for Democracy as well as a member of the Advisory Board of the Nigerian Post Newspaper, Aba.

The 39 years old Human Right Activist fought many battles for the masses before they smoked life out of him. He fought the former Governor of Abia State, Orji Uzor Kalu for the gruesome massacre of 32youths in Orie Ohabiam Market, Aba. He also instituted a case against an oppressor and General Overseer of a Church in Nkwere Imo State, and the people kept threatening his life. 

On May 6, 2009, he accused the Governor of Abia State, Chief T.A. Orji of plotting to assassinate him. The Governor denied the allegation. But he  challenged the governor to resign within a specific time or he would be forced to resign.

Instead of resigning, the governor dangled the carrot before Comrade Chidi by offering him the post of General Manager of Abia Rubber Company. Many of his friends advised him against accepting the offer, but Chidi who believed that he needed to help the State by bringing life into the company that was moribund, went ahead to accept the offer against his friends advice.

Now, instead of bringing life to the company, Comrade Chidi Nwosu has joined the dead company, but in a very gruesome way.

The Civil Society in Nigeria have challenged the Inspector General of Police to find out who killed Chidi Nwosu. Also, the Nigerian Post challenges the Abia State government to tell the world what led to the murder of Comrade Nwosu. The murderers of Comrade Chidi Nwosu must be brought to book.

Thursday, December 23, 2010

VC Makes Case for Quality Education

The new Vice-Chancellor of Veritas University, Abuja, Prof. David Ker has expressed his readiness to ensure that the institution sustains its high quality tertiary education, in line with the tradition of the Catholic Church.
Ker, who gave this assurance in a chat with newsmen at the take-off campus at Obehie, Ukwa West Local Government Area, Abia State, expressed satisfaction at the level of infrastructural development at the campus.
“Everything needed to actualise the mission of providing students with integral and holistic formation that combines academic and professional training had been put in place by the administration of my predecessor, Prof. Justin Ukpong.”
Aside building on the achievements of the past administration, which worked assiduously to achieve the dreams of the founding fathers, Ker noted that his vision for the institution “is to make Veritas rank among the best 10 universities in Nigeria.”
According to him, “Veritas University is also a digital-based institution in terms of administration, teaching and learning. All students have their personal laptops, while staff offices are equipped with modern desktop computers. the entire campus is connected to the internet and all members of staff and students have access to the internet 24 hours. We have all that is required to attain this goal.”
He however noted that the challenge of poor power supply has made the institution to resort to solar energy, saying, “at the moment, the university has 24 hours electricity within the campus, thus creating a good teaching and learning environment.”

Tuesday, December 21, 2010

New Vice-Chancellor of Veritas University

Professor David Iyornongu Ker is the former Vice-Chancellor of Benue State University, Makurdi. Ker joined the NUC in November 2005 as Visiting Professor on Sabbatical leave. While serving as Vice-Chancellor he was awarded a prize as the Best Performing Vice-Chancellor of Nigerian State Universities. Professor Ker is also a recipient of the National honour of Officer of the Order of the Niger(OON).
A Professor of English, Ker, has been a fulbright Scholar, a Common wealth Scholar and a Rockefeller Foundation Scholar. He taught English at the University of Ibadan and Ahmadu Bello University before joining the newly established Benue State University in 1992. Among his numerous publications are The African Novel and the Modernist Tradition. (New York: Peter Lang , 1997, 1998, 2000). Literature and Society in Africa: Selected Critical Essays of Kolwaole Ogungbesan. (Ibadan: Spectrum Books, 2004).
Ker earned his PH.D in English Literature at the University of Stirling in Scotland, after graduating with a Masters degree in African Studies at the University of Sussex in England. He was also awarded an honorary Doctor of Letters by Grand View College Des Monies, lowa,USA. Ker also served as Commissioner of Education, Benue State and has worked on several inter ministerial committees at the State and National levels. At NUC he coordinated the Linkage with Experts and Academics in the Diaspora (LEAD) programme.


He is married to Beatrice Ker, a Professor of Counseling Psychology and they have four children, three boys and a girl. Professor David Ker,OON assumed duties as the Second Vice-Chancellor of VERITAS University on Monday, December 6, 2010.

Tuesday, October 19, 2010

ISLAMIC BANKING AND FINANCE INSTITUTE NIGERIA

This is to introduce the Islamic Banking and Finance Institute Nigeria to you, hoping that the information will be of benefit to you and your esteemed readers. We hope to have a cordial and mutually beneficial relationship with your organization.
The Islamic banking and Finance Institute [Nigeria] [IBFI] is approved for registration by the Federal Ministry of Education of the Federal Republic of Nigeria and consequently incorporated with the Corporate Affairs Commission, Nigeria, as a limited liability company.
IBFI is dedicated to provide a one-stop solution for Consultancy and Training in the field of Islamic banking, Islamic finance, and Islamic economics. It is Nigeria’s first effort at providing professional and formal training and consultancy services in these fields.
THE FINANCIAL SYSTEM AND ISLAMIC BANKING
One of the most important objectives of Islam is to realize greater justice in human society. This is not possible unless all human institutions, including the financial system, contribute positively towards this end. One of the principle needs for this is to subject all aspects of human life, social, economic, political and international, to moral values. This will help curb greed and avarice which have made maximization of wealth and want satisfaction as the highest measure of human achievement.
The financial system may be able to promote justice if, in addition to being strong and stable, it satisfies at least two conditions. One of these is that the financier must also share in the risk so as not to shift the entire burden of losses to the entrepreneur, and the other is that an equitable share of financial resources should become available to the poor to help eliminate poverty, and reduce inequalities of income and wealth. Within the frame work of Islamic values, it is not possible to achieve sustainable development without justice. Injustice ultimately leads to destruction [Al-Qur’an, 57:25]. This is also now being emphasized more and more in economic literature.

Islamic Banks are commercial banks which tend to comply with the religious injunctions of Islam. Whatever we name them, the functions of Islamic banks are and will remain essentially that of financial intermediaries. Islamic banks, however, are different from conventional banks. The guiding principles for an Islamic bank, in particular and Islamic financial system in general, is a set of rules and laws, collectively referred to as Shariah, governing economic, social, political and cultural aspects of Islamic societies. Shariah originates from the teachings of the Qur’an and its explanations rendered by the Prophet Muhammad [peace be upon him], more commonly known as sunnah. The Shariah prohibits interest or usury, gambling and gharar [undue risk taking], involvement in trading in such goods and services that are unlawful in themselves. It also encourages risk and profit sharing in the sphere of financial activities as the essential principle of Islamic banking is profit and loss sharing.
There are major conceptual and practical differences between Islamic and conventional banking. The first major difference is that Islamic financing does not deal in interest; rather it is based on partnership agreement that shares risks as well as returns.
Islamic banks also differ from conventional banks in that their work is not confined to financial intermediation only. An Islamic bank is an investor, trader, financial advisor, consultant and a financing house. It is a universal bank, whose objectives are much broader than profit maximization. An Islamic bank is expected to be socially responsive institution [SRI] with social, cultural and other responsibilities besides profit making.
In addition there exist a variety of Islamic modes of financing. Each mode of financing has its own characteristics and risks that affect both sides of the banks balance sheet. These modes take the shape of either trading contracts or profit and loss sharing.
These differences highlight the unique characteristics and peculiarities of Islamic banks, which in turn raise serious questions about the applicability of the conventional banking laws and regulations to Islamic banks.

RATIONALE FOR ISLAMIC BANKING IN NIGERIA
The global demand for ethical form of financial transaction has led to a near boom in Islamic financial services. The global Islamic financial markets are estimated to be worth more than US$1 trillion and this figure is estimated to grow 15 to 20 percent annually. Some analysts are forecasting growths of about 30 percent annually over the next five to 10 years
The Islamic financial business is distributed among over 300 Islamic financial institutions in more than 75 countries, with assets under management of about US$300 billion. The Islamic business units of major western banks, such as HSBC, manage another estimated US$400 billion. More developed markets, such as London, are not missing out either. In the early part of 2007, the Nakheel Group in South Africa raised US$3.52 billion by offering and listing sukuks on Dubai and London exchanges. In November, the British government announced plans to introduce the first western government Islamic bond.
Islamic banking is the fastest growing sector of the financial services industry in the world. With the current economic crisis, the inherent stability and security of banks adhering to shariah principles has made Islamic banking evermore desirable to both Muslim and non-Muslim customers alike. As a result of this, the number of institutions offering Islamic banking products and services worldwide has significantly increased.
The history of Islamic finance in Nigeria, in the formal sector, particularly banking, is recent. Habib Nigeria Bank Ltd, [now Bank PHB] pioneered the system. However, we are pleased that the Federal Government has recently shown more interest in Islamic financial industry. This can be testified by the efforts of the Central Bank of Nigeria that has released a Draft Framework for the Regulation and supervision of Non-Interest Banking system. Equally, the mutual cordial relationship between the Islamic Development Bank and the Federal Ministry of Finance is another testimony. Federal parastatals, such as the Nigeria Deposit Insurance Corporation, and the Debt Management Office, have shown interest too. The private sector, especially Universal banks and Microfinance banks/Primary Mortgage institutions, have indicated interest in introducing the
Non-Interest Banking system in their transactions. Numerous seminars, symposium, conferences and workshops are frequently organized throughout the country.
With the global financial crisis raising doubts over the world’s conventional financial system, and our recent experience in the Nigerian banking and Capital Markets, and the facts that the financial crisis is having no negative impact on the development and performance of the Islamic financial industry, it makes sense for Nigeria to exploit the opportunities offered by the Islamic financial industry. The potentiality of the Islamic financial services is evidently very high in Nigeria.
The Religious Issues/Reasoning in Islamic Banking
Non-Interest Banking, Interest-Free Banking, Profit and Loss Sharing Banking, now practiced in many countries, in all continents of the world is named as “Islamic Banking”. This nomenclature is correct if the word “Islam” is used in the broader sense comprising of the people who believe (i) in oneness of God, (ii) in all the Holy Books revealed to mankind and (iii) all the Prophets [peace be upon them] sent by God The Almighty. But if the word “Islam” is confined to the religion of the followers of Prophet Muhammad [peace be upon him] only, then this name does not appear to be proper, as it is not only the Holy Book of Qur’an which prohibits interest but other Holy Books have also advised their believers to shun interest.
Because of the injustice and the other problems created by interest, it was prohibited by most major religions. Like Islam, Judaism and Christianity had both condemned interest. There are specific chapters in the Bible that has categorically forbid the taking of interest.
Exodus 22:25.
“If you lend money to any of my people who are poor among you, you shall not be like a moneylender to him; you shall not charge him interest.”
Leviticus 25:35-37.

35: If one of your brethren becomes poor, and falls into poverty among you, then you shall help him, like a stranger or a sojourner that he may live with you. 36: Take no usury or interest from him; but fear your God, that your brother may live with you. 37: You shall not lend him your money for usury, nor lend him your food at a profit.
Deuteronomy 23:19-20
Nehemiah 5:9-11
Psalm 15: 1-5
Ezekiel 18:4-13
13: If he has exacted usury or taken increase—shall he then live? He shall not live! If he has done any of these abominations, he shall surely die; His blood shall be upon him.
Luke 6:34-35
From the Islamic point of view, the Holy Qur’an explicitly and emphatically forbids interest. There is complete unanimity among all schools of thought in Islam that the term “riba” stands for interest in all its types and forms. The phraseology of verses in which people are instructed to shun interest and the severity of the admonition administered to those who do not abide by the divine injunction in this regard, leaves no doubt in one’s mind that the institution of interest is wholly repugnant to the sprit of Islam.
The prohibition of interest appears in the Qur’an in four different revelations. The first, Sural Al-Rum [30:39] in Makkah, emphasized that while interest deprived wealth of God’s blessings, charity raised it manifold. The second, Surah Al-Nisa [4:161], in the early Madinah period, severely condemned if, in line with its prohibition in the previous scriptures. It places those who took interest in juxtaposition with those who wrongfully appropriated other people’s property and threatened both with severe punishment from God. The third revelation, Surah Al-Imran [3:130-2], around the second or third year after Hijrah, enjoined Muslims to keep away from interest if they desired their own welfare [in the
comprehensive Islamic sense]. The fourth revelation Surah Al-Baqarah [2:275-81], near the completion of the Prophet’s mission, severely censured those who take interest, established a clear distinction between trade and interest, and required Muslims to annul all outstanding interest, instructing them to take only the principal amount, and forego even this in case of the borrowers’ hardship.
Economic Issues/Reasoning in Islamic Banking
Islamic banking survival in Nigeria, like every where else, depends on its economic viability, its stability, its response to challenges, to its identity and confidence of depositors.
First, its economic viability, i.e. Islamic banking will always be able to address financial concerns of its clients, because it has different financing options that will address all people from different backgrounds. It is also noteworthy that Islamic financing implies direct linkages between financing flows and real flows in the economy, i.e. fund will flow from Islamic banks only against real economic activities.
Second, since Islamic banking is based on risk sharing and spreads risk between bank depositors and bank capital, it is inherently more stable. If this inherent quality is coupled with prudential regulations and supervisions, transparency and good governance, Islamic banking in Nigeria can practically become an ideal alternative to conventional system in achieving equity, stability and efficiency.
Third, Islamic banking will provide a distinction between Islamic financing and interest-based financing in identity, which will face out the challenges from conventional banking. And;
The depositors will have more confidence since they are sure of their deposit as against the conventional banking that the deposit is riskier.
Furthermore, the market potential of Islamic banking in Nigeria is very high, as both Muslims and non-Muslims have interest in the non-interest financing system. A vast number of the Muslim in country reject the conventional banking system since it does not tailor with their faith by dealing with interest rate. Right
now, there have been calls by both Islamic and political leaders in this country for the establishment of an Islamic banking system to operate side-by-side with the conventional banks.
Again, mopping-up excess financial liquidity in the Nigerian economy appears to be a major prospect of the Islamic banking system in the country. It is on record that liquidity management is of great concern to the Central Bank of Nigeria. Part of the reasons why the Apex bank finds it difficult to direct the growth/development of the economy is because there is excess liquidity outside the banking system. In the Northern part of Nigeria the banking system is not highly patronized because of interest which is an integral part of the conventional banking system. The truth is that our current banking system contravenes the belief of most people, Muslims and Christians alike. The result is excess liquidity [owing to low patronage of the banks] outside the banking system, hence the problem of liquidity control and management. With Islamic banking in Nigeria a greater number of these monies outside the banking system will be channeled back to the system and as such control will be more effective.
IBFI SERVICES
IBFI attends to the specific needs of its clientele and offers a wide variety services regarding Islamic financial system. IBFI’s teams of dedicated and experienced professionals are able to leverage their intellectual power relationships, network skills and significant experience for the benefit of IBFI’s clients. IBFI assists its clients in keeping up-to-date with the latest industry developments by offering demand-driven, value-added solutions.
The prime focus of IBFI is on the following services.
Consultancy
IBFI provides professional Islamic Consultancy services to its corporate and individual clients through a diligent team comprising of Ulamas and
contemporary financial experts in order to make their overall business transactions shari’ah compliant. Some of our consultancy services include:
Comprehensive Consulting:
End-to-end consulting services to establish a stand-alone Islamic bank (Commercial or Microfinance)
End-to-end consulting services to convert conventional (Commercial or Microfinance) bank to Islamic bank.
Consulting to establish an Islamic bank subsidiary for a conventional bank.
Consulting to establish an Islamic banking branch for a conventional bank.
Consulting to establish an Islamic banking window for a conventional bank.
Product development and enhancement: consulting services to develop new Islamic (shari’ah) compliant products and services, as well as enhance the existing products and services by a detailed gap analysis against the best practices.
IBFI provides competent, well trained and highly motivated personnel as representatives or supervisors on behalf of corporate financiers as well as individuals in the execution of Islamic financial transactions in such areas as Mudarabah, Musharakah, Murabaha, Ijarah, Salam, Istisna, etc.
Provide necessary support mechanism for all Islamic financial transactions in such areas as:
Islamic Mutual Funds.

Islamic Capital Markets.
Sukuk—Islamic Bonds.
Takaful—Islamic Insurance.
Islamic mortgage finance
Islamic investment
Specialized Programs.
Shari’ah Vetting and Documentation: IBFI provides Shari’ah vetting of legal documentation being used or to be used for Islamic financial transactions.
IBFI provides assistance in interviewing, evaluating and hiring employee.
Research
IBFI provides an extensive research [market survey, feasibility study] and in-depth analysis on the Islamic banking market in Nigeria, and help clients to analyze the opportunities being opened by the research. Based on this analysis, the IBFI reports give a forecast of the market intended as a guide to the direction in which the market is likely to move. The IBFI reports also provide industry forecast on various key banking performance indicators.
Education/Training
IBFI offers orientation and comprehensive training opportunities to develop the capabilities of interested and professional personnel in the field of Islamic banking, Islamic investment, Islamic finance and Islamic economics. This is done by organizing regular training courses, seminars, workshops and conferences on subjects and curriculums relevant to the needs of participants.

Corporate Trainings
IBFI provides corporate trainings to the client organizations in a specific location, on schedule that suits their requirements. As a customer, you can inform IBFI about specific area(s) of Islamic banking and finance in which your company requires training.
IBFI also has several pre-designed training programs for professionals in Islamic banking and finance industry, which can be customized according to customers’ requirements.
As a customer, you dictate course duration, date and location, content and level. IBFI believes in high-level knowledge transfer, also realize how precious your time and money are, therefore design all trainings accordingly, so that you glean the maximum time investment.
All IBFI’s courses can be conducted in-house, world wide or at our Training Center, in Abuja, at the convenience of our client. Courses can be tailor-made to the client’s requirements.


OUR TEAM
Our Resource Persons
IBFI operates with a network of national and international Researchers, Bankers, Finance Professionals and University Lecturers in this exciting field of Islamic Banking, Finance and Economics, as resource persons. These experienced teams
include world leaders from some Islamic Banks and Islamic Research Institutes, as well as from conventional financial sectors, in the world.
We allocate each course and consultancy job to the best Resource Person who is a subject-matter expert [and has passion for the topic] from the industry.
All IBFI resource persons are engaged on ad-hoc basis.
Our Managing Director/CEO
Our Managing Director and Chief Executive Officer, Sani Aminu Dutsinma, pioneered the Non-Interest (Islamic) Banking Scheme in Nigeria under the auspice of the then Habib Nigeria Bank Ltd (now Bank PHB); from conception, design and implementation to staff training, advertisement and marketing. He was the Head of the Non-Interest Banking Scheme until his resignation in 2001.
Our MD/CEO was among the Stakeholders given the opportunity by the Central Bank of Nigeria to study, critically review and make suggestions regarding the recently introduced Draft Guideline for the Regulation and Supervision of Non-Interest Banking in Nigeria. He is currently engaged (under IBFI) by investors from Kuwait, Saudi Arabia and Nigeria to conduct a feasibility study for the establishment of a full-pledged Islamic Bank in Nigeria.
Our MD/CEO holds a Master Degree in Banking and Finance; Master Degree in Public Policy and Administration; as well as a Postgraduate Diploma in Public Administration (ASCON). He has Certificate in Classical Arabic and a Certificate in Tajweed.

Our MD/CEO has worked as Area Officer, in charge of Katsina State, in the defunct Nigerian Education Bank (formerly Students Loans Board); Habib Nigeria Bank Ltd (now Bank PHB), where he established the Non-Interest Banking Scheme; he was twice appointed by the President of The Federal Republic of Nigeria to serve as State Coordinator and Chairman (in charge of Katsina State) in the National Poverty Eradication Program.
He has attended several courses, workshops, symposium and seminars national and international, related to Islamic banking, finance and economics, as well as other conventional areas. He has written several academic and non-academic papers (published and unpublished).
While thanking you most sincerely, we humbly look forward to a cordial, mutually beneficial relationship.

Yours truly,

Sani Aminu Dutsinma
Managing Director/CEO