Sanusi lacks power to establish Islamic bank –Court

(m) at 16-06-2012 01:42AM (7 years ago)

(3516 | Gistmaniac)

An Abuja Federal High Court on Friday said the Central Bank Governor, Lamido Sanusi, has no powers to establish an Islamic bank in the country.

Justice Gabriel Kolawole made the declaration while delivering judgement in a suit brought by Godwin Ogboji against the licence issued to the Jaiz International Bank Plc to carry out Islamic banking in the country.

The suit was, however, struck out on the grounds that the plaintiff lacked the locus standi to institute it.

But Kolawole noted that, had the plaintiff not lacked the locus standi to initiate the action, he would have nullified the licence issued to the Islamic bank.

He said, “There are no provisions in the CBN Act and the Banks and Other Financial Institutions Act that empower the CBN Governor to issue a licence for non-interest financial institution to operate under the principles of Islamic jurisprudence without the approval of the Head of State through the Minister of Finance.

“Unlike the other specialised bank, the Jaiz International Bank Plc can only be established in the country with the intervention of the National Assembly by amending the BOFI Act.

“This case is hereby struck out for lack of locus standi, but the AGF should take steps to remedy the situation, and further ensure that the CBN carries out its duties within the provisions of the law establishing it.”

The plaintiff had asked the court to declare the licence issued to Jaiz International Bank Plc by the CBN illegal, null and void.

He had listed Sanusi and the Attorney-General of the Federation as co-defendants in the matter.


http://www.punchng.com/news/sanusi-lacks-power-to-establish-islamic-bank-court/



ajanni (m) at 16-06-2012 06:17AM
(95400 | Grande Master)

Medicine after the death, thats bygone now and noting any one can do about it,
Reply
ajanni (m) at 16-06-2012 11:55AM
(95400 | Grande Master)

Quote from: ajanni on 16-06-2012 06:17AM
Medicine after the death, thats bygone now and noting any one can do about it,
Reply