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Sukuk Bond Part of Strategies to Islamise Nigeria – CAN

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  • Sukuk Bond Part of Strategies to Islamise Nigeria – CAN

The Christian Association of Nigeria has opposed the floating of the Sukuk Islamic bond by the Federal Government, alleging it is meant to Islamise the country through the back door.

CAN, in a statement on Tuesday in Abuja by its General Secretary, Rev. Musa Asake, demanded the abrogation of the laws and framework behind the bond and threatened to seek legal redress if that was not done.

The group said the FG was trying to sell the nation to Arab countries through the Sukuk Bond, arguing that the government was pursuing an Islamisation agenda.

According to the Christian body, Nigeria is a secular state and the government is expected to be neutral on issues involving religion. It argued that the promotion of a sectional religious financial policy was a violation of the Constitution.

It said, “The Christian Association of Nigeria has been protesting against this aberration since the Osun State Government, under Governor Rafiu Aregbesola, embarked on this violation of the Constitution.

“Rather than stand in the defence of the constitution, it is disappointing to note that the Federal Government is pursuing what is an outright confirmation of an Islamisation agenda.

“The recent floating of Sukkuk Bond by the government is not only sectional but illegal and a violation of the Constitution. Every law that has been promulgated to back the Sukuk issuance and promote an Islamic banking system in Nigeria is ultra vires, illegal, null and void.”

The organisation said there was never a time Nigeria held a referendum or convened a Constituent Assembly that passed a resolution that the nation had transmute into an Islamic State.

“Therefore, the manipulations and scheming to smuggle the country into a full blown Islamic state should stop; these manipulations became apparent with the smuggling of Nigeria into the Organisation of Islamic Conference in 1986 by the Ibrahim Babangida military junta,” Asake said.

The group added that the International Monetary Fund had stated that the issuance of Sukuk by non-Islamic countries was a breach of the religious neutrality of the government of such states.

“The FG must dismantle all legal and institutional framework established to promote Islamic financing in Nigeria.

“We affirm that the territorial integrity of Nigeria is undermined through the issuance of Sukuk in the country. We hope that the government shall desist from its policies of unbridled religious sectionalism,” CAN said.

But the Federal Government in its reaction denied any plan to Islamicise country.

The Minister of Information and Culture, Lai Mohammed, said the financial initiative was borne out of the need to include people who are opposed to interest-yielding enterprises.

He said, “Sukuk is not an attempt to Islamise Nigeria in any form. On the contrary, it is an attempt at financial inclusiveness. The difference between Sukuk Bond and other bonds is that if you invest in Sukkuk bond, you earn no interest.

“So, the scheme appeals to many people who don’t believe that money should gather interest. They, however, engage in profit sharing in the sense that if the government makes a profit from the bond, they give the investor a part of it but if the government makes no profit, the investor is not entitled to anything.”

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Peter Obi Slams Tinubu Over Double National Grid Collapse, Calls for Urgent Power Sector Reforms

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Peter G. Obi

The Labour Party (LP) presidential candidate in the 2023 election, Peter Obi, has berated President Bola Tinubu’s government after the country’s national grid collapsed twice in less than 24 hours.

The former Anambra State Governor reacted via a lengthy statement on his official X handle on Tuesday, October 15.

Obi blamed the persistent collapse on the failure of leadership and the policies implemented by the federal government.

He called for urgent and comprehensive reforms, saying Nigerians deserve a government that prioritizes measurable indices of development

He said, “For the umpteenth time, the national grid has collapsed, plunging a huge part of the nation into darkness and exposing the fragility of Nigeria’s power infrastructure.

“This recurring disaster is a national shame and a glaring testament to the failure of leadership and policy implementation at the highest levels. How long must Nigerians endure a system that fails to provide one of the critical necessities for a productive society?

“This latest power grid collapse is emblematic of a leadership and government that have consistently failed to prioritize the welfare and economic well-being of the people.

“We all know the immense importance of power supply to the transformation of our economy. Its support to SMEs, which are the engine of job creation and a major contributor to our GDP, is immeasurable.

“Today, we are the fourth largest economy in Africa, having fallen from the number one position due to leadership failure over the years, including the persistent power crisis, which is critical when compared to smaller economies.

“South Africa, which is now the largest economy in Africa with a GDP of about $400 billion and 30% of our population, generates and distributes over 40,000 megawatts of electricity.

“Secondly, Egypt, the second largest economy with a GDP of about $350 billion and half of our population, generates and distributes over 40,000 megawatts.

“Algeria, the third largest economy, with about 300B GDP and 20% of our population, generates and distributes over 50,000 megawatts of electricity.

“Nigeria, with less GDP but with more population than the 3 countries combined, generates and distributes less than 10,000 megawatts, and even that is riddled with frequent collapses and crises of failure.

“This disparity in power generation is a reflection of the deep-rooted governance deficit that continue to hold back our growth and potential. It is time for urgent, comprehensive reform. Nigerians deserve a government that prioritizes measurable indices of development.”

Investors King reported that the national grid partially collapsed on Tuesday morning, marking the second collapse in less than 24 hours after the first collapse on Monday.

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INEC Begins Security Training Ahead of Ondo Governorship Election

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The Independent National Electoral Commission (INEC) has commenced a three-day training session for security personnel as part of preparations for the upcoming off-cycle governorship election in Ondo State.

Investors King reports that the electoral body is scheduled to conduct the election on November 16

During the opening of the training in Akure, the state capital on Monday the National Commissioner and Chairman, Board of Electoral Institute, Prof Abdullahi Zuru, said the training was opened for security officers from various agencies including the state police command, the Nigerian Army, the Nigerian Airforce, the Federal Road Safety Corps, the Nigerian Security and Civil Defence Corps, the Nigerian Immigration Service and the Nigerian Customs Service.

Zuru revealed that off-cycle elections in Nigeria pose more challenges compared to general elections.

He, however, said there is a need for continuous collaboration between INEC and security agencies to tackle the prevailing challenges effectively.

He said, “It is pertinent to remind ourselves that off-cycle elections in Nigeria are inherently more challenging than general elections because it allows political actors to concentrate their human and material resources to circumvent the electoral process.

“So, the INEC and security agencies must continuously enhance collaboration to ensure that the vote of every voter counts and the people of Ondo State decide who governs them through the ballot box.

“This training is, therefore, an opportunity for the commission to further enhance synergy between INEC and the security agencies, and ultimately ensure that a tranquil electoral environment is provided for deployment of electoral materials, equipment and personnel as well as peaceful movement of voters.”

Meanwhile, during the All Progressives Congress (APC) campaign flag-off in Ondo West Local Government Area on Saturday, Governor Lucky Aiyedatiwa announced an increase in the minimum wage for civil servants in the state.

Aiyedatiwa, who is running for office under the APC platform, reaffirmed his commitment to improving the welfare of civil servants and urged residents and citizens to come out in large numbers and vote for him.

 

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Enugu Government Gives Reasons For Imposing Tax on Dead Bodies 

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Company Income Tax (CIT) - Investors King

The Enugu State Government has given reasons for its decision to impose a tax on corpses in mortuaries across the state.

The government said its decision was not driven by the need to generate revenue.

Executive Chairman, Enugu State Internal Revenue Service (ESIRS), Mr Emmanuel Nnamani, made this clarification while reacting to the Mortuary Tax circular addressed to all morticians in the state.

Nnamani said imposing the tax was inline with the state Mortuary Tax Law which had existed for years, adding that it was not new to the state.

He further clarified that the mortuary tax was N40 daily only as against N40,000.

Nnamani stated that it is an indirect tax paid by mortuary owners, not deceased family and it is just N40, not N40,000.

He added that since its introduction, nobody has been denied burying their dead ones, adding that if the corpse stays in the mortuary for 100 days, the mortuary is expected to pay the state a sum of N4,000.

“The tax is not meant to generate revenue but to discourage people from taking their dead ones to the mortuary all the time,” he stressed.

According to the circular, ESIRS, in line with the provisions of Section 34 of the Birth, Deaths and Burials Law Cap 15 Revised Laws of Enugu State 2004, approved the implementation of the Mortuary tax.

The law partly reads, “The sum of N40.00 only is to be paid by owners of a corpse once it was not buried within twenty-four hours. The amount continues to count daily.

“Kindly ensure that owners of corpses make the payments before collection of the corpses for burial and then remit the same to the ESIRS in any commercial bank under the mortuary tax in Enugu State IGR Account.”

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