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Islamic banks serving Nigerians well, more coming – CBN gov
Islamic banks serving Nigerians well, more coming – CBN gov
The Central Bank of Nigeria on Sunday expressed relief that Nigerians have fully embraced the introduction of Islamic banking years after speculations made the round that it was an attempt to Islamise the country
This was disclosed by the CBN Governor, Yemi Cardoso, at a reception organised to honour the Secretary-General, Organisation of Islamic Cooperation Arbitration Centre, Dr Umar Oseni in Abuja.
Cardoso, who was represented by the CBN Director of Legal Services, Kofo Salam-Alada, hinted that more shariah-compliant banks are being considered due to the immense benefits it has brought to the citizens, especially those into small and medium-scale businesses.
The apex bank governor further noted that he was quite impressed that Islamic financial institutions like Jaiz, Tajj, and Alternate Bank have stood the test of time since their establishment.
He said, “Some years back, the Central Bank of Nigeria started a journey for the introduction of the Islamic Banking and Financing in Nigeria. It came when a young man was appointed governor of CBN. But most people never knew that the first person who spearheaded the journey was to be a pastor of the church.
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“He was also a part-time pastor when this journey started. So it was never an attempt to Islamise Nigeria or Islamise financing in Nigeria. When the Prince (Emir Sanusi) came, he continued the journey.
And that journey saw some of us, one of you, who is standing before you today, that started the transaction documents that started the relationship with one institution that Dr. Umar Oseni headed for about eight years.
“I am not advertising, but I can say we are proud of Jaiz, Tajj, and Alternate Bank and I believe many more will come. We are happy to drive on roads financed by Sukkuk in Nigeria and more billions will still come. So many products are on the card and Central Bank of Nigeria will not rest until financing gets to the grassroots.”
Reacting, Dr Oseni appreciated the audience who turned up at the event to celebrate his new appointment, saying they are the reason he has come far in life.
The OIC chief also expressed conviction that Islamic banking has come to stay in the country.
“We are living in a world where we are all interconnected. Let us ensure that we make a positive impact on anybody that comes our way. Touch the person positively without expecting appreciation.
“The focus of the OIC Arbitration Centre basically is on investment, financing, and commercial dispute resolution. So, in all the bilateral treaties Nigeria is entering into with other countries, we are going to ensure that there is a clause for dispute settlements,” he assured.
Islamic banks serving Nigerians well, more coming – CBN gov
News
Iran Rules Out Participation in 2026 FIFA World Cup
Iran Rules Out Participation in 2026 FIFA World Cup
Tehran, March 11, 2026 – Iran has officially announced that it will not participate in the 2026 FIFA World Cup, citing security concerns and strained relations with the United States.
The announcement came from Ahmad Donyamali, Iran’s Sports Minister, who said the current circumstances make it impossible for the national team to compete. “Given that this corrupt government has murdered our leader, there are no conditions under which we can participate in the World Cup,” Donyamali stated. “Two wars have been imposed on us in the past eight or nine months, and several thousand of our citizens have been killed. Therefore, we have no chance of participating in this way.”
Iran had qualified for the tournament, which is scheduled to be co-hosted by the United States, Canada, and Mexico, with group stage matches set in U.S. cities such as Los Angeles and Seattle. The Iranian team was drawn into Group G, alongside Belgium, Egypt, and New Zealand.
FIFA President Gianni Infantino said Iran would have been welcomed to compete, and U.S. authorities confirmed the team would have been allowed entry. However, Iran’s leadership rejected participation, citing ongoing conflict and security concerns.
The withdrawal leaves FIFA with the task of determining how to fill Iran’s spot in the tournament and adjusting the group stage schedule accordingly. Officials are expected to make an announcement in the coming days.
This marks the first time Iran has voluntarily withdrawn from a World Cup after qualifying, highlighting the growing tensions in the region amid recent military and political escalations.
Iran Rules Out Participation in 2026 FIFA World Cup
News
FG Begins Evacuation of Nigerians from Iran, Escorts Citizens to Armenian Border
FG Begins Evacuation of Nigerians from Iran, Escorts Citizens to Armenian Border
Some Nigerians have been escorted out of Iran by officials of the Federal Government through the Nigerian Embassy in Tehran as part of efforts to ensure their safety amid rising tensions in the Middle East.
This was confirmed by the Chairman/CEO of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri‑Erewa, who disclosed that Nigerian embassy officials are currently coordinating the movement of citizens willing to leave the country.
Dabiri-Erewa explained that the evacuees are being escorted from various locations in Iran to the border with Armenia, where they will await further arrangements for their return to Nigeria.
According to her, the evacuation became necessary following the escalating security situation in the region, which has raised concerns about the safety of foreign nationals, including Nigerians residing in Iran.
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She noted that officials of the Nigerian Embassy are working round the clock to ensure that Nigerians who wish to leave the country are safely moved out of the conflict-prone areas.
The NiDCOM boss also assured that the Federal Government is closely monitoring the situation and is collaborating with relevant authorities to facilitate the safe evacuation and eventual return of the affected citizens.
Dabiri-Erewa further stated that no Nigerian casualty had been reported so far, adding that the government remains committed to protecting the welfare and safety of its citizens abroad.
The evacuation effort forms part of contingency measures being implemented by the Federal Government as tensions continue to rise in the Middle East, prompting several countries to make arrangements for the evacuation of their nationals from high-risk areas.
Meanwhile, Nigerian authorities have urged citizens in the affected region to remain in contact with the Nigerian Embassy and follow official directives as the evacuation process continues.
FG Begins Evacuation of Nigerians from Iran, Escorts Citizens to Armenian Border
News
Tinubu Orders Nationwide CNG Initiative to Curb Transport Expenses
Tinubu Orders Nationwide CNG Initiative to Curb Transport Expenses
President Bola Ahmed Tinubu has directed the Presidential Initiative on Compressed Natural Gas (PiCNG) to immediately deploy 100,000 vehicle conversion kits nationwide, a bold move aimed at easing the burden of rising global fuel prices and promoting compressed natural gas (CNG) as a cheaper, cleaner alternative to petrol.
The directive was issued during a closed-door meeting between the president and PiCNG Executive Chairman Ismaeel Ahmed at the Presidential Villa, Abuja. Ahmed disclosed that the president requested updates on the initiative’s progress, particularly regarding measures to cushion Nigerians from the impact of fuel price volatility driven by tensions in the Middle East.
“The president is concerned about the effect of global petroleum price spikes on Nigerians. He has given a direct mandate to immediately deploy about 100,000 CNG conversion kits,” Ahmed said. The kits will allow vehicle owners, including cars and tricycles, to convert petrol engines to run on compressed natural gas, offering an affordable and environmentally friendly alternative.
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The rollout is expected to begin within the next two to three weeks, with conversion centres nationwide becoming active as large-scale vehicle conversions commence. Ahmed noted that the initiative is also accelerating infrastructure development to support CNG and electric mobility, including the expansion of refuelling and charging stations across key transport corridors.
Currently, around 77 CNG refuelling stations are at various stages of development across Nigeria. Kano already operates two liquefied CNG stations, with additional daughter stations under construction. The infrastructure expansion covers major routes from Lokoja to Abuja, Kaduna, Zaria, Kano, and Maiduguri, ensuring broad access to alternative fuel.
The initiative also encourages the local assembly of CNG and electric vehicles through partnerships with domestic and international manufacturers. Collaboration with the Rural Electrification Agency is underway to deploy solar-powered charging stations in off-grid areas, supporting a clean energy transition.
President Tinubu emphasized that the PiCNG programme should deliver quick results, reducing transportation costs, improving mobility for Nigerians, and mitigating the impact of global fuel shocks on the economy.
Tinubu Orders Nationwide CNG Initiative to Curb Transport Expenses
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