Opinion
Reflections on Sūratu Yūsuf: Lessons For Everyday Life (2)
Beware of People’s Fake Emotions
Emotions can be tricky and deceitful. Don’t fall for it by being hasty in judging people rightly or wrongly. In verses 11-14, Prophet Ya’qūb’s children played a fast one on his emotions by faking affection for their brother, Yūsuf عليه السلام. They promised to protect him while concealing their evil intentions behind their smiling faces and fake promises. People are not to be trusted based on their cosmetic facial expressions.
Before accepting information from anyone or trusting them, one must apply extreme caution and circumspection. This is why Allāh subhānahu wa ta’ālā says in the Qur’ān:
يَا أَيُّهَا الَّذِينَ آمَنُوا إِن جَاءَكُمْ فَاسِقٌ بِنَبَإٍ فَتَبَيَّنُوا أَن تُصِيبُوا قَوْمًا بِجَهَالَةٍ فَتُصْبِحُوا عَلَىٰ مَا فَعَلْتُمْ نَادِمِينَ
“O you who have believed, if there comes to you a disobedient one with information, investigate, lest you harm a people out of ignorance and become, over what you have done, regretful.” (49:6)
Apart from faking emotions to persuade their father to release Yūsuf to them, they equally came back home shedding crocodile tears as though they had done nothing wrong! Allāh says:
وَجَاءُوا أَبَاهُمْ عِشَاءً يَبْكُونَ
“At nightfall they came to their father weeping” (12:16)
Knowing so well that their father will never believe them (he actually sensed their plot even before he released Yūsuf to them), they stained Yūsuf’s shirt with blood of lamb (but they forgot to tear the cloth to indicate a wild attack. So Ya’qūb knew that they were lying).
وَجَآءُوۡ عَلٰى قَمِيـۡصِهٖ بِدَمٍ كَذِبٍؕ قَالَ بَلۡ سَوَّلَتۡ لَـكُمۡ اَنۡفُسُكُمۡ اَمۡرًاؕ فَصَبۡرٌ جَمِيۡلٌؕ وَاللّٰهُ الۡمُسۡتَعَانُ عَلٰى مَا تَصِفُوۡنَ
“And they brought Yūsufs shirt, stained with false blood. Seeing this their father exclaimed: “Nay (this is not true); rather your evil souls have made it easy for you to commit a heinous act. So I will bear this patiently, and in good grace. It is Allāh’s help alone that I seek against your fabrication.” (12:18)
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It is reported that one day, a woman came to the court of Shuraih al-Qādī to report a case and was crying profusely. Shuraih was unmoved. It was said to him, don’t you see her crying? He replied, “the brothers of Yūsuf came weeping even though they were liars.”
Thus, one must always seek the truth before judging matters, just as one shouldn’t be too quick to believe or trust just anyone based on appearance or eloquence in speech. The Messenger of Allāh صلى الله عليه وسلم said:
رَسُول اللَّه ﷺ قَالَ: إِنَّمَا أَنَا بشَرٌ، وَإِنَّكُمْ تَخْتَصِمُونَ إِلَيَّ، وَلَعَلَّ بَعْضَكُمْ أَنْ يَكُونَ أَلْحَنَ بحُجَّتِهِ مِنْ بَعْضٍ؛ فأَقْضِي لَهُ بِنحْوِ مَا أَسْمَعُ، فَمَنْ قَضَيْتُ لَهُ بحَقِّ أَخِيهِ فَإِنَّمَا أَقْطَعُ لَهُ قِطْعَةً مِنَ النَّارِ مُتَّفَقٌ عَلَيهِ.
“I am a human being, and yu bring to me, for (judgment) your disputes, some of you perhaps being more eloquent in their plea than others, so I give judgment on their behalf according to what I hear from them. (Bear in mind, in my judgment) if I slice off anything for him from the right of his brother, he should not accept that, for I sliced off for him a portion from the Hell.”
When Prophet Dāwūd was approached by two litigants, he was moved by the accusations by the complainant that he totally forgot to take the plea of the defendant before hitting the gavel.
It is this important that one looks beyond facial appearances and cosmetic emotions when dealing with people, lest one fall into their traps and evil machinations. Even when choosing partner for marriage, it is important to be thorough and meticulous lest one mistakes the devil for a saint!
“It is not the eyes that matters; but what is behind the eyes.”
Patience is Beautiful
There’s a popular adage in my mother tongue that says, “hankuri man ama wun zo yin jin” (patient is though sweet, but difficult to do). In verses 18 and 83, prophet Ya’qūb عليه السلام displayed the rarest of all virtues. His calmness and composure in the face of provocation by his children is legendary. When they came back with Yūsuf’s blood stained shirt, claiming that a wolf had devoured him while they were away hunting, he knew that they were lying. How can a wolf devour him without a scratch on his cloth? Not even their crocodile tears could deceive Ya’qūb into buying their conspiracies. His response simply was:
قَالَ بَلْ سَوَّلَتْ لَكُمْ أَنفُسُكُمْ أَمْرًا ۖ فَصَبْرٌ جَمِيلٌ ۖ وَاللَّهُ الْمُسْتَعَانُ عَلَىٰ مَا تَصِفُونَ
“No! Your souls must have tempted you to do something evil. So I can only endure with beautiful patience. It is Allāh’s help that I seek to bear your claims.”
However, despite his founded suspicion, and knowing the evil that his sons are capable of doing which was why he was so reluctant to release Yūsuf to them in the first place, Ya’qūb restrained himself from cursing them. It was a difficult thing to do, considering his extreme love for Yūsuf. But not even this shattering heartbreak could make him lose his temper and curse his own children. Rather, be resorted to seeking Allāh’s help to rectify his affairs and theirs, too.
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In verse 83, when they brought him the news of Bunyamin’s (Yūsuf’s kid brother from the same mother who Ya’qūb equally loves more than their siblings) detention in Egypt over the charge of theft of the king’s weighing cup, Ya’qūb equally maintained his calmness and decorum. It was the second time his most beloved sons would go missing in mysterious circumstances. Yet, the only thing the heartbroken father could say was:
قَالَ بَلْ سَوَّلَتْ لَكُمْ أَنفُسُكُمْ أَمْرًا ۖ فَصَبْرٌ جَمِيلٌ ۖ عَسَى اللَّهُ أَن يَأْتِيَنِي بِهِمْ جَمِيعًا ۚ إِنَّهُ هُوَ الْعَلِيمُ الْحَكِيمُ
He cried, “No! Your souls must have tempted you to do something evil. So I’m left with nothing but beautiful patience. I trust Allāh will return them all to me. Surely, He Allāh, is the All-knowing, All-Wise.”
Indeed, Ya’qūb was right. The brothers maliciously gave the Chief Minister (Yūsuf) a fabricated proof that nailed Bunyamin when they said:
قَالُوا إِنْ يَسْرِقْ فَقَدْ سَرَقَ أَخٌ لَهُ مِنْ قَبْلُ ۚ
(To exonerate themselves) Yūsuf’s brothers said, “If he has stolen, so did his (full) brother (Yūsuf) before.” (verse 77)
Parents especially have a great lesson to learn here. At all times, they must restrain themselves and refrain from uttering bad statements and laying curses on their children. Because of Ya’qūb’s patience, Allāh not only rectified his once upon a time wicked children, but He equally bestowed prophethood on their children and grandchildren, referred in the Qur’ān as the الأسباط.
Note: Contrary to popular opinion among some of the local scholars here, the majority of the mufassirūn are of the view that apart from Yūsuf, no other son of Ya’qūb was a prophet. Shaykhu’l-Islām bn Taimiyah rahimahuLlāh said:
الذي يدل عليه القرآن واللغة والاعتبار أن إخوة يوسف ليسوا بأنبياء، وليس في القرآن، وليس عن النبي – صلى الله عليه وسلم -، بل ولا عن أصحابه خبر بأن الله – تعالى -نبأهم، وإنما احتج من قال أنهم نبئوا بقوله في آيتي البقرة والنساء \”والأسباط\”، وفسر الأسباط بأنهم أولاد يعقوب، والصواب أنه ليس المراد بهم أولاده لصلبه بل ذُرِّيَّتُه، كما يقال فيهم أيضاً \”بنو إسرائيل\”، وكان في ذريته الأنبياء، فالأسباط من بني إسرائيل كالقبائل من بني إسماعيل.
“What is established by the Qur’ān, Arabic language and sound logic is that Yūsuf’s brothers were not prophets. There’s no indication in the Qur’ān, or in prophetic traditions or statements of the Sahābah that Allāh sent revelations to them. Those who make this claim interpreted the word والأسباط which is found in Sūrah Baqarah and Nisā’ to mean “and the children of Ya’qūb”. The correct view is that what is meant by this word are his progenies and not his blood children…”
Allāh commands parents to exercise patience with their children. In Q.64:14, He says,
يَا أَيُّهَا الَّذِينَ آمَنُوا إِنَّ مِنْ أَزْوَاجِكُمْ وَأَوْلَادِكُمْ عَدُوًّا لَكُمْ فَاحْذَرُوهُمْ ۚ وَإِنْ تَعْفُوا وَتَصْفَحُوا وَتَغْفِرُوا فَإِنَّ اللَّهَ غَفُورٌ رَحِيمٌ
“O believers! Surely among your wives and your children there are some who are your enemies: so beware of them. But if you pardon, overlook and forgive their faults, then know that Allah is Forgiving, Merciful.”
Then, in the next verse, He offered some words of consolation and caution, saying:
إِنَّمَا أَمْوَالُكُمْ وَأَوْلَادُكُمْ فِتْنَةٌ ۚ وَاللَّهُ عِندَهُ أَجْرٌ عَظِيمٌ
“Your wealth and your children are but a trial. It is Allāh with Whom is the greatest reward.”
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Prophet Ibrāhīm’s father, despite being an idolator and enemy of Allāh is another great example in this regard. In spite of his hatred for his son’s obstinacy and opposition to his idolatrous ways, he never cursed him. In fact, when his frustrations with Ibrāhīm reached the crescendo, the only thing he said was:
قَالَ أَرَاغِبٌ أَنتَ عَنْ آلِهَتِي يَا إِبْرَاهِيمُ ۖ لَئِن لَّمْ تَنتَهِ لَأَرْجُمَنَّكَ ۖ وَاهْجُرْنِي مَلِيًّا
“He (the father) said: “Do you reject my gods, O Ibrahim (Abraham)? If you stop not (this), I will indeed stone you. So get away from me safely before I punish you.” (19:46)
Being impatient with one’s children has disastrous consequences. From being deprived of prosperity and success in this world, it may land the children in Allāh’s wrath and punishment in the hereafter. The Messenger of Allāh said:
رضا الله في رضا الوالدين وسخط الله في سخط الوالدين
“Allāh’s is pleased (with one) when his parents are pleased (with him), and He is angry (with one) when his parents are angry (with him).”
As parents, we must continue to pray to Allah to rectify our children. There’s nothing beyond rectification for Allāh. A righteous parent’s prayer for his wayward children will be accepted by Allāh. We must refrain from haboring hatred and evil for our children no matter how of bad character they may be. This is because, as the Yoruba adage goes, “one’s child cannot be so bad as to make one throw him out for lion to devour.”
A child who turns out bad as a result of his parent’s curse is not only useless to himself but to his parents as well. In the end, no one will hand over his righteous and prosperous child to you. You will have to live with the sorrow and woe. And even if you have two dozens of children and one turns out bad, you still will not be able to live with the disappointment and frustration. Allāh says,
وَجَعَلْنَا بَعْضَكُمْ لِبَعْضٍ فِتْنَةً أَتَصْبِرُونَ ۗ وَكَانَ رَبُّكَ بَصِيرًا
“And We have made some of you a trial for others. Will you then not be patient? And your Lord is All-Seeing.” (25:20)
To be continued…
Dr. Sanusi Lafiagi is a lecturer in Department of Islamic Studies, Al-Hikmah University Ilorin
Opinion
WHO WILL SPEAK FOR WASILAT? WHEN TRADITION BECOMES HUMILIATION, JUSTICE MUST SPEAK
WHO WILL SPEAK FOR WASILAT? WHEN TRADITION BECOMES HUMILIATION, JUSTICE MUST SPEAK
A young Nigerian lady, Wasilat, has become the centre of a disturbing controversy that should concern every defender of human rights, justice, and the rule of law.
According to her own account during a live interview on Lagelu FM, she did not film the Olóòlù masquerade itself. She said she only recorded the gathering of people and later uploaded the video to TikTok. She further stated that she was advised to remove the video, and she complied.
If her account is true, the events that followed should alarm every conscientious citizen.
She alleged that she was arrested the following day by followers of the olóòlù and later detained by the police. Images that circulated widely on social media appeared to show her publicly humiliated—made to wear a red wrapper, adorned with ritual objects, compelled to carry a live She-goat, and having her head shaved in public while being filmed. She also stated that these rituals were arranged between her mother and those involved while she was in detention not with her own consent.
Whether one believes in the spiritual significance of the Olóòlù tradition is beside the point.
The questions are:
1- Can any Nigerian be deprived of liberty, publicly humiliated, or compelled to participate in rituals against their will simply because of a traditional belief?
2- If the belief is that any woman who sees Olóòlù will automatically suffer supernatural consequences, why would human beings need to arrest, detain, and punish the alleged offender the next day?
3- If the supernatural claim is true, why was human intervention necessary?
4- If it is not true, then what justification exists for the alleged humiliation?
These are legitimate questions. They are not attacks on culture. They are questions about justice.
Nigeria is governed by law, not fear.
The Constitution guarantees the dignity of every human person. It protects personal liberty. It protects freedom of conscience. It prohibits degrading treatment.
No tradition, however ancient, should become a licence for intimidation, coercion, or public disgrace.
Culture deserves respect.
Human dignity deserves greater respect.
If Wasilat’s account is accurate, then what happened to her represents far more than a disagreement over tradition. It raises concerns about arbitrary arrest, coercion, degrading treatment, invasion of privacy, and possible violations of her constitutional rights.
Even more troubling is the public circulation of images depicting her alleged humiliation. In the digital age, such images can haunt a victim for years, affecting education, employment, mental well-being, and social acceptance.
Justice cannot remain silent.
Today it is Wasilat.
Tomorrow it could be another young woman.
The silence of good people is often the greatest ally of injustice.
This is therefore a call—not for violence, not for hatred against any cultural group—but for lawful action.
We call upon human rights organisations, the legal community, civil society organisations, women’s rights advocates, youth groups, and all lovers of justice to demand an impartial investigation into these allegations.
Let the truth be established.
If Wasilat’s rights were violated, those responsible should be held accountable in accordance with the law.
If public officials participated in or enabled unlawful conduct, they too should answer before the law.
No Nigerian should be subjected to degrading treatment in the name of culture.
No woman should be publicly humiliated because of superstition.
No citizen should lose her dignity because others choose fear over justice.
A society is judged not by how it treats the powerful, but by how it protects the vulnerable.
Justice delayed encourages injustice.
Justice denied encourages oppression.
Justice done restores confidence in both culture and the law.
Today, let us ask one simple question:
If this happened to your daughter, your sister, your wife, or your mother, would you remain silent?
If your answer is “No,” then now is the time to speak—not with anger, but with courage; not with violence, but with justice; not with vengeance, but with the unwavering conviction that every Nigerian deserves dignity, liberty, and equal protection under the law.
Justice for Wasilat is justice for every Nigerian woman.
Almudeer Ajiginni
Director, The City of knowledge /SSA to National chairman PCRC
4/8/2026.
WHO WILL SPEAK FOR WASILAT? WHEN TRADITION BECOMES HUMILIATION, JUSTICE MUST SPEAK
Opinion
Five days in Salvador, Brazil’s Yoruba city, By Farooq Kperogi
Five days in Salvador, Brazil’s Yoruba city, By Farooq Kperogi
Opinion
Stop, CBN! The baby is in the bathwater
Stop, CBN! The baby is in the bathwater
Tunde Odesola
(Published in The PUNCH, on Friday, July 31, 2026)
I invite you to join me on this journey to the Central Bank of Nigeria headquarters in Abuja, where I shall be meeting with the CBN Governor, Mr Olayemi Michael Cardoso. The meeting is neither official nor scheduled, but its importance highlights the potential harm a recent CBN directive portends for the nation’s banking sector.
The trip will be long and windy; I will be driving in my rugged BMW, which can only take a few passengers. So, the privilege to be on the trip will be on a ‘first come, first served’ basis. The journey is a rescue mission! The CBN is about to disrupt the equilibrium in the banking sector over advertisement fines, giving no room for feedback or consultation with stakeholders. Even the itinerant thrift collector, Bàbá AlájọṢómólú, talks with stakeholders.
Having traversed the nation’s banking corridors for forty-four years, with nearly three of those years as the helmsman at CBN, it is not too much to expect Cardoso, at 69, to possess the wisdom of an elephant.
I looked up Cardoso’s name half‑expecting to find “Solomon” tucked in the middle; instead, I found “Michael.” And the more I weighed both names, the clearer it became that Michael suits him better. Archangel Michael stands for protection and justice, flaming sword in hand, while Solomon’s famed judgment has long been questioned by ethicists who argue that no ruler should threaten or appear willing to endanger an innocent child, insisting that the outcome of Solomon’s judgment depended on emotional reaction, which could have been mistaken.
Instructively, the case I’m discussing with Cardoso rests more on protection and justice than wisdom, though justice rarely walks without wisdom in its shadow.
It was in the groundbreaking book, “Frames of Mind: The Theory of Multiple Intelligences,” written by Harvard professor Howard Gardner and published in 1983, that I discovered why I always muddle up music notes whenever I sing. It was Gardner’s book that told me music intelligence was among the eight types of intelligences there are. Gardner’s work opened my eyes to a moment of epiphany when I realised that no matter what I do, I can never sing according to notes because I do not possess music intelligence. Just look in my direction if you’re looking for the king of ‘off-beat’ singing. You won’t have to mock me for too long though, as I shall enrol in a music school soon.
But Bob Marley wasn’t beset with my “off-key” fate. Still the greatest reggae music band after 45 years of dissolution, Bob Marley and the Wailers bequeathed to humanity timeless songs such as ‘One Love’, ‘No Woman, No Cry’, ‘War’, ‘Buffalo Soldier’, ‘Exodus’, ‘Could You Be Loved’, ‘Three Little Birds’, and many more. The acronym of Marley’s evergreen band is BMW.
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If you ask me which I prefer between going down on bended knees before a cheering crowd in the street, engagement ring in hand, asking my beloved, “Will you marry me?” and holding my partner in high esteem at all times? I would choose the latter. What is the essence of public display of affection when the man is a King Kong at home?
Anyway, the whole essence of dating and courting becomes promising when the man proposes and tells the lady to “Be My Wife”: BMW.
Germany produced Adolf Hitler, the mass murderer. It also gave the world great men like Karl Marx, Beethoven, Goethe, Kant, Nietzsche, Engels, and Bismarck, even as the auto world owes gratitude to Germany’s genius, which produced Mercedes-Benz, Porsche, Maybach, Volkswagen, Audi, Opel, etc.
Germany is also the home of Bayerische Motoren Werke, the makers of my very first car, a three-series BMW. Is there someone who didn’t like their first car? I was besotted by my darling BMW. Young and dashing, with a dream job in hand, my silver BMW represented the five stars on the epaulette of a bachelor ready to explore possibilities, promise and passion.
One day, I took my BMW to my panel beater, whose shack flanked the Central Bank of Nigeria, Akure branch. I had just bought a stereo and the gadget wasn’t sitting properly in the radio cavity. The stereo jutted out a jot from the cavity, and I felt the panel beater would have a device to slightly expand the cavity for the radio to sit smugly.
“I’ll be back soon,” I told the guy as I trekked to my bank across the road. When I got back from the bank, the panel beater sprouted from under a car; a big smile spread on his face. “I have finished your work,” he beamed. I joked with him as I paid him his charge, and we both walked to my BMW. I got into my car and froze as I looked at the radio.
The stereo was right there sitting in the cavity. But the panel beater had gouged a big hollow under the cavity to allow the stereo to fit in, leaving an unsightly gash, like missing incisors. I looked at him for an explanation. Heartily, he sprinted from my side to the passenger’s side, got into the car and regaled me about the genius he employed to perform the magic.
I felt like punching him right in the face. But the close range he was to me in the car wouldn’t allow me to deliver the type of punches I wanted. I was too angry to talk as I watched him fiddling with the stereo and telling me the wisdom that produced his act of vandalism. So, I got out of the car, paced about as I wrestled with the thoughts of how best to avenge the wanton destruction.
When other craftsmen saw my state, they abandoned what they were doing and came over to me, asking, “Ọ̀gá, kíló ṣẹlẹ̀. Wetin happen?” It was the panel beater who answered the questions. “Ọ̀gá ń bínú nítorí iṣẹ́kékeré tí mo ṣe ni,” he announced, smiling, “Ọ̀gá is angry because of the little job I did.” So, his colleagues went to the car to see the little job he did. Everyone was aghast, vehemently condemning his stupidity and calling him names.
I got into my car and drove off with my stereo. I didn’t even remember to collect the money I paid him. That was about 30 years ago.
The panel beater’s reckless solution – a crude fix that destroys what it intends to improve – is exactly what the CBN is about to inflict on Nigeria’s banking sector. A badly worded directive that threatens to deduct from the Cash Reserve Ratio kept with the CBN, following a five-day ultimatum, is not regulation. It is panel beaters at work at the CBN
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Now, let’s unbare the issues. In a July 24, 2026, circular to all commercial banks aka Deposit Money Banks (DMBs), the CBN recalled a November 27, 2025, circular, alleging that many banks had failed to comply “with regulatory provisions on advertisement,” thereby ordering “immediate withdrawal of non-compliant advertisements”.
The latest circular entitled “Imposition of Regulatory Sanctions For Breaches of Advertising Requirement,” goes on to say that the CBN had conducted a review of non-compliant advertisements, promotions and related communications by affected commercial banks, adding that “continued circulation of non-compliant advertisements and promotional materials after the November 27, 2025, circular” has attracted fines that run into billions of naira across the banks. My investigation revealed that over 95% of commercial banks are affected in a wave of fines that range between N250m and N500m.
Accusing the affected commercial banks of unprofessionalism in their advertisements, the CBN alleged that, “Misleading claims, omitted conditions and prohibited inducements distort consumer decisions, cause avoidable harm and give non-compliant institutions an unfair advantage over those that observe the rules.” The apex bank added that “penalties are imposed pursuant to Section 95(f) and (g) of BOFIA 2020,” stressing that “the sanctions reflect the nature, severity and persistence of the breach, as well as the consumer protection risks arising therefrom”. BOFIA is the Banks and Other Financial Institutions Act. It encourages sound banking practices and the prevention of misleading representations in promotions and gambling-like advertisements.
To put the scenario in perspective, a layman’s explanation would suffice. The CBN is frowning on advertisements and promotional materials that say bank customers can win a certain amount of money if they participate in a promotion. In the wisdom of the CBN, such a promotion is unethical because not all bank customers can win the promised package.
As good as CBN’s oversight appears in this context, it will amount to cutting off the nose to spite the face if Cardoso does not take a critical look at the whole process holistically. For example, the banks coming under the hammer of the CBN obtained approvals from relevant statutory regulators such as the Advertising Regulatory Council of Nigeria (ARCON) and the Federal Competition and Consumer Protection Commission (FCCPC). Does this mean that the alleged breaches the CBN is complaining about are different from the laws of the nation’s apex regulatory bodies for advertising and consumer protection? Are there two sets of advertising and consumer protection laws in the country? Should there not be a consultative meeting among the CBN, the affected banks and the nation’s advertising and consumer protection bodies so that a proper perspective of all the issues could be unfurled before commercial banks’ balances with the CBN are deducted?
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Given the interconnected nature of the banking system in Nigeria, as is the case in most jurisdictions around the world, the practice of deducting regulatory penalties directly from commercial banks’ accounts maintained with the Central Bank of Nigeria (CBN) carries the risk of creating unintended disruptions. Such deductions can adversely affect the liquidity reserves of Deposit Money Banks (DMBs), funds that ultimately underpin customer deposits and financial obligations. Consequently, while regulatory sanctions are an important tool for enforcing compliance, care must be taken to ensure that their implementation does not inadvertently undermine the very financial stability and depositor interests that the CBN is mandated to protect. This concern becomes particularly relevant for several reasons.
Except the CBN takes the role of another panel beater, it should be crystal clear that if substantial penalties are debited directly from a bank’s balances maintained with it, the following industry implications may arise:
Firstly, deductions may temporarily reduce the affected bank’s liquidity position, particularly where the sanction is significant and applied without prior provisioning.
Also, the penalties may negatively impact profitability by reducing earnings available to shareholders and limiting resources that could otherwise be deployed for lending, technology investments, branch expansion or customer service improvements.
It should be noted that widespread industry sanctions can create operational pressure on banks, prompting emergency compliance reviews, forensic audits and the diversion of management attention from business growth initiatives to regulatory remediation efforts.
If the sanctions are imposed simultaneously on a large number of banks, the cumulative effect could tighten liquidity within the banking sector, albeit temporarily, depending on the magnitude of the deductions and prevailing market conditions.
Such actions may increase regulatory risk perceptions among investors, potentially affecting market sentiment, valuation metrics and confidence in the stability of the operating environment.
And there may be reputational consequences for affected institutions, particularly where sanctions receive extensive media coverage. Customers and counterparties may seek explanations regarding the nature of the breaches, even where the infractions relate to historical marketing materials rather than prudential or solvency concerns.
However, arguing from a regulatory perspective, the CBN may contend that enforcement actions are necessary to preserve market discipline, promote consumer protection, ensure compliance with BOFIA, and maintain confidence in the banking system. Sound argument!
But what is the motive behind a punitive circular that does not state the particular infractions committed by respective banks – in the face of the fact that most of the alleged infractions had been corrected by some of the banks? Why issue sanctions without allowing affected banks to respond and present their cases? By holding affected commercial banks by the jugular, without giving room for fair hearing, the CBN has chosen to be draconian. This is a disturbing trend.
I strongly think that the CBN should look inwards and evolve an organic solution to the sectoral challenge because where the alleged infractions relate to historical advertisements already withdrawn by banks, and where there is no evidence of customer loss, financial instability, fraud or prudential misconduct, a collaborative remediation framework may achieve regulatory objectives more effectively than punitive sanctions of a magnitude capable of affecting industry liquidity and operational efficiency
Cardoso, I have laid out the cards. Please, deal wisely. Use your flaming sword of protection and justice fairly.
Email: tundeodes2003@yahoo.com
Facebook: @Tunde Odesola
X: @Tunde_Odesola
Stop, CBN! The baby is in the bathwater
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