First Islamic Bank in Nigeria Launched by Pastor: CBN Governor Clarifies Intentions

In a revelation that may come as a surprise to many, Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has disclosed that the inception of Islamic banks in Nigeria was spearheaded by an assistant pastor.

Speaking at a reception in Abuja held to honor Dr. Umar Oseni, the Secretary-General of the Organisation of Islamic Cooperation Arbitration Centre, Cardoso clarified that the introduction of Islamic banks was not aimed at Islamizing Nigeria but rather at supporting small and medium-scale businesses.

Represented by the CBN’s Director of Legal Services, Kofo Salam-Alada, Cardoso emphasized the positive impact of Shariah-compliant banks like Jaiz, Tajj, and Alternate Bank, which have proven their reliability since their establishment.

Cardoso revealed, “Some years back, the Central Bank of Nigeria started a journey for the introduction of 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. 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.”

The historical context of the first Islamic Bank in Nigeria, Jaiz, was established during the tenure of Chukwuma Soludo as the apex bank governor.

Currently, Nigeria boasts four Islamic banks out of 43 Deposit Money Banks, as per the recently updated list of approved banks by the CBN.