NewsExpress advert FCMB banner
FG desperate to Islamise Nigeria — CAN •Says Sukkuk issuance unconstitutional

By News Express on 20/09/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,016

•CAN General Secretary, Rev. Dr. Musa Asake
•CAN General Secretary, Rev. Dr. Musa Asake

The Christian Association of Nigeria (CAN) has raised a petition and protest against what it views as the unrelenting plan of the Federal Government of Nigeria to introduce Islamic financing into a secular state in violation of Section 10 of the Constitution.

CAN, in a statement issued on Tuesday in Abuja signed by its General Secretary, Rev. Dr. Musa Asake pointed out that this section of the Constitution, says that the Nigerian state is secular and government is expected to be neutral on issues involving religion.

“By promoting a sectional religious financial policy, the government is violating both the spirit and the letter of Section 10 of the Constitution.

“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 defence of the Constitution, it is disappointing to note that the Federal Government, is pursuing what is out rightly a confirmation of an Islamization agenda.

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

CAN also noted that Islamic finance is financing, which conforms to the doctrines of the Islamic law known as ‘Shari’a’, stressing” “The sources of Shari’a (in hierarchical order) are as follows: (1) The Qur’an; (2) Sunna (the teachings and practices of The Prophet Muhammad); and (3) Ijtihad and Fiqh (Islamic jurisprudence).

“There has never been a time that Nigerians held a Referendum or convened a Constituent Assembly that passed a resolution that the nation has transmuted into an Islamic State.”

The religious body warned that the manipulations and scheming to smuggle the country into a full blown Islamic State should stop, adding that these manipulations became apparent with the smuggling of Nigeria into OIC in 1986, by the Ibrahim Babangida military junta.

It itemised reasons for its objection to the Sukkuk Bond and all other forms of Islamic financing to include, “Funds raised under Sukkuk MUST be used for Shariah compliant (halal) activities. Nigeria is not a Sharia compliant nation, it is a democratic country. Nigeria cannot operate two national ideologies.

“The Sukkuk shall be governed by, and construed in accordance with the laws of the Federal Republic of Nigeria as well as the Islamic Law of Mu’amalatmaliyyah. We insist that there cannot be two laws for one nation.

“Sukkuk is ASSET BASED banking system unlike the conventional banking that is ASSET BACKED. While under the conventional banking system, the borrower provides collateral to back the loan and retrieves his asset after the loan is redeemed, under Sukkuk, the loan is BASED on an asset which is land and irredeemable. The Sukkuk holder (lender) accepts land as asset on which the loan is based. At no time does the title pass to the customer, nor is it expected to pass. If the customer wishes to retrieve his asset at a later date, a separate agreement has to be drawn up. This in our view is a sly and treacherous attempt to sell Nigeria to Arab Islamic nations. It infringes on the sovereignty of Nigeria as the loan giver becomes part owner of the land of the receiver.

“The operation of Sukkuk is based on Islamic value system and Sharia Jurisprudence. This makes Sukkuk unconstitutional.

“The IMF says that the issuance of Sukkuk by non-Islamic states/countries is a breach of the religious neutrality of the government of such states.”

The Christian body called on the Federal Government to dismantle all legal and institutional frameworks established to promote Islamic Financing in Nigeria.

It said “The New Rules/Amendment to The Rules and Regulations of The Securities And Exchange Commission, Section 313(6) of the Investments and Securities Act 2007, and all other forms of law guiding operation of Sukkuk issuance in Nigeria should be repealed, forthwith.

“In the alternative, legal redress will be sought to defend the Sovereignty and territorial integrity of Nigeria if the National Assembly failed to checkmate the Executive on this unconstitutional action.

“We affirm that the territorial integrity of Nigeria is undermined through the issuance of Sukkuk in the country. We hope that the Federal Government shall desist in its policies of unbridled religious sectionalism.”

Source News Express

Posted 20/09/2017 4:30:42 PM


Share on facebook Yahoo mail icon Gmail icon Share on Google+



REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...


You may also like...
Assets declaration: 95 politicians return forms in Kano...

BREAKING: Super Eagles fumble in AFCON qualifier •How...

Jehovah’s Witnesses end regional convention, adopt Nigerian Pidgin...

FAAN, NIMASA, 2 other Fed. Govt. agencies listed...

South African president survives impeachment vote

12 Soldiers Sentenced To Death over mutiny (PLUS:...

We didn’t cause Monkey Pox virus epidemic —...

Nothing wrong with Buhari’s proposed cabinet of old...

Soldiers wipe out scores of Boko Haram fighters...

2015: Any Igboman or woman who votes for...

Indian tax authorities go after Gupta brothers

Rainfall likely today in Lagos, Port Harcourt, Eket,...


Latest News Sergeant, 3 others arrested for robbing Deputy Governor Biafra: FG re-arraigns 3 IPOB chiefs over alleged treason, illegal possession of firearms REVEALED: The last request of Senator Wakili before he slumped and died Senate adjourns plenary over Wakili’s death; to hold valedictory session Tricyclist, 5 others docked over false alarm on missing sexual organ UNIMAID final year student bathed with acid Bayelsa Governor rallies support for PDP National Chair, intensifies consultations with stakeholders Troops capture gunrunner in Southern Kaduna NIPOST bags global award Why I visited Araraume — Ohakim World’s last surviving male northern white rhino dies Meat poisoning crisis plunges Tiger Brands into heavy losses


Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (332,505 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (325,194 views) Shameless Genevieve Nnaji exposes breasts in public (260,904 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (214,435 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (198,061 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (192,487 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (167,752 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (150,464 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (143,210 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (133,309 views) Lagos plane crash: Journalist releases victims’ names (132,660 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (125,937 views)


Categories Advertorials (3) African Press Organisation (81) Art & Literature (34) Business & Economy (2,973) Business Verdict (36) Columnists (814) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (455) Features (554) Global Business Monitor (239) International (1,859) Interview (146) Live Commentary (28) Love Matters (114) News (33,764) Opinion (896) Pidgin (10) Politics (4,628) Religion (701) Sports (1,457) Stock Watch (28) AMA & Al Jazeera Global Update





Football Highlight -- BARCELONA - CHELSEA 3:0


APO Group Partner




REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera