Earlier this week, Yobe State Governor Honourable Mai Mala Buni appointed Sherrif Mohammed Ibrahim also known as Sherrif Almuhajir as the Managing Director of the Yobe State Microfinance Bank Ltd.
The appointment had caused a lot of controversies on and offline amongst Yobe citizens as it turned out not in accordance with the laid down requirements for the appointment of Managing Director/Chief Executive Officer or any Executive Director of a Microfinance Bank by the Central Bank of Nigeria.
Dr Sheriff Ibrahim is a PhD holder in Economics and Islamic Finance from Universities Sains Islam, Malasia and has been a lecturer with the Yobe State University since 2008 with zero practical experience in neither conventional commercial nor in Microfinance banking.
The Central Bank of Nigeria, the regulatory body responsible for corporate administration and management of all financial institutions in Nigeria in it’s Revised Assessment Criteria for Approved Persons for Financial Institutions issued in October 2015 (find attached) specifically at section 6.2.1 requires that for any person to be appointed Managing Director or Executive Director of a Microfinance Bank (MFBs) in Nigeria, the person must:
-Show evidence that he possesses proven skills and competence in practical Microfinance Banking and has undergone the microfinance bank certification program and obtained certificate in Microfinance Banking issued by the Chartered Institute of Bankers of Nigeria (CIBN);
-a minimum of eight years post-graduation experience out of which, at least, five must have been in the financial services industry and at least, three years in top management level.
However, Dr Sheriff neither has practical skills in Microfinance banking because he has been in the academics nor has he been certified in Microfinance Banking program by the CIBN.
Clearly, if this appointment is allowed to stand it will be a great set back to the purpose and vision of such an important public financial institution that is aimed to trigger financial inclusion for local businesses in the state.
It is hoped that the concerned institutions and the media will investigate this concern with the right kind of questions in mind to help our poor state to get the right people in the right places. That way, Nigeria can address its deficit in finance for businesses and boost the economy.
See CBN criteria:
revised fit and proper – combined-final oct 2015 (1) (1)
Danazumi can be reached via <shettimadanazumi@gmail.com>
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