As General Ibrahim Badamasi Babangida, former president of the Federal Republic of Nigeria, celebrates his 82nd year, Nigeria and the world stand in awe of his enduring legacy and remarkable contributions to Nigeria’s financial landscape. With unwavering dedication, visionary foresight, and a commitment to innovation, General Babangida has left an indelible mark on the development of Islamic finance in Nigeria—a legacy that resonates far beyond the borders of Nigeria.
Born on August 17, 1941, in Minna, Niger State, General Babangida’s leadership of Nigeria between 1985 and 1993, was a beacon of change that illuminated the path toward a more inclusive, ethical, and dynamic financial sector. Through the enactment of the Banks and Other Financial Institutions Decree (BOFID) in 1991, which set the stage for the institutionalization of Profit and Loss Sharing (PLS) banking in Nigeria, he breathed life into the concept of interest-free banking, forever altering the course of Nigeria’s economic journey.
His vision extended beyond numbers and transactions; it was a testament to his profound understanding of the diverse cultural, religious, and economic fabric of Nigeria. By laying the foundations for interest-free banking, General Babangida bridged gaps and built bridges, ensuring that every Nigerian could access financial services that resonated with their beliefs and values.
The impact of General Babangida’s pioneering efforts is evident in the vibrant Islamic finance landscape that thrives today in Nigeria. The proliferation of Islamic financial institutions, the introduction of innovative Sharia-compliant products, and the empowerment of marginalized communities are all tributes to his unwavering commitment to progress.
Through his legacy, we celebrate not only the rise of Islamic finance but also the principles of transparency, responsibility, and inclusivity that underpin it. General Babangida’s contribution has not only transformed the financial sector but has also sowed the seeds of economic empowerment, social cohesion, and global recognition.
As we honor General Babangida’s 82nd year, we salute the architect of Nigeria’s Islamic finance revolution. His legacy serves as a reminder that visionary leadership, coupled with a deep understanding of the needs and aspirations of the people, can pave the way for a more just, equitable, and prosperous society.
General Babangida, your unwavering commitment to the development of Islamic finance has left an indelible imprint on Nigeria’s history. Your legacy will continue to inspire generations to come, and your contributions will forever stand as a testament to the power of leadership in shaping a brighter future for us all.
Happy 82nd birthday, General Ibrahim Badamasi Babangida! May your journey continue to be filled with health, happiness, and the knowledge that your legacy is etched in the very fabric of Nigeria’s economic and financial evolution!
With profound respect and gratitude,
Baba Yunus Muhammad
President
Africa Islamic Economic Foundation
Tamale, Republic of Ghana.
17th August, 2023 2023
