CCN Raises Alarm Over Plan to Embed Sharia-Based Islamic Finance into Nigeria’s National Financial Framework

PRESS RELEASE

Abuja, Nigeria | January 2026

The Christian Council of Nigeria (CCN), the foremost ecumenical body representing Christian churches and organizations across the country, has expressed deep concern over recent moves by the Financial Reporting Council of Nigeria (FRC) to integrate Islamic (Sharia-compliant) finance standards into Nigeria’s national financial system.

This reaction follows disclosures made by Dr. Rabiu Olowo, Chief Executive Officer of the FRC, during a strategic stakeholders’ meeting held on 21 January 2026, and earlier reports by Vanguard Newspaper indicating that the FRC is intensifying efforts to adopt the standards of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) into the Nigerian Financial Reporting Framework (NFRF).

According to CCN, while non-interest banking may exist as a voluntary option within a plural financial environment, the institutionalisation of faith-derived Sharia principles as national regulatory standards raises serious constitutional, ethical, and national unity concerns.

“Nigeria is a secular state by constitutional design. Any attempt to embed religious law—whether Islamic or otherwise—into national systems amounts to a violation of the spirit and letter of the Constitution,” CCN stated.

Constitutional and National Concern

The Council emphasized that Section 10 of the 1999 Constitution of the Federal Republic of Nigeria (as amended) clearly provides that “the Government of the Federation or of a State shall not adopt any religion as State religion.”

CCN warned that elevating Sharia-based financial standards to national application risks:

• Undermining constitutional neutrality
• Institutionalising religious preference
• Deepening mistrust in a multi-faith society
• Marginalising citizens of other faiths

“Financial systems are not neutral instruments,” the Council noted. “They shape everyday life—contracts, audits, governance, compliance, and public accountability. When such systems are anchored on religious law, the state itself begins to assume a religious posture.”

Context of Insecurity and Religious Violence

CCN further expressed concern about the timing and urgency of the Islamic finance push, especially against the backdrop of:

• Persistent attacks on Christian communities
• Church burnings and displacement of worshippers
• International reports describing violence in Nigeria as genocide-level

“Why the rush to make Nigeria a global hub for Islamic finance at a time when citizens are being killed in religiously charged conflicts?” the Council queried. “Policy direction must be sensitive to national pain, not dismissive of it.”

CCN’s Position and Calls to Action

In its official position, CCN:

1. Rejects the embedding of Sharia principles into Nigeria’s national financial reporting framework
2. Calls on the Federal Government to halt any process that compromises religious neutrality
3. Urges the National Assembly to exercise oversight and protect constitutional safeguards
4. Requests the FRC to suspend the adoption of AAOIFI standards as national benchmarks
5. Encourages inclusive dialogue involving all faith communities and stakeholders

The Council reaffirmed that it is not opposed to financial innovation nor to the existence of non-interest banking within a regulated and voluntary framework. However, it insists that national standards must remain religiously neutral, inclusive, and constitutionally sound.

A Call for Justice, Equity, and Peace

CCN concluded by reminding policymakers that nation-building must be anchored on justice, equity, and trust, not on policies that widen fault lines or fuel silent fears.

“Nigeria belongs to all Nigerians. Its financial systems, institutions, and laws must reflect that sacred truth. We must choose unity over division, constitutional fidelity over expedience, and peace over prestige.”

Signed

His Grace, Most Rev. Dr. David C. C. Onuoha
National President
Christian Council of Nigeria (CCN)

His Lordship, The Rt. Rev. Evans Onyemara, PhD
General Secretary
Christian Council of Nigeria (CCN)

Contacts:
Uruakpa Onyemaechi Charles
Correspondence Desk, Christian Council of Nigeria
Email: maarbroglobal@gmail.com

About the Christian Council of Nigeria (CCN)

The Christian Council of Nigeria is the oldest ecumenical body in Nigeria, committed to promoting Christian unity, justice, peace, and the moral conscience of the nation through dialogue, advocacy, and prophetic witness.

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