Lagos: The President and Chairman of Council of the Chartered Institute of Bankers of Nigeria (CIBN), Prof. Pius Olanrewaju, has urged financial professionals to embrace ethical leadership. Olanrewaju, who made the call in Lagos at the CIBN Ramadan Lecture 2.0 held at Bankers House, said that ethical leadership would strengthen trust and sustainability in the banking sector. The lecture had the theme, ‘Ethical Leadership in Finance: Insights from Islamic Values and the Tenets of Ramadan’. It brought together industry stakeholders to discuss the role of faith-based values in strengthening governance and accountability in the financial system.
According to News Agency of Nigeria, Olanrewaju emphasized that the lessons of Ramadan, including discipline, accountability, sincerity, and compassion, should guide leadership and decision-making in financial institutions. He stated, ‘Ramadan teaches restraint, accountability, sincerity of intention, and compassion. These are not merely spiritual virtues; they are governance principles.’ He highlighted the critical nature of ethical leadership in the financial sector, where public trust remains central, and noted that the institute serves as a custodian of professional ethics in the industry.
Delivering the Ramadan lecture, Imam Nojeem Jimoh, Chief Imam of Lighthouse Muslim Community and National Amir of The Companion, highlighted the vital role finance plays in modern society but warned that it could become harmful without ethical standards. ‘Finance is the lifeline of modern society, but without ethics, it becomes exploitation and wealth without accountability becomes corruption,’ he stated. Jimoh pointed out that Nigeria had witnessed several financial scandals, mismanagement of public funds, insider abuses, and policy failures, underscoring the urgent need for ethical reforms in the financial system.
Jimoh further explained that Islamic law, commonly known as Sharia, provides a moral framework for financial leadership anchored on justice, transparency, and responsible stewardship. He highlighted the objectives of Islamic law, known as Maqasid al-Sharia, which include the preservation of religion, life, intellect, lineage, and wealth. According to him, the protection of wealth under Islamic teachings promotes fairness in trade, prohibits theft, and discourages exploitative financial practices. He stressed the importance of accountability, including the obligation to report corruption or abuse of public resources.
Jimoh also cited data showing that Nigerian banks recorded fraud losses running into tens of billions of Naira in recent years, emphasizing the need for a stronger ethical culture in financial institutions. He noted that Islamic principles emphasize justice, transparency, and responsible stewardship in financial dealings. He asserted that ethical leadership requires integrity, accountability, and protection of stakeholders’ interests, and highlighted Islamic financial instruments such as Sukuk as examples of how ethical financial models can support development while maintaining transparency.
‘The values of Ramadan, including discipline, empathy, and accountability, should guide financial leaders in building institutions anchored on integrity and public trust,’ Jimoh said. He linked ethical financial leadership to the spiritual lessons of Ramadan, stating, ‘If we can carry the consciousness of Ramadan beyond 30 days, we can transform our financial institutions and build a system rooted in justice and responsibility.’