In a landmark move, the Central Bank of Nigeria (CBN) has named Dr. Umar A. Oseni, the renowned Mufti of Auchi Sacred Kingdom in Edo State, as one of the members of Financial Regulation Advisory Council of Experts. This appointment demonstrates the CBN’s strategic focus on enhancing its regulatory structure, notably in the area of Islamic finance.
Dr. Oseni has a wealth of experience to his new post, having previously served as CEO of the International Islamic Liquidity Management Corporation (IILM), based in Kuala Lumpur. His leadership at IILM demonstrated extraordinary strategic ability when managing the difficulties of global finance. Dr. Oseni’s international reputation is further enhanced by his role as IILM’s Executive Director (Legal and Compliance) and Acting CEO.
Furthermore, Dr. Oseni’s membership on the Governance and Ethics Board of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) demonstrates his influence in the Islamic banking sector.
Dr. Oseni has made important contributions to academia as an Associate Professor of Law and Islamic Finance Regulation at the International Islamic University Malaysia (IIUM). His qualifications include a visiting fellowship at Harvard Law School’s Islamic Legal Studies Program, as well as certificates as a Harvard-certified negotiator and conflict resolution expert.
Dr. Oseni is widely acknowledged as a major specialist in his profession, having published extensively on Islamic finance law, arbitration, and conflict resolution. His future work, “Islamic Contract Law,” commissioned by Oxford University Press, expands on his scholarly achievements.
Dr. Oseni’s selection to the Financial Regulation Advisory Council of Experts demonstrates the critical role he will play in defining rules and regulations governing Nigeria’s non-interest financial institutions. It demonstrates the CBN’s commitment to building a resilient and inclusive financial system that is in line with global best practices and responsive to Nigeria’s changing economic demands.
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