FORMER CBN GOVERNOR SANUSI II DEMANDS MANDATORY 50% GENDER QUOTA FOR NEW BANK RECRUITS

The former Governor of the Central Bank of Nigeria (CBN) and respected traditional leader, Muhammadu Sanusi II, has issued a powerful challenge to the nation’s financial institutions, demanding the immediate adoption of mandatory gender quotas to end the systemic exclusion of women from leadership and decision-making roles.

Speaking at the Gender Impact Investment Summit in Lagos, Sanusi II proposed institutionalized quotas across the industry, specifically calling for: 50% of new recruits to be women; 40% of senior management positions to be reserved for women; and 30% of board seats to be held by women.

The Khalifa of the Tijjaniya group in Nigeria argued passionately that advancing gender equity is not a matter of “sentiment or tokenism” but of “common sense” essential for Nigeria’s financial stability and growth. He dismissed the notion that a lack of qualified women is the problem, asserting that the reluctance to change stems from those unwilling to relinquish the privileges of a male-dominated system.

“We overthink gender inclusion, and then we imagine problems that do not exist,” Sanusi stated, emphasizing that the financial system’s full potential remains locked away as long as women are excluded from key decision-making levels.

The former Emir pointed to his own reforms at the CBN, where deliberate action, including reducing promotion eligibility time for qualified female Deputy Directors, resulted in the appointment of nine female directors in a single year. He credited this conscious drive with paving the way for the emergence of several female bank CEOs in the country today.

Beyond staff and board representation, Sanusi II also urged financial regulators, including the CBN and the Securities and Exchange Commission (SEC), to enforce transparency. He proposed that banks be compelled to publish disaggregated data on the loans they grant to women-led businesses. “Banks may not be forced to lend to women, but if they are compelled to disclose their records, the public and investors can see which banks are truly gender-friendly,” he noted, suggesting market discipline would force institutions to improve.

His call comes as stakeholders unveil the ‘Gender Equity and Social Inclusion Roadmap 2025–2035,’ which targets mobilising $8 billion in cumulative gender-inclusive capital. Sanusi II urged banks and policymakers to move beyond rhetoric and embrace the bold, mandated quotas, citing the success of deliberate policies in countries like Rwanda as a blueprint for Nigeria to set a new standard for gender equity in African finance.