Sanusi Demands Banks Be Forced To Reveal Loan Data To Women-Led Businesses, Says CBN Rules Were Rigged Against Female Directors

Emir of Kano and former Governor of the Central Bank of Nigeria (CBN), Muhammadu Sanusi, has declared that Nigerian banks must be compelled by law to publicly disclose the number of loans they grant to women-led businesses, describing such transparency as the only way to dismantle institutional bias in the financial system.

Sanusi spoke in Abuja during the launch of the Gender Equity and Social Inclusion (GESI) Roadmap for Investing in Nigeria (2025–2035), organised by the Impact Investors Foundation (IIF) in partnership with PwC Nigeria at the third Gender Impact Investment Summit.

The outspoken monarch said that while no law should force banks to lend to women, mandatory disclosure of loan data will expose the gender gap in lending and put competitive pressure on institutions to change.

“Nobody’s forcing you to lend to women, but publish it. Let the world see that you lent to 10,000 companies and only five were led by women, while your competitors are lending to 200. That alone will compel you to think differently,” Sanusi thundered.

The former CBN governor stressed that gender equity must also extend to persons with disabilities, noting that while at the apex bank, he deliberately sought to employ visually impaired and physically challenged persons to deepen inclusion.

“I Changed The Rules At CBN To Break Barriers Against Women”

Sanusi recounted how he personally dismantled discriminatory promotion rules at the CBN that kept women from reaching top executive positions.

According to him, in the first 50 years of the institution (1959–2009), only four women ever became directors. Upon becoming governor in 2009, Sanusi said he found that systemic rules had slowed female promotions so much that they could never qualify.

“When I asked why no woman emerged as director, I was told they were not ready. The rule was that you had to be a deputy director for three years before becoming eligible. Because promotions for women were slow, many never crossed that barrier,” he explained.

Sanusi said he immediately rewrote the rules, making female deputy directors eligible after one year. He also demanded and personally reviewed their CVs, uncovering highly qualified women with multiple degrees and professional certifications who were “hidden in small corners of the bank.”

He said he deliberately placed them in critical departments long dominated by men, such as banking supervision and risk management, where they went on to deliver results that defined his tenure.

GESI Roadmap As Blueprint For Inclusive Economy

Etemore Glover, CEO of Impact Investors Foundation, described the GESI roadmap as a “blueprint for a profound economic shift” that will democratize access to capital and target women, youth, and persons with disabilities.

On her part, Ibukun Awosika, Chair of GSG Nigeria Partner, said the initiative moves the country “from aspiration to accountability,” insisting that Nigeria’s economy cannot grow equitably unless inclusion becomes policy and practice.

According to the roadmap, targets include mobilising $8 billion in gender-inclusive capital, creating 40 inclusive financial products, and enacting 20 new policy instruments before 2035.

The launch also unveiled the Nigeria Inclusive Capital Commitment 2035 Campaign to drive implementation of these ambitious goals.