Daud Olatunji
The current governor of Anambra State, Charles Soludo,has described the consolidation of Nigeria’s banking sector during his tenure as a perilous endeavour that permanently altered the financial landscape of the country.
Soludo stated this at the launch of a new book, “Power of One Man: How the Soludo-Engineered Consolidation Transformed Nigerian Banks to Global Players,” authored by Ray Echebiri, CEO of the Centre for Financial Journalism.
The event took place on Saturday in Lagos.
Soludo, who served as the governor of the Central Bank of Nigeria (CBN) from 2004 to 2009, spearheaded the consolidation policy aimed at restructuring the Nigerian banking system.
According to the CBN, consolidation involves reducing the number of banks and other deposit-taking institutions while simultaneously increasing the size and concentration of the remaining entities through mergers and acquisitions.
Reflecting on the challenges faced during the consolidation process, Soludo recounted how the initiative was akin to a dangerous “gambling and war.”
He revealed that his family had to go into exile due to multiple threats and attacks resulting from the policy changes he introduced.
“It was a major revolution that transformed the industry forever,” Soludo stated.
“My family went into exile after facing threats and attacks, but the consolidation exercise changed the Nigerian banking system permanently.”
Despite the risks, Soludo expressed gratitude to his team and the Nigerian stakeholders for their support during the tumultuous period.
He stressed the importance of self-sacrifice and prioritising the greater good over personal interests in leadership roles.
“The revolution for the banks themselves, who are now giants like Access and Standard Trust Bank, shows that what is limiting us from developing is our mind.
If we can dream it, we will achieve it,” Soludo added.
The event also saw remarks from several prominent figures, including former President Olusegun Obasanjo, represented by Donald Duke, former governor of Cross River State.
Obasanjo highlighted the significance of government support in economic reforms and praised Soludo’s leadership during the consolidation process.
“Without the team, we cannot win the match. Soludo, as the captain, led his team effectively, and I take pride in their achievements,” Obasanjo remarked.
“We need someone who sees the country holistically, and Soludo did just that.”
Lagos State Governor Babajide Sanwo-Olu called for a review of the consolidation process in the next two decades, urging the current CBN leadership to assess the system’s status.
Similarly, Ogun State Governor Dapo Abiodun emphasised the need for capable individuals in public sectors to steer the economy through turbulent times.
“The country’s economy is facing turbulence; we need CBN stakeholders to take action so that in the next 20 years, we can gather like this again,” Abiodun said.
He lauded Soludo’s academic excellence and non-accidental appointment as the CBN governor.
Akpan Ekpo, former director-general of the West African Institute for Financial and Economic Management, underscored the event’s importance, noting that the banking sector requires highly skilled professionals to drive effective management.
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