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Paul Nwosu writes on- “Soludo’s Bank Consolidation Revolution Revisited”

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History was writ large as the book written by Dr. Ray Echebiri entitled _The Power of One Man: How the Soludo-Engineered Consolidation Transformed Nigerian Banks to Global Players_ was unveiled at Eko Hotels & Suites, Victoria Island, Lagos on Saturday, July 6.

The grand occasion marked exactly 20 years of the revolutionary banking reforms that culminated in the emergence of 25 banks that beefed up their capital base to a minimum of N25 billion under the watch of the then Central Bank of Nigeria (CBN) Governor, Prof Charles Chukwuma Soludo, CFR.

The Nigerian President at the time who gave Soludo the backing to undertake the landmark change, Chief Olusegun Obasanjo, was represented at the launch by the former Governor of Cross River State, Donald Duke.

The title of the book _The Power of One Man_ is steeped in the Igbo lore of “Ike-otu-onye”. It informs that the power of one determined man can bring about profound change in the society. This does not discountenance the need for a team, but then the team needs a leader, and Soludo provided the needed leadership and drive.

In the review of _The Power of One Man,_ the Senior Vice-Chairman and Editor-in-Chief of Leadership Newspapers Group, Azu Ishiekwene makes the case that the 2004 banking consolidation should serve as a historical record needed to guide the present time and shape the future. Ishiekwene avers that Nigeria can ill-afford to repeat past mistakes in this day and age “just as we forgot the era of failed banks, which landed the country in serious trouble” before the 2004 banking consolidation.

_The Power of One Man_ should stand as a warning of the shape of dangers around. Ishiekwene states powerfully in praise of Soludo’s courage thusly: “Sometimes, to succeed and to succeed outstandingly, one must be prepared to blow against the wind”.

Soludo, true to his typical humble being, states that the day belongs to the writer of the book, Dr Ray Echebiri, and not to him the maker of the banking revolution, Prof Soludo.

The banking revolution that has come to be hailed as “Soludo Shuffle” in which 89 “how-for-do” banks were reduced to 25 global banking institutions was akin to a godsend.

Before the coming of Soludo, Nigerian banks had been reduced to the laughing-stock of comedians who joked of how Nigerians were reduced to carrying mats to sleep in banks because of delays.

The inimitable comic actor, Lomaji Ugorji of “Icheoku” fame, was fond of asking “Where is my Tally Number?” as a mockery of the ill-assorted numbers then assigned to banks’ customers.

The impact and import of Soludo’s consolidation and reform had to happen to address the weak capital base, digitization, loan capacity, risks, global perception of the banks etc.

Following his appointment to the CBN post in June 2004 by President Obasanjo, Soludo blazed a trail that left his fellow countrymen and women almost breathless. Keeping pace with Soludo became well-nigh impossible. Barely a month in office, he met the Bankers Committee and promptly released a 13-point agenda designed to turn around the financial sector of the country. The feather on the crown was the banking consolidation initiative of Soludo.

Before consolidation, all of the banks in existence in Nigeria put together could not match one South African bank. The recapitalization initiative led to the making of 25 big banks out of the 89 banks previously in existence in the country, and Soludo was dubbed “Mr Consolidation”.

Through the efforts of Soludo, Nigerian banks have been able to go global. The banks opened up offshore branches, thus becoming true global players in the financial world. New York, Paris, London, and sundry capitals of African countries now count Nigerian banks and bankers amongst the top players.

Soludo courageously made all the banks to adopt a common year-end strategy, thus stopping the hanky-panky stratagem of banks cooking their books. He stressed that the banks must undertake a strict observance of sound corporate governance. He upped the ante in macroeconomic stability, and through his efforts foreign investments found pride of place in Nigeria.

His work in the microfinance sector was also nothing short of revolutionary. Some 800-odd microfinance houses were granted licences, spreading across the country thus: Southwest 40.5 percent, Southeast 21.2 percent, South-south 14.3 percent, North-central 12.9 percent, Northwest 6.9 percent, Northeast 4.1 percent. The microfinance houses were meant to carter to the needs of petty traders, transporters, barbers, local farmers etc.

Soludo breathed fresh life into the Nigerian Security Printing and Minting (NSPM) Company, and he made ATMs a fact of daily Nigerian life.

A hands-on leader, he prefers to show the way through personal example. As Chinua Achebe wrote in _The Trouble with Nigeria_, “The Nigerian problem is the unwillingness or inability of its leaders to rise to the responsibility, to the challenge of personal example which are the hallmarks of true leadership”.

Soludo preaches the gospel of the old school that sees honesty as the best policy. He remains unafraid to jump into terrains where angels fear to tread. He dared all dangers in the banking consolidation struggle, as he reveals: “At a personal level, undertaking the banking revolution in Nigeria came with 19 written threats to me and my family, including physical attacks.”

It’s noteworthy that Soludo in his epochal lecture entitled “The Purpose and Price of Disruptive Change,” had stated: “Every society that has prospered and endured has been led by men and women who have discovered a higher purpose beyond self. For such people, politics is a vocation for selfless service and not a job. Such people are driven by a single purpose to make a difference and leave legacies. Whenever and wherever competence is augmented with character and developmental ideology, the society wins.”

To demonstrate his deep appreciation of Soludo’s extraordinary contribution to the banking sector and by extention, governance, President Umaru Musa Yar’Adua who did not renew Soludo’s tenure ended up officially congratulating “Mr. Consolidation” via a letter written with presidential seal: “As your tenure as Governor of the Central Bank of Nigeria comes to a glorious end, I write on behalf of the Government and people of Nigeria to place on record our debt of gratitude to you for your dedicated service and uncommon sense of duty over the past five years. I am confident that your worthy antecedents in the CBN and in prior appointments in the service of our nation remain sources of inspiration to an entire generation. As I wish you even more astounding successes in the years ahead, it is my fervent hope that you will readily avail us of your distinguished service when the need arises in the future. Yours sincerely, Umaru Musa Yar’Adua.”

_The Power of One Man: How the Soludo-Engineered Consolidation Transformed Nigerian Banks to Global Players_ is a penetrating testament to Soludo’s solution to Nigeria’s banking quagmire. July 6 every year deserves to be marked as the day of the banking revolution.

 

PAUL NWOSU is the Commissioner for Information, Anambra State

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Court defers ruling on suit seeking to deregister ADC, 4 others

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Judgment on a suit seeking the de-registration of the African Democratic Congress (ADC), Accord Party (AP), Action Peoples Party (APP), Action Alliance (AA) and the Zenith Labour Party (ZLP), over alleged constitutional breaches.m, was deferred Friday due to absence of the presiding judge

It would be recalled that Justice Lifu had on May 20, adjourned to June 5, to decide whether the affected parties should be allowed to participate in future elections in the country, having failed to win any seat in previous elections.

However, the judgement could not be delivered as scheduled due to the absence of the judge.

At the scheduled date, litigants and lawyers were all in court, including journalists and after waiting for nearly two hours, one of the court’s registrars announced to the court that the matter would not go on as scheduled due to the judge’s engagement with other official duties outside Abuja.

The registrar added that a new date for the delivery of the judgement would be communicated to parties in the suit, once it has been fixed.

Justice Lifu had last month fixed June 5, for judgement after taking arguments from all parties in the suit seeking the deregistration of the above political parties over alleged constitutional breaches.

He had also dismissed an application for stay of proceedings as well as applications seeking to be joined as an interested party.

The court had predicated the refusal on the grounds that granting a stay of proceedings at that stage would cause hardship on the litigants, especially as political parties were already expected to submit names of candidates ahead of upcoming elections.

Lifu had recalled that the Supreme Court had repeatedly cautioned lower courts against granting undue stay of proceedings, adding that since the applicants had already approached the Court of Appeal, the trial court should be allowed to conclude hearing of the matter unless otherwise directed by the appellate court.

“It is my considered view not to grant the stay except otherwise decided by the upper court,” the judge said, adding that all issues raised by the applicants lacked merit and were accordingly dismissed.

On the joinder applications, Lifu explained that most of the political parties seeking to be represented were already defendants in the suit, making the inclusion of individual members unnecessary.

Justice Lifu consequently dismissed the applications seeking to be joined in the suit by 8th, 9th, 10th and 11th defendants.

The applicants included incumbent governor of Osun State, Senator Ademola Adeleke and a governorship candidate in Ekiti State, Oluwafemi Abayomi Adebambi both of the Accord party, and Hon Sani Yakubu Noma of the ADC.

The court also heard arguments on an application by counsel to the APP, Peter Abang, seeking dismissal of the suit on grounds that issues raised had already been argued before the appellate court.

In a brief ruling, Justice Lifu stated that the court would consider the decision of the Court of Appeal as relates to this matter alongside issues raised by parties before delivering judgement.

He subsequently directed parties to amend and adopt their final processes in line with the accelerated hearing earlier ordered by the court.

The suit, marked: FHC/ABJ/CS/2637/2026, was instituted by the Incorporated Trustees of the National Forum of Former Legislators against the Independent National Electoral Commission (INEC) and several political parties, including the ADC, Action Alliance, APP, Accord Party and Zenith Labour Party.

 

 

 

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Nimet mou

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One of the most recent of the many  strategic partnerships is a Memorandum of Understanding (MoU) NiMet signed with the Central Bank of Nigeria (CBN) on data sharing which took place at the apex bank’s headquarters in Abuja on Wednesday, May 13, 2026.

While NiMet’s team was led by Prof. Anosike, Dr. Mohammed Sani Abdullahi, Deputy Governor, Economic Policy Directorate, was head of CBN’s side.

Speaking at the event, Prof. Charles Anosike highlighted the importance of integrating weather and climate data into economic research, especially in sectors such as agriculture, energy, and transportation. He noted that extreme weather events can reduce agricultural productivity and threaten food security.

He added that the collaboration aligns with the Renewed Hope Agenda of President Bola Ahmed Tinubu GCFR, which prioritizes food security through major agricultural investment, including the cultivation of 10 million hectares of land and the distribution of mechanised equipment.
Prof. Anosike cited the World Bank (2026), which reports that extreme weather driven by climate change is significantly affecting global food security, with more than 87 million people facing hunger in East and Southern Africa and 52 million in West and Central Africa. He also referenced the Berkeley Earth Report (2026), which projects that 2026 is likely to be the fourth warmest year on record, a trend that continues to shape agricultural and energy market projections.

In his remarks, Muhammad said the signing of the MoU marked an important step in strengthening the partnership between two key national institutions whose mandates intersect in data, research, and policy support. He emphasized that, in an increasingly complex and dynamic economic environment, timely and reliable data remain essential for effective policy decisions.

He further noted that the Economic Policy Directorate relies heavily on timely and credible statistical information from NiMet. Such data, he said, are critical for inflation monitoring, agricultural sector assessment, and broader economic policy advisory functions. He described the initiative as both timely and important, adding that strong institutional partnerships are essential for strengthening evidence-based policymaking and improving the robustness of national data systems.

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“Jonathan still our member,” says PDP, warns public against fake campaign posters beating ex-president’s photos

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By Bonaventure Phillips Melah

The Peoples Democratic Party, PDP, under the leadership of Kabiru Tanimu Turaki, SAN, has warned the public of the circulation of campaign posters beating the photos of former President, Dr. Goodluck Ebele Jonathan, saying such posters are fake and should be ignored completely.

The PDP raised the alarm Saturday in a statement signed its National Publicity Secretary, Comrade Ini Ememobong and sent to Nationwide Reports.

The party also said that Jonathan remains a full-fledged member of the PDP and that he personally registered in his ward, during the recently concluded digital membership registration exercise carried out by the PDP.

The statement reads- “Campaign posters bearing the photographs of President Goodluck Jonathan, either alone or paired with other notable Nigerians as running mate, have emerged and are being circulated widely on social media platforms.

“These posters also falsely portray him as a member of the various political parties whose logos appear on them.

“We state categorically that President Goodluck Ebele Jonathan is a registered member of the Peoples Democratic Party under the capable leadership of Kabiru Tanimu Turaki, SAN. He duly registered personally in his ward during the recently concluded digital membership registration exercise — a fact he personally confirmed to members of the Interim National Working Committee during a meeting with him yesterday.

“This clarification has become necessary in view of the provisions of the extant Electoral Act, under which double registration is not only prohibited but also punishable.

“We are aware that mischief makers may not only design and circulate fake campaign posters, but may also, in concert with highly placed collaborators, attempt to input the details of President Jonathan and other prominent members of our party and the opposition movement into the databases of different political parties.

“We therefore put the public, especially the Independent National Electoral Commission, on notice of this malfeasance and urge them to countenance any such fraudulent activity,” PDP concluded.

 

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