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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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APC supporters attacked in Katsina

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NewsAPC Supporters Attacked, Campaign Vehicle Set Ablaze in KatsinaPublished 39 minutes ago on

Suspected hoodlums have attacked supporters of the All Progressives Congress (APC) in Yankara town, Faskari Local Government Area of Katsina State, leaving several people injured and a campaign vehicle belonging to a political support group burnt.

The incident reportedly occurred on Saturday as APC supporters travelled to attend the Tinubu-Dikko 2027 Campaign Rally organised in support of President Bola Ahmed Tinubu and Katsina State Governor Dikko Umaru Radda.

The attackers were said to have smbushed the supporters along a major road, blocked a route expected to be used by the campaign convoy and disrupted movement, triggering panic among residents.

The Caucus Chairman of the Musa Adamu Network (MAN), Alhaji Nura Sule Yandaki, said he and 11 members of his team were travelling to the rally when the incident occurred.

According to Yandaki, tension escalated while members of another Islamic group were holding a Maulud procession, with suspected hoodlums allegedly taking advantage of the situation to attack vehicles, including those conveying APC supporters.

A vehicle belonging to the Musa Adamu Network was reportedly set ablaze during the violence.

Reacting to the incident, the network’s Secretary, Shamsuddeen Sani Lema, condemned the attack and called on security agencies to identify and prosecute those responsible.

Lema described the incident as unacceptable, insisting that political activities should not be conducted in an atmosphere of violence and intimidation.

 

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We were discpuraged from campaigning in South East because of Obi- Makinde

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The presidential candidate of the Allied Peoples Movement (APM), Seyi Makinde, has revealed that his campaign team was advised against campaigning in the South-East because of the perception that the region is firmly in the grip of Nigeria Democratic Congress (NDC) Presidential candidate, Peter Obi.

Makinde, however, said the warning would not stop him from taking his party’s message to the South-East ahead of the 2027 general election.

He made the remarks on Thursday at the APM Town Hall Meeting in Enugu, where he urged Nigerians to reject what he described as visions that divide the country along tribal lines.

“We were almost discouraged we were coming to Peter Obi’s region that the South-East belongs to him totally, but we will still bring our message anyways. Reject all visions across tribal lines,” Makinde said.

The APM presidential candidate’s remarks come amid political realignments and growing efforts by presidential hopefuls to consolidate support across Nigeria’s geopolitical zones ahead of the 2027 elections.

 

 

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Dangote VP, NASCON Chief, Say Industrial Hubs, Value Addition Will Boost Economy

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Caption: Chief Controller/Chief of Staff, office of the Vice President, Dangote Industries Limited, Mr. Isa Yusuf Aruwa greets Mrs Aderemi Saka, Managing Director/ CEO, NASCON Allied Industries at the 32nd Nigerian Economic Summit, Transcorp Hilton, Abuja.

Photo 2: Mrs Aderemi Saka, Managing Director/ CEO, NASCON Allied Industries, as a panellist Productivity Revolution for Growth at the 32nd Nigerian Economic Summit, Transcorp Hilton, Abuja.

The Vice President of Dangote Industries Limited (DIL), Olakunle Alake, and the Managing Director/Chief Executive Officer of NASCON Allied Industries Plc, Aderemi Saka, have called for greater investment in industrial hubs and value addition to accelerate Nigeria’s economic growth, strengthen local manufacturing and enhance the competitiveness of domestic industries.

Speaking at the CEO Forum of the 32nd Nigerian Economic Summit at the Transcorp Hilton Hotel in Abuja, Mr. Alake, who was represented by Isa Yusuf Aruwa, said Dangote Group was taking the lead in promoting industrial hubs as catalysts for economic growth, citing the proposed Dangote Olokola Industrial Hub in Ondo State as a key example of the Group’s commitment to industrial development.

He said co-locating businesses would enable them to achieve economies of scale, reduce operational costs, generate more employment opportunities and facilitate knowledge sharing.

“An integrated industrial hub offers the opportunity to address several constraints together: energy, logistics, manufacturing infrastructure and access to markets. But the wider economic benefits will depend on how deliberately we connect the investment to the surrounding economy,” he added.

He said the “wider success of an industrial hub will be measured by the productive
businesses that grow around it.”

According to him, large industrial companies can support smaller firms through technical mentoring, supplier assessments, apprenticeships, access to testing and clearly structured procurement opportunities.

Meanwhile, speaking on ‘Productivity Revolution for Growth’ the Managing Director of NASCON Allied Industries Plc, Mrs. Aderemi Saka called for a comprehensive review of the manufacturing value chain, particularly the sourcing of raw materials, packaging inputs and other essential components required for seamless production.

“Where do the raw materials come from. Do we have small companies that can produce them locally and add value to bigger businesses. Do we have the capacity to source raw materials on a large scale to ensure seamless production?” she asked.

Saka also explained the importance of equipping workers with the technical and professional skills required to drive productivity in a rapidly evolving industrial environment.

She explained that the Dangote Group, under the leadership of its President and Chief Executive, Aliko Dangote, remains committed to nurturing young Nigerian talent through structured training programmes and targeted capacity-building initiatives.

The Dangote Industries Limited is one of the sponsors of the 32nd edition of the Nigerian Economic Summit.

President Bola Ahmed Tinubu had earlier commended the Dangote Group for its outstanding contributions to the Nigerian economy.

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