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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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Police, NSCDC, Prisons, others receive operational vehicles from Kogi Security Trust Fund

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As a measure to further strengthen the capacity of relevant authorities to fight terrorism, banditry, kidnapping and other related criminal activities, the Kogi State Security Trust Fund has handed over some operational vehicles to the Nigeria Police, Nigerian Security and Civil Defense Corps, Immigration, Customs Service, Vigilant organisation and others.

The vehicles,  16 in number, were presented to the security agencies on Thursday in Lokoja, on behalf of Governor Usman Ododo, by Mrs. Funmilayo Bello, Administrative Officer in the Office of the Director General, Government House administration.

Represented by Umar Shaibu, Director General, Government House, Mrs Funmilayo oemphasized Governor Ododo,s concern for public safety and the welfare of the people and noted that the initiative was part of the Governor’s broader strategy to eradicate insecurity and promote a peaceful environment conducive to growth and development.

Chairman of the Kogi State Security Trust Fund, Air Vice Marshal Faruk Omeiza (Rtd), praised Governor Ododo for improving the state’s security architecture and for supporting security agencies in the state.

He described the refurbished vehicles as a testament to the state government’s determination to equip security personnel with tools necessary for rapid response and operational effectiveness.

Receiving the vehicles on behalf of the security agencies, Deputy Commissioner of Police, DCP Daba Mallam, who represented the State Commissioner of Police, Miller Dantawaye, expressed appreciation to the state government for the gesture.

He assured that the vehicles would be put to effective use and urged officers to ensure good maintenance of the vehicles to serve them better.

Similarly, Deputy Commandant of the Nigeria Security and Civil Defence Corps (NSCDC), Idonie Felix, thanked Governor Ododo for the gesture, affirming that it would enhance their operational output.

He pledged the continued dedication of NSCDC personnel to protecting the lives and property in the state.

Representatives of other security formations, including the Nigeria Immigration Service, Kogi State Vigilante Service, and the Nigerian Correctional Service, also commended the Governor for prioritizing security of lives and property.

They pledged their agencies’ commitment to partnering with the government for a safer Kogi State.

Yunusa Jimoh, a representative of Access Bank, expressed the bank’s readiness to continue supporting the security sector through strategic partnerships and corporate social responsibility initiatives.

Highlights of the event was the formal presentation and handover of the refurbished vehicles to heads of security agencies in the state, marking another milestone in the administration’s proactive approach to enhancing security architecture in the state.

 

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2027: APGA chieftain drums support for Peter Obi

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A chieftain and founding member of the All Progressives Grand Alliance (APGA), Onwuka Ukwa, has urged Nigerians to rally behind Peter Obi in the upcoming 2027 presidential election, describing it as a critical moment for the nation’s future.

This is coming a week after Anambra State Governor, Chukwuma Soludo endorsed President Bola Tinubu of All Progressives Congress, APC, for a second term.

Ukwa emphasised that the 2027 presidential election would be one of Nigeria’s most consequential political decisions.

He stressed that the election would present a rare opportunity for citizens to reset the course of the nation, ensuring its survival as a united entity.

Ukwa said, “The next presidential election is crucial. It offers Nigerians an opportunity to make a decision that will determine the future of this nation as a united Nigeria.

“It will be a chance to put our nation back on track and regain what has been lost over the years.”

Ukwa further highlighted Peter Obi’s governance track record, particularly his tenure as Governor of Anambra State, where he was known for an unprecedented level of accountability and transparency.

He pointed out that Obi’s leadership style had set him apart from other presidential hopefuls, many of whom, according to him, had already led the country to a political deadlock.

“Peter Obi exhibited a high level of accountability that has never been seen in the history of Nigeria’s politics. He stands out among the candidates for the 2027 elections, as the current leaders have already exhausted the country’s political potential,” Ukwa added.

Ukwa also criticized the current state of Nigeria, emphasizing the country’s failure to thrive due to a lack of accountability, rule of law, and good governance.

He warned that Nigeria’s survival in the modern world, especially in the age of digital innovation and technology, requires a leader with the right skills and expertise to navigate the intricacies of modern governance.

He said, “Do not expect leaders who have already failed to give you what they do not possess. The once-promising potential of Africa’s giant is now a shadow of itself. Basic democratic institutions are under attack, and the sovereignty of the nation is being breached daily.”

Drawing attention to Obi’s alignment with the United Nations Millennium Goals to Governance, Ukwa affirmed that Obi is well-suited to lead the country in 2027, given his past record and approach to governance.

 

 

 

 

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Major takeaways from Gov Ododo’s inspection tour of projects in Kogi Central

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By ismaila Isah

Few days ago, Governor Alhaji Ahmed Usman Ododo concluded a 5-day inspection tour of ongoing road projects and community engagement across the five local government areas of Kogi Central Senatorial District comprising Adavi, Ajaokuta, Okehi, Okene, and Ogori-Magogo local government area as part of his administration’s ongoing commitment to enhance equitable development across the state.

The tour, which formed part of the “Take Governance Closer to the People” initiative, saw the governor physically inspect key projects and engage directly with residents, community leaders, and contractors.

Importance of Project Inspection

Project inspections, monitoring and evaluation are integral parts of governance. Inspections are crucial for ensuring project success by verifying work quality, identifying potential milestones and grey areas, where there may be, early, and addressing them before they constitute set backs for the project.

Inspections also help prevent costly mistakes, delays, and safety hazards, ultimately contributing to project efficiency and completion within budget and on schedule.

Among the major projects inspected was the 8.6 kilometer Obangede–Okaito road and the 3.2 kilometer Obangede-Oboroke road linking Eika and Ihima districts in Okehi local government area and several ongoing road projects in Ihima.

The governor also visited the Obangede–Oziokutu road, as well as other access roads linking several rural communities in Adavi and Okehi local government areas.

One of the significant attractions of the road projects in Okehi and Adavi local government areas includes the over 60-years old Ategoza bridge which served as the link between the old Kabba and Ebira division in the old Kabba province which had previously defied major interventions in the past. Another key feature of the new roads is the Oziokutu bridge on the spur of the Obangede-Ogaminana road which is the link between the people of Adavi and Okehi who shared several historical, social and economic ties.

These projects, according to Governor Ododo, are designed to improve connectivity, open up rural economies, and ensure access to essential services by the people.

At every stop, Governor Ododo emphasized the importance of quality control and timely delivery, reiterating that the state government would ensure value for investment in infrastructure in all parts of the state.

“We will not tolerate substandard work. The people of Kogi state deserve quality infrastructure, and that is what this government will deliver,” he said during a stop in Adavi.

Taking Governance closer to the People

In addition to project inspection, the governor also engaged with communities in his itinerary calling for accountability from those in positions of authority and responsibility from the community to hold their leaders accountable at all times. He urged the people to take ownership of public infrastructure and maintain vigilance to protect public investments from vandalism.

In Ogori-Magongo, the governor participated in the annual Ovia Osese Festival, a cultural event of historical and communal significance to the people of the area. His presence was seen as a sign of respect for the community and a commitment to the preservation of cultural values.

Speaking at the event, the governor pledged to support the revival of cultural heritage in the state as a key driver of unity, peace and tourism development.

In Okene, where he had attended the commendation service in honour of the former deputy governor, late chief Patrick Adaba, Governor Ododo also met with the stakeholders in Upogoro, Bariki, Idoji and Onyiukoko wards where he listened to concerns about gaps in ongoing projects and the need to address challenges of youth unemployment and women empowerment.

In response, the governor assured the people that his administration would prioritize inclusion in infrastructure and social welfare plans of the state government.

In Ajaokuta, Governor Ododo paid a condolence visit to the member representing Ajaokuta federal constituency in the House of Representatives, Hon. Sanni Egidi Abdulraheem following the demise of his mother, and used the occasion to reaffirm commitment to completing ongoing projects in the area.

While inspecting roads and major erosion control projects in Etahi and other communities in Okene, Governor Ododo took time to interact with residents and assured them that infrastructural expansion by the state government would ease access to schools, markets, and healthcare facilities.

At a community town hall meeting with the people of Adavi local government area in Ogaminana, the governor expressed appreciation to the people for being peaceful and law-abiding as he outlined his administration’s goals, pledging inclusive governance and to sustain his people-oriented approach in project implementation.

Governor Ododo also urged well-to- do members of the community to continue to contribute to the development of the area, noting that government efforts must be complemented by citizens participation.

The governor reassured the people that similar efforts are underway across the three senatorial districts in the state to ensure that all ongoing projects are delivered to specifications in terms of quality and timely completion stressing “no part of the state is left behind.”

“What we are doing in Kogi Central is also taking place in Kogi East and Kogi West. Our project monitoring teams are also conducting inspections in other parts of the state. We will continue to monitor, evaluate, and complete projects that matter to the people,” Governor Ododo said.

Ismaila Isah is the Special Adviser on Media to Governor Usman Ododo.

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