A former Governor of the Central Bank of Nigeria, Charles Soludo, has said former President Goodluck Jonathan ran the bank like a movie from Uganda under Idi-Amin.
Idi-Amin Dada ruled Uganda with an iron fist between 1971 and 1979 and has been described as one of the most corrupt African rulers.
Mr Soludo said, “Imagine a scenario where a president can order the CBN to create an intervention fund for national stability and CBN literally ‘prints’ say, N3 trillion, and doles it out cash to the Presidency to prosecute an election campaign or for just about anything he fancies. It is a scary thought.
“We are going down a dangerous path that ruins the economy. I don’t know any other country where such is tolerated, except perhaps what I watched in a movie about Idi Amin and his governor of central bank.”
In an interview in the current Business Edition of The Interview, the former CBN governor described the bank as “the ATM of the Presidency,” under Jonathan.
He said it was regrettable that in spite of the bank’s statutory independence, it continues to be a victim of high-wire politics, often “electrocuting” the bank’s leadership.
Mr. Soludo said, “Recent revelations regarding the ‘arms-gate’ (short for the $2.1billion scandal involving former NSA Sambo Dasuki) and the apparent abuse of the CBN as ATM by the presidency should get reasonable people thinking.”
The former CBN governor was one of the ten leading business lights featured in the current edition of The Interview, which provides insights into opportunities and threats in business this year, ranging from manufacturing and power, to banking and investment, small businesses, advertising and jobs.
The President of the Manufacturers Association of Nigeria, Frank Jacobs, identified foreign exchange restrictions; infrastructure; and high cost of business as the three biggest challenges.
The way forward, he said, “Is to look inwards for the supply of raw materials, prudent management and professionalisation of the workforce.”
Mr Jacobs advised against increased taxes, recommending instead a “widening of the tax net” to improve government revenue.
A statement by the Managing Director/Editor-In-Chief of The Interview, Mr. Azu Ishiekwene, described the edition as “the essential business tool for 2016.”
Also featured are the Managing Director of the Asset Management Corporation of Nigeria, Ahmed Kuru; the Group Managing Director of Fidelity Bank, Nnamdi Okonkwo; the CEO of Capital Assets, Ariyo Olushekun; the CEO of Complete Communications, Sunny Obazu-Ojeagbase; and one of the founders of Jobberman, Opeyemi Owoyemi, among others. Click to signup for FREE news updates, latest information and hottest gists everyday
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SOLUDO SHOULD SHUT UP..he sure has a case to answer for printing plastic paper money that gets cleaned of its image like tissue paper eg ..20N, 50N, 10N, 5N notes are all over the place and all dirt and and cleaned up
ReplyDeleteDoes Mr. Soludo you do realise that the annual budget for this year was +6NGN trillion, and a request by the president to print 3NGN trillion naira would capitulate the economy the effect will be felt in not just Nigeria but the continent. let me put that in dollar terms 15,056,587,917.33 USD. we understand there was corruption but using gross hyperbole to tarnish the image of an individual just because he is no longer in a certain position is wrong. Instead of witch hunting he should be systems to be put in place to prevent such from happening again, if it ever did happen. Mr. Soludo you only come out now seeking position wielding the sword of accusation with a shield of highly exaggerated amounts. So na u be saint abi #whodfoolwho
ReplyDeleteEmefele carry ur sch bag to soludo and learn about economy.
ReplyDeleteI couldn't agree with you better. Emefiele is an embarrassing successor for CBN greats like Isong, Soludo and Sanusi. Just wait till the $20 Billion dollar scandal whistleblown by Sanusi comes to light; I hear it was Emefiele's banking networks that was used to launder the money.
DeleteSoludo are u just realising...pls shut,u have no business with GEJ, u're not that important
ReplyDeletestop talking like a cow when u r not one
DeleteMr man if u want buhari to give u a job u can go abt it without accusing people...now Jonathan left aso rock and u can now talk
ReplyDeleteShut up this crazy man
ReplyDeleteWhat is this man that most banks in Nigeria failed under his nose when he was the CBN governor saying? Olosi, We re ni! What of the Polymargate and contract scam. No matter what you say or do Baba Buhari will probe it oooooooo ! Ci kena!
ReplyDeleteProf Soludo, Please what's the way forward? lets stop the blame game. lets suggest solutions and way out for our nation.
ReplyDeleteWhat is this man that most banks in Nigeria failed under his nose when he was the CBN governor saying? Olosi, We re ni! What of the Polymargate and contract scam. No matter what you say or do Baba Buhari will probe it oooooooo ! Ci kena!
ReplyDelete3 trillion? No way. Soludo if you want us to believe you do not exaggerate things.
ReplyDeleteCocain man
ReplyDeleteI don't blame you,
ReplyDeleteAnybody can talk to the former president without fear. Talk to Buhari in that manner & see if you won't find yourself in the DSS cell
What a propaganda all in the name of seeking power from Buhari, don't destroy others when seeking for power
ReplyDeleteGEJ stole #30 trillion. Now he printed #3 trillion. Haha! Soludo, what has this man done to you to warrant such attacks and lies? From #30 trillion to #3 trillion, who knows what you will say next? Anyway, I don't blame you, it is those that are giving you audience that I blame. You are a spent force. Ask for God's forgiveness before it is too late.
ReplyDeleteThanks.
Mike Abe.
@anonymous 9:49 keep your mouth shut. You are mentally circumsized.
ReplyDeleteFor your information, it was this Soludo that recapitalized all the banks in Nigeria and made them stronger. People should get their facts right. The banks were recapitalized in 2005 and all the dead banks were forced out. Soludo did not do badly as a CBN guy. Jonathan should be shot.
ReplyDeleteIt seems that the Liar called Lai Mohammed have changed his name to La. This post is just as terrible as the liar's past post. If I am wrong then I would advise you to stop the useless blame game. If you continue blaming then it shows that you have nothing to offer. WE ARE TIRED OF BLAME GAME, WE WANT RESULT.
DeleteIf you keep on blaming then it shows you have nothing to offer. GIVE US RESULT, WE ARE TIRED OF THE BLAME GAME.
ReplyDeletewhen I get their, CBN will be Better my people PROF GBENGA AJAYI! DONT BLAME ANY BODY FINISH!! OTAN
ReplyDelete