Charles Soludo, governor of Anambra, says the consolidation of the Nigerian banking sector has permanently changed the system — but the process was a dangerous war.
Soludo spoke on Saturday at the launch of a book, titled,
‘Power of One Man: How the Soludo-Engineered Consolidation Transformed Nigerian
Banks to Global Players’.
Launched on Saturday in Lagos, the book was written by Ray
Echebiri, chief executive officer of Centre for Financial Journalism, according
to NAN.
Soludo, who served as the governor of the Central Bank of
Nigeria (CBN) from 2004 to 2009, spearheaded the consolidation policy of the
Nigerian banking system.
According to the CBN, consolidation is the reduction in the
number of banks and other deposit-taking institutions with a simultaneous
increase in the size and concentration of the consolidated entities in the
sector.
It often involves a process where banks merge with or
acquire other banks, resulting in fewer but larger institutions.
Reflecting on the banking sector’s transformation, the
Anambra governor said it was a dangerous “gambling and war”.
He said his family went into exile after facing multiple
threats and attacks from various people following the restructuring policy he
introduced as the CBN governor.
Soludo, however, said the consolidation exercise was a major
revolution that transformed the industry forever.
“Let me start by a disclaimer, I have not read the book. My
gratitude goes to the author of this book and I appreciate my major incredible
team,” the governor said.
“I also thank the Nigerian stakeholders for the massive
support because it was like a revolution time; today, we are celebrating the
possibility of Nigeria.
“The revolution changed
the Nigerian banking system forever.
“As a leader, you must be self-sacrificing and ready to pay
the prize to avoid personal interest.
“The major message of today is the revolution for the banks
themselves, who are now giants, such as Access and Standard Trust Bank.
“I want everyone to know that what is stopping and limiting
us from developing is our mind. If we can dream it, we will achieve it.”
In his remarks, Olusegun Obasanjo, former president of
Nigeria, urged all economic players and government at all levels to collaborate
in order to improve the country’s current situation.
Obasanjo, who was represented by Donald Duke, former
governor of Cross River, said the weight of the government is important in
improving the economy.
“Like the title of
the book says, without the team we cannot win the match; the captain is Soludo,
with his team, and I take pride in all the team,” the ex-president said.
“Yes, CBN governor made a policy but the weight of the
government is also important.
“When Soludo took over, I could tell the difference between
a banker and an economist and we need someone who sees the country
holistically.
“We appreciate the author of this book and we look forward
to the volume two of the book.”
Also speaking, Babajide Sanwo-Olu, governor of Lagos state,
said the current leadership of the CBN should utilise the gathering to “test
the blood pressure and temperature” of the system.
Sanwo-Olu expressed hope that there would be another review
of the consolidation of the banking sector in the next 20 years.
‘NIGERIA’S ECONOMY
GOING THROUGH TURBULENCE’
Dapo Abiodun, governor of Ogun state, said the country’s
economy is facing turbulence, urging CBN stakeholders to take action.
Abiodun said appointing the right people to serve in public
sectors is crucial for the growth of the economy.
“Currently, the country’s economy is going through turbulence;
we need the stakeholders in CBN to do something, so that in the next 20 years
we can gather like this,” the governor said.
“Soludo was not an accidental CBN governor because he was so
cerebral that he won several prizes all through in his academics.”
Akpan Ekpo, former director-general of the West African
Institute for Financial and Economic Management, said the event was crucial
because consolidation in the banking sector is becoming stagnant.
He said the banking sector is crucial to the economy and requires
highly skilled individuals to drive the system effectively.
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