Exit Of An Icon: A Tribute To Chief Ezeogo Uma Nchege Nwoke

 By Stella Obi

A book titled The Power of One Man: How the Soludo - Engineered Consolidation Transformed Nigerian Banks to Global Players”, written by Ray Echebiri has been launched at the weekend.

The book recounts Prof. Charles Chukwuma Soludo's tenure as Governor of the Central Bank of Nigeria (CBN) from 2004 to 2009.

The event was graced by eminent personalities including former President Olusegun Obasanjo during whose administration as President of Nigeria the banking consolidation was implemented, Governors Charles Chukwuma Soludo (Anambra), Babajide Sanwu-Olu (Lagos), Dapo Abiodun (Ogun), AbdulRahaman AbdulRasaq (Kwara), Ex- Governors Kayode Fayemi (Ekiti), Adamu Muazu (Bauchi).

Speaking during the event former President Olusegun Obasanjo, represented by ex- Governor of Cross River State, Donald Duke, advocated for appropriate fiscal and monetary policy synergy that would help revolutionise the banking industry and achieve sustainability.

He lauded the courage of Prof Soludo in executing the July 6, 2004/2005, banking consolidation, adding that the consolidation has contributed significantly to the stability and growth of the banking sector.

The former President warned of the dangers of returning to the era when one person or few individuals would own a banking institution, saying that Nigeria must learn from history.

In his speech during the book launch, Anambra State Governor, Prof Charles Chukwuma Soludo, recounted the challenges he faced during the consolidation era but expressed joy on the achievement and urged current Central Bank of Nigeria (CBN) leadership to remain resolute in their efforts to recapitalize the banks to keep pace with the expanding economy.

Prof. Soludo opined that transformative change is possible when leaders prioritize national interest over personal gain and embrace a mindset of innovation and determination.

Reflecting on the transformation of the banking sector, Governor Soludo described the consolidation effort as a risky "gamble and war".

The Governor was delighted that the reform is being celebrated and has also been documented in book form.

He expressed gratitude for the support from his team and Nigerian stakeholders, attributing the revolution in the banking sector a collective effort.

Contributing, Governor of Lagos State Babajide Sanwu-Olu, while lauding Prof Soludo's effort urged the CBN to take actions to stabilise the economy especially in managing interest rates and inflation to alleviate the pressure faced by the private sector.

Governor Sanwu-Olu acknowledging pressures and uncertainties confronting the nation, expressed the need for collaboration among economic experts, bankers, businessmen and leaders.

Contributing, the Governor of Ogun State, Prince Dapo Abiodun, who opined that Soludo was not an accidental governor, underscored the importance of appointing and allowing the right choice to serve in public office.

Also speaking during the event the CBN Governor, Dr Olayemi Cardoso informed that it was important to keep the rates up to curtail the risk of hyperinflation and its consequences.

Dr Cardoso, who was represented by the Deputy Governor of Financial Stability, Mr Philip Ikeazor lauded Governor Soludo's foresight and courage.

In his remarks the Chairman of the occasion, former Director General, West African Institute for Financial and Economic Management , Prof Akpan Hogan Ekpo, noted that Prof Soludo's unwavering courage and strategic vision propelled the Nigerian banking system to global prominence.

Reviewing the book, Vice Chairman/ Editor-in-Chief, Leadership Newspapers, Mr Azu Ishiekwene, said the book captured series of events in the Nigerian economy and banking sector especially the banking industry which led to the consolidation of July 6.

According to Ishiekwene, the 263 pages of the book with five chapters talked about how the banking consolidation transformed the Nigerian banking industry and placed them on the same pedestal with global players.

The reviewer said that the book underscored the importance of the consolidation which reduced banks in Nigeria from 89 to 25 creating stronger and more resilient institutions.

In his speech the author of the book, Ray Echebiri while commending Prof. Soludo's courage said that the consolidation led to well capitalised banks.