By Christian Aburime
In a grand celebration held at Eko Hotel and Suites, Victoria Island, Lagos, luminaries from Nigeria’s political and financial spheres gathered to honour a significant milestone in the nation’s banking history.
The launch of Dr. Ray
Echebiri’s new book, “The Power of One Man: How Soludo-Engineered Consolidation
Transformed Nigerian Banks To Global Players,” marked the 20th anniversary of
former CBN governor and now Governor of Anambra State, Professor Chukwuma
Charles Soludo’s landmark reforms in Nigeria’s financial sector.
The
event, graced by notable figures such as former President Olusegun Obasanjo,
represented by former Cross River State Governor Donald Duke, and Governor
Babajide Sanwo-Olu of Lagos State, was a tribute to the profound and lasting
impact of Soludo’s tenure as the Governor of the Central Bank of Nigeria (CBN).
Obasanjo, in his remarks, highlighted the indispensable role of teamwork and
government support in realising such transformative policies. “As 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,” he said.
Governor
Sanwo-Olu echoed this sentiment, urging the current CBN leadership to draw
lessons from the past to navigate present challenges. “You are on the right
track of doing it right; we hope you will complete it and stand tall without
minding any stumbling block. This book is coming at this time when there is a
need for all economy experts, bankers, businessmen, politicians, and leaders to
reflect on the required solutions we need to make better decisions,” he stated.
Governor
Dapo Abiodun of Ogun State emphasized the critical need for competent
leadership in public office. He praised Soludo’s academic and professional
prowess, noting that "Soludo was not an accidental CBN governor because he
was so cerebral that he won several prizes all through in his academics.”
The man
of the hour, Governor Charles Soludo of Anambra State, reflected on the
tumultuous journey of banking consolidation. He revealed the personal
sacrifices and risks involved, including threats that forced his family into
exile. “It was a dangerous ‘gambling and war,’ but today we could write about
it. My gratitude goes to the author of this book and I appreciate my major
incredible team,” Soludo remarked. He underscored the revolutionary impact of
the reforms, stating, “The revolution changed the Nigerian banking system
forever. As a leader, you must be self-sacrificing and ready to pay the price
to avoid personal interest.”
The
event’s chairman, Professor Akpan Ekpo, former Director-General of the West
African Institute for Financial and Economic Management, underscored the
significance of quality leadership in driving systemic changes. “Soludo is part
of the ‘change and power of one man.’ During the consolidation exercise, there
were a lot of challenges but he took the courage which made our banking system
become a major player,” Ekpo noted.
The
launch also saw contributions from other dignitaries, including Governor
AbdulRahman AbdulRazaq of Kwara, Dr. Kayode Fayemi, former Governor of Ekiti
State, and Mr. Ahmad Mu’azu, former Governor of Bauchi State. The 263-page book
was reviewed by Mr. Azu Ishiekwene, Senior Vice-Chairman and Editor-in-Chief of
Leadership Newspapers, who praised its comprehensive documentation of Soludo’s
reforms.
“The
Power of One Man” serves not only as a commemoration of past achievements but
also as a strident call for continued innovation and excellence in Nigeria’s
banking sector that is also in need of a new consolidation exercise today. As
Nigeria grapples with contemporary economic challenges, the lessons from
Soludo’s era offer a ray of hope and a blueprint for future progress.
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