By Chukwuma Ajakah

Former President, Olusegun Obasanjo and a host of other prominent personalities gathered Saturday, July 6, 2024 for the public presentation of a book written in honour of Anambra State Governor and Former Governor of the Central Bank, Professor Charles Chukwuma Soludo.

The event, held at Eko Hotels and Suites, Lagos, attracted captains of industries and political heavy weights across the country.

The book titled, “The Power of One Man: How the Soludo-Engineered Consolidation Transformed Nigerian Banks to Global Players” highlights the impact of the consolidation policy on Nigeria’s economy, as well as the challenges Soludo faced in driving the vision which revolutionized the country’s banking system.

The event, chaired by Former Director-General, West African Institute for Financial and Economic Management, Professor Akpan Hogan Ekpo, attracted a select audience comprising of political and traditional leaders, top-notch civil servants, and academics. Among the dignitaries were former President Olusegun Obasanjo who was represented by a former governor of Cross River State, Mr.  Donald Duke, Lagos State Governor, Mr. Babajide Sanwo-Olu, Ogun State Governor and Chairman of Southern Governors’ Forum, Prince Dapo Abiodun, Former CBN Governor and current Governor of Anambra State, Prof. Charles Chukwuma Soludo, Kwara State Governor, Abdulrazaq Abdulrahman,  Former Governor of Bauchi State, Ahmadu Mu’azu, Former Governor of Ekiti State, Dr. John Kayode Fayemi, CBN Governor, Dr. Olayemi Cardoso (represented by Deputy CBN Governor, Philip Ikeazo), Commissioner for Industry in Anambra State, Christian Ugochukwu, and Paul Nwosu of the  Ministry of Information as well as his Lagos State counterpart, Gbenga Omotosho.

While delivering his welcome address, the author, Ray Echebiri, a renowned financial journalist, recalled that the day marked the 20th anniversary of the commencement of the banking consolidation exercise initiated by Soludo as CBN Governor. He pointed out that the consolidation drive which was kick-started on July 6, 2004 began with 89 banks that were literally wobbling on the local scene, but the consolidation culminated in the emergence of 25 strong banks with the financial muscle to compete at the global stage.

Ray revealed that he was motivated to write the book by the success of the consolidation exercise which inspired him to establish emphatically that recruiting the right person matters. “We are celebrating Soludo for his courage and bringing about the reforms that have transformed Nigerian banks into global players,” he said. “We also celebrate the Former President, Olusegun Obasanjo for recruiting that one man. The book is dedicated to him for believing in Soludo and his team and giving him the political backing to do what he did for the banking sector.”

In his opening remarks, Chairman of the auspicious event, Professor Akpan Hogan, echoed Echebiri’s words about the state of the banking sector and the Nigerian economy before the consolidation which mandated each bank to have a minimum of N25 billion as capital base, compelling many of them to merge and form stronger banks. “Although the economy today is not doing so well, the banking sector is no longer wobbling,” he remarked, explaining that it took one man to make the positive change and also, one wrong man could make negative changes. “What Ray has done is essential, to document what happened. It took the vision and courage of one man to say: This is the way to go. That decision faced enormous challenges but it helped to keep our financial and banking systems working,” Akpan noted, adding, “If you use the right people whose are qualified, the economy will be transformed. If you use your 4th eleven to make changes, there will be issues.” Emphasizing the importance of leadership, the Chairman said: “Charles Soludo and his team were 1st eleven, the best at the time,” he observed.

While reviewing the book, Snr Vice Chairman/Editor-in-Chief, Leadership Newspapers, Azu Ishiekwene, noted that the subject matter was not a fictional character, but “We are thinking and remembering a man in flesh and blood.”  Noting that it is easy to forget the prevailing socio-economic situation that preceded the consolidation project if there were no documentations. Ishiekwene pointed out that “The Power of One begins with the changes of 50 years ago, including economic problems different governments tried to resolve to no avail. Babangida introduced the Structural Adjustment Programme, SAP, to achieve a fast-paced economic growth with the private sector on the driver’s seat. The SAP looked good on paper, but good intentions are not enough. Babangida later confessed that he didn’t know how the Nigerian economy still managed to stand despite the myriads of unresolved problems.

“Sequel to Soludo’s appointment as Chief Economic Adviser to President Obasanjo, he never knew he would be CBN Governor. Citing America’s Thomas Jefferson as saying that ‘Banking institutions are more dangerous than standing armies,’ he revealed that Nigeria’s banking system had so much fiscal issues that a number of the CEO were dragged before the ICPC by General Sani Abacha’s government.

Insights from the review include the fact that “Soludo had the wisdom to do something more radical than standing armies; a vision only he could see then. His appointment and policy stance attracted not only criticisms, outright hostility and ethnic sentiment, with some notable bankers questioning what an economist knew about banking and ridiculing the consolidation project which repositioned 25 banks from the previous ailing 89 as strong international players, raising over 400 billion dollars and resulting in efficient financial and banking systems with some becoming global banks that are able to play at the global stage.”

While responding to the goodwill messages and encomium from the distinguished speakers, Professor Charles Soludo expressed gratitude to them for honouring the invitation despite the short notice.

Admitting that he saw the synopsis of the book only a few days before the public presentation day and hadn’t had the time to read it, Soludo commended the author, but pointed out that he worked with a formidable team that made the consolidation vision possible: “I appreciate in a special way the credible team I worked with, including Dr. Sarah Alade. It was a major teamwork. I thank the Nigerian people. It was a major revolution. At least, a quarter of my hairs went grey. Attacks came from a lot of groups — NLC, clergy and many others, including real threats to my family that forced me to relocate the children. All these were because it looked impossible then. We are trying to celebrate the possibility of Nigeria. There is a possibility of infinite change. It was a major breakthrough, consolidating and strange bedfellows to form stronger banks. People were complaining their money stuck in banks, asking if it would be safe. All the banks put together could not measure up the 4th largest bank in South Africa.”

Emphasizing the importance of strong political will in leadership, Soludo reminisced: “We celebrate ONE MAN, the President then. What if he had bowed to pressure and called me, asking, ‘Governor, suppose we suspend? The CEO of a bank he had interest in complained to him that they could not meet up with the 18 months consolidation deadline, but he replied that they should let the bank go.”