Soludo talks about the battles he faced while consolidating the Nigerian banking sector

• Charles Soludo, the governor of Anambra State, has stressed that the consolidation of the Nigerian banking sector is a risky venture
• During the launch of the book “The Power of One Man” by Ray Echebiri, Soludo recalled his term as CBN governor
• President Olusegun Obasanjo has stressed the need for cooperation between economic operators and government at all levels

Lagos State – Charles Soludo, the governor of Anambra, noted that the consolidation of the Nigerian banking sector had permanently changed the system, although the process itself was a dangerous struggle.

Soludo made the comments on Saturday, July 6, during an event to promote his book titled “The Power of One Man: How Soludo’s Consolidation Transformed Nigerian Banks into Global Players.”

The book, authored by Ray Echebiri, director general of the Centre for Financial Journalism, and published in Lagos, chronicles Soludo’s tenure as governor of the Central Bank of Nigeria (CBN) from 2004 to 2009.

During this period, Soludo initiated a consolidation policy aimed at restructuring the Nigerian banking system. Cable reported.

Consolidation, as defined by the CBN, involves reducing the number of banks and other deposit-taking institutions while increasing the size and concentration of the remaining entities in the sector.

Typically, this process involves bank mergers and acquisitions that create fewer but larger financial institutions.

Soludo: The consolidation process was risky

Reflecting on the transformation of the banking sector, Soludo called consolidation efforts a risky “gambling and war.”

He revealed that due to threats and attacks related to the restructuring policy, his family had to go into exile, as reported Van.

Despite the challenges, Soludo emphasised that the consolidation was a significant revolution that permanently transformed the banking sector in Nigeria.

He said:

“First of all, I want to clarify that I have not read the book. I would like to thank the author and express my gratitude to my amazing team.

“I also appreciate the overwhelming support of Nigerian stakeholders during what seemed like a revolutionary period. Today we celebrate Nigeria’s potential. The revolution has permanently transformed the Nigerian banking system.

Former Nigerian President Olusegun Obasanjo, represented by Donald Duke, former Governor of Cross River, stressed the need for cooperation between economic operators and government at all levels to improve the country’s current situation.

Obasanjo stressed the government’s key role in improving the economic situation.

Soludo warns Tinubu over unsustainable minimum wage

In another report, Anambra State Governor, Chukwuma Soludo, commiserated with President Tinubu who is facing the difficult situation of determining what minimum wage the Nigerian economy can afford.

Legit.ng reported that Soludo warned the president against approving the unsustainable salary that would worsen the country’s situation, saying Tinubu would later bear the burden.

Source: Legit.ng