Obasanjo presents book on how Soludo’s engineered consolidation transformed Nigerian banking

 

Former President Chief Olusegun Obasanjo on Saturday launched a book on how Soludo-engineered consolidation transformed Nigerian banking.

At the book launch, Obasanjo was represented by former Cross River State Governor Donald Duke.

It was written on Saturday in Lagos by Dr Ray Echebiri, CEO of the Centre for Financial Journalism.

The title of the book is: “One Man Power: How Soludo-Engineered Consolidation Transformed Nigerian Banks into Global Players.”

Obasanjo said that all economic actors and government at all levels must work hand in hand to improve the current situation in the country.

“As the title of the book says, without the team we cannot win the game; the captain is Soludo, with his team, and I am proud of the whole team.

“Yes, the CBN governor has come up with a policy, but the government’s weight is also important.

“When Soludo took over, I understood 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 reading the second volume,” he said.

Also, Lagos State Governor, Babajide Sanwo-Olu, said there was a need for the current CBN leadership to use the meeting to “test the blood pressure and temperature” of the system.

Sanwo-Olu said that hopefully in the next 20 years they will also come together to conduct another review of banking sector consolidation.

“You are on the right path to do it well; we hope you will see it through and stand tall without worrying about any obstacles.

“For us in the public sector, it is a difficult time; we do not know how we will survive the pressure that is weighing on us.

“This book comes at a time when all economic experts, bankers, businessmen, politicians and leaders need to think about the solutions needed to make better decisions,” he said.

Furthermore, Ogun Governor Dapo Abiodun called for the right choices to be made in managing public offices in all sectors.

Abiodun said the impact of appointing the right person to serve in the public sector is very important for the growth of the economy.

“The country’s economy is currently going through a period of turbulence; we need the CBN shareholders to do something so that in the next 20 years we can come together like this.

“Soludo was not a CBN governor by chance, because he was so intellectual that he won several awards during his studies,” he said.

In his speech, Prof. Chukwuma Soludo, Governor of Anambra, said his family went into exile because of the banking consolidation, which was triggered by numerous threats and attacks from different people.

Soludo, a former governor of Nigeria’s central bank, said it was a dangerous “gambling game and a war,” but “we could be writing about it today.”

“Let me start with a disclaimer: I have not read the book. My gratitude goes to the author of this book and I appreciate my incredible team.

“I also thank the Nigerian stakeholders for the massive support because it has been like a time of revolution; today we celebrate the possibility of Nigeria.

“The revolution changed the Nigerian banking system forever.

“As a leader, you have to be willing to sacrifice and be ready to pay the price to avoid personal interests,” he said.

“The main message today is the revolution for the banks themselves, which are now giants, like Access and Standard Trust Bank.

“I want everyone to know that what prevents and limits us in our development is our mind. If we can dream it, we will achieve it,” he said.

In his opening remarks, Prof. 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 was paralyzing.

Ekpo said that the banking sector is very important to the economy and it needs qualified people to lead the system.

According to him, Soludo is part of “the change and power of one man”.

“During the consolidation exercise, there were many challenges, but he had the courage that made our banking system become a major player,” he said.

The Nigerian News Agency reports that Kwara Governor AbdulRahman AbdulRazaq, Dr Kayode Fayemi, former governor of Ekiti State, Ahmad Mu’azu, former governor of Bauchi State, and representatives of the Central Bank of Nigeria were present.

NAN reports that the book is 263 pages long and was reviewed by Azu Ishiekwene, senior vice president and managing editor of Leadership Newspapers.

GRAMPA

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