Governor of Anambra and former CBN governor, Charles Soludo has asserted that the process of consolidation of Nigerian banking sector was a dangerous war.
Gatekeepers News reports that Soludo made the assertion on Saturday at launch of a book, titled, ‘Power of One Man: How the Soludo-Engineered Consolidation Transformed Nigerian Banks to Global Players’.
The book which was written by Ray Echebiri, chief executive officer (CEO) of Centre for Financial Journalism was launched on Saturday in Lagos.
The former governor of Central Bank of Nigeria (CBN) spearheaded consolidation policy of the Nigerian banking system.
CBN noted that consolidation is the reduction in number of banks and other deposit-taking institutions with a simultaneous increase in size and concentration of consolidated entities in the sector.
It involves a process where banks merge with or acquire other banks, resulting in fewer but larger institutions.
Soludo referred to the banking sector’s transformation as a dangerous “gambling and war”.
He revealed his family went into exile after facing multiple threats and attacks from various people following the restructuring policy he introduced during his tenure as CBN Governor.
The Governor however noted that the consolidation exercise was a major revolution that transformed the industry forever.
He said, “Let me start by a disclaimer, I have not read the book. My gratitude goes to the author of this book and I appreciate my major incredible team.”
“I also thank the Nigerian stakeholders for the massive support because it was like a revolution time; today, we are celebrating the possibility of Nigeria.”
“The revolution changed the Nigerian banking system forever.”
“As a leader, you must be self-sacrificing and ready to pay the prize to avoid personal interest.”
“The major message of today is the revolution for the banks themselves, who are now giants, such as Access and Standard Trust Bank.”
“I want everyone to know that what is stopping and limiting us from developing is our mind. If we can dream it, we will achieve it.”
While speaking, former president of the country, Olusegun Obasanjo urged all economic players and government at all levels to collaborate in order to improve the country’s current situation.
Obasanjo who was represented by former Governor of Cross River state, Donald Duke said the weight of government is important in improving the economy.
He said, “Like 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.”
“Yes, CBN governor made a policy but the weight of the government is also important.”
“When Soludo took over, I could tell 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 the volume two of the book.”
Governor of Lagos state, Babajide Sanwo-Olu who was also present said the current leadership of CBN should utilise the gathering to “test the blood pressure and temperature” of the system.
Sanwo-Olu was optimistic that there would be another review of consolidation of banking sector in the next 20 years.
