Soludo consolidating nigerian banking

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Those who are familiar with the stories surrounding African Petroleum, the PTDF imbroglio, the Pentascope saga and many such outfits will agree that privatization in Nigeria was a monumental failure.Rather than adopt a gradual approach, the wholesale handing over of gigantic public corporations to very few mindless, super-rich capitalists helped to further widen the gap between the rich and the poor.The first phase of the reform agenda was the privatization exercise, which was fraught with incurably acute obstacles.The Ex-Vice-President Atiku Abubakar used the exercise to transfer the ownership of many public corporations into private hands, mostly his cronies.The unpardonable “sin” Professor Soludo perpetrated against Nigeria is the manufacturing of figures based on guestimates or outright falsehood that inflating rate was single digit even when the ordinary market woman who buys tomatoes knows that inflation was spiraling.

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There was need to reposition the banking system with a view to developing the requisite flexibility to support the economic development of the nation.When Professor Charles Chukwumah Soludo became Governor of the Central Bank of Nigeria, CBN, the general perception was that another Mohammed Ali of Egypt and Emperor Menelik of Ethiopia or Henrique Cardoso of Brazil had come to reform the ailing economy.In his maiden address in 2004, Soludo announced a 13 point reforms program for the Nigerian Banks.Sadly amidst these sordid realities, the CBN Governor was still trumpeting that the Nigerians economy was growing at a supersonic speed.When there is economic growth, there are visible indicators such as reduced inflation, the propensity of workers to save because they earn living wages, stability of the exchange rate of the currency, job creation and industrialization to mention just a few.

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