Daily Independent (Lagos)
Isioma Madike
24 November 2008
Among his numerous virtues is courage. He is said to be capable of taking tough and tasking decisions, standing his ground and educating others on the reasons for his actions. To add it up, he has the grace of working hard to ensure that the decisions are effectively and efficiently implemented. His dedication to duty is also reckoned as first rate while his leadership qualities are admirable.
Chukwuma Soludo, a professor and governor of Central Bank of Nigeria (CBN), began what was later to become a revolution in the Nigerian banking sector with a seemingly crazy and "unworkable theory". But his passion soon emerged the strength of his character and achievements.
Soludo's revolution appears to have just started, as the raging financial meltdown across the globe is fast providing an avenue to test the efficacy of his economic theories.
The Anambra State-born economist made history last week as the only African in the 10-member world class economists and financial experts selected into the World Economic panel set up by the United Nations (UN). Soludo, like the other financial specialists was handed the mandate to reform the global economy in the aftermath of the global financial crisis.
The appointment, according to a cross section of experts, has brought honour and recognition to the country even as many urge Soludo to deploy his skills and professional depth in finding workable and enduring solutions to the challenges posed by the global financial upheaval.
Incidentally, the coordinator, International Press Centre (IPC), Lanre Arogundade says he does not attach significant importance to Soludo's appointment because "what they are interested in is our reserves since they know that we have very high foreign reserves. So, there is nothing unique about the appointment. All they need is our money. They are just targeting the reserves."
Soludo, nonetheless, had enjoyed the privilege of receiving favourable assessments from admirers and even critics for achieving, within a record time, breathe-taking success in his quest to bring about far-reaching changes in the Nigerian economy through the successful banking sector consolidation he had pioneered. Within a short time, Soludo emerged as one of the leading lights in Nigeria.
He was appointed CBN governor in 2004. Before his appointment, Soludo was Chief Economic Adviser to former president, Olusegun Obasanjo, and a major player in the drafting of the National Economic Empowerment and Development Strategy (NEEDS). The document was the philosophy behind the Obasanjo administration's economic programme that was hailed beyond the shores of Nigeria.
Though critics had knocked the shrewd economist when he attempted to launch a re-denomination of the Naira under the policy tagged "strategic agenda for the Naira", it was not enough to deny Soludo the deserved international recognition. Before the fruits of his economic revolution began to manifest in the streets of Nigeria, the Financial Times of London applauded and opened what turned out to be the floodgates of honours for Soludo. It appreciated the man with the proverbial "Midas Touch" with its African and Global CBN 2006 Governor of the Year Awards.
Soludo, who was born in 1960, studied Economics at the University of Nigeria, Nsukka (UNN), where he graduated with First Class Honours degree in 1984. He won from the same school the prize of the faculty of the Social Sciences for the Best Graduating Masters degree student and subsequently, the Vice-Chancellor's prize for the University's Best Graduating PhD candidate in 1988. Soludo also attended over a dozen specialised courses abroad.
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this is a whiz kid, a great achiever, all i said in the past about him, has now materialized. i thank God that we can now put the AFC saga behind us. what the americans and in short, the whole world, did not see coming, this great son of the soil, saw it and adequately recapitalized the banking sector well ahead of others. man, keep it up. i am glad for u. i am as usual CAPITAL G.C.