*20 years later, the world still celebrates Soludo’s banking consolidation*
BY IZUCHUKWU Adichie
20 years since Soludo’s Banking Consolidation, it has been a milestone that continues to be celebrated. During his tenure as the governor of CBN in 2004, Soludo achieved the seemingly impossible that cost Nigeria nothing.
Despite facing nineteen written (19) threats even an attempted kidnapping of his children, he successfully oversaw the consolidation of banks, reduced their number and significantly increased and built their capital base from $15 million to $200 million within 18 months. This move transformed the Nigerian banking sector, propelling 14 Nigerian banks into the top 1,000 and three into the top 300 banks in the world within just three years.
As a result, Nigerian banks gained the capability to compete with major international businesses, facilitating large-scale investments that were previously inconceivable. Soludo’s exceptional leadership as CBN governor earned him the titles of the Global and African Best CBN Governor of the Year for three consecutive years from 2005 to 2007 as announced by the UK Times. It has been 20 years since Soludo’s Banking Consolidation, and the milestone has continued to be celebrated.
