Thank you for banking consolidation: Nigerians pour in praises for Soludo’s banking revolution
BY IZUCHUKWU Adichie
In a gathering filled with influential figures from Nigeria’s banking sector and apex bank, Governors’ Forum, private and public sectors, and entrepreneurs, among others, Soludo began his speech by rightly expressing his appreciation for Dr. Ray Echebiri, the author of the book “The Power of One Man,” who deemed Soludo’s legacies and achievements in the time of Central Bank of Nigeria worthy of celebration and took the time to document them. Soludo expressed his deepest appreciation for the history reviewers, his team at the CBN, and Nigerians who believed in making it possible.
Yes, every July 6th is now a revolutionary day in the Nigerian banking sector as Soludo’s engineering in the Central Bank remains a beacon of success, still lauded twenty years on. What makes this accomplishment truly remarkable is “Ike-otu-onye” -the Soludo’s ability to redefine the concept of “impossible” with his dependable team at the CBN -Igwe-bu-ike. Notably, Nigeria achieved this significant transformation in just 18 months without incurring any expenses, despite Soludo facing 19 written threats and a slanderous campaign, prominently featured in national newspapers.
The transformative impact of Soludo’s vision and leadership in the Central Bank of Nigeria continues to receive commendation even two decades later. His bold initiatives brought about a paradigm shift, introducing cutting-edge technology and modernizing the industry. By replacing traditional “tally numbers” with innovative solutions like Automated Teller Machines (ATM cards), Soludo revolutionized banking operations.
The far-reaching effects of these changes are evident today, with major businesses in Nigeria, including airlines, downstream sectors, and banks, now able to compete for substantial business opportunities. This significant development, once deemed unattainable, has created a conducive environment for Nigerian businesses to compete for investments of $100 billion.
The impact of Soludo’s vision and actions resonates as a testament to the profound influence one man can have in driving progress and transforming an entire nation.
