Does That Mean Soludo Was A Failure?
If it took the new Helms man at the CBN only 2 months to uncover the gross deceit in our banks, the efficacy and functionality of Soludo has not only be compromised it has been greatly undermined. His ingenuity which has been at the foreshore of the acclaimed excellence in our financial institution was built on stilt and sand and the reality was a crash that was not only inevitable but a certainty that would have consumed the whole nation in despire and bring down the government. I think the CBN’s pre-emptive move getting rid of those greedy, bent Bank executives should be seen as exemplary and a first in sub Sahara Africa of the Government carrying out her duty of care to her citizenry. The Government and the board of Directors of the CBN must be commended for this historical feat.
I think one of the main problem Soludo had was he (Souldo ) was not a banker he was an Economics Lecturer from UNN Nsukka. The post of the Governor of CBN of Nigeria was not only an overwhelming proposition for Soludo, considering the calibre of people in banking it was a case of hypnotic admiration of the Bank executives like Jim Ovia, Eratus Akingbola, Madame Ibru e.t.c These are individuals of obscene wealth and power in their organisations and will intimidate even the most discerning person. Soludo was like a kid in candy shop, he was hoodwinked by these individuals they called the shot throughout his tenure.
Sanusi on the other hand , knew these guys where just putting up appearance and cooking the books, he was a seasoned banker with a strong emphasis on risk management, he knew all the tricks in the book. He also knew the money been splashed around by these bank executives were not profits the bank made but the share-holders equity. Obliviously the chicken came home to roost on Friday when it was revealed the extent of exposure that some of the banks have let themselves into. He even used the dreaded word Insolvency when describing the dire state of one of the supposed high flying banks.
When Chief executives of firms, company’s or Government departments are change you will expect minor window dressings, but when you have a major shift in policy, a clampdown, or announcement it simply means only one thing the past Chief executive has either failed in its totality or does not have a clue what he is doing I believe it is both the former and the latter.
One good thing positive or should I say negative that came out of all these saga is that the only people who are star-struck and hood-winked are the Nigeria masses at the tremendous wealth soludo has acquired for himself within the last 8 years not bad for a former lecturer from UNN.