If you succeed in taking everything away from Professor Charles Chukwuma Soludo, the Executive Governor of Anambra State, one thing you cannot take away from him is his stubbornness to remain uncowed by unorganized bandwagon push to bend his principles, beliefs and values or intimidate him from sharing same. He is unbending, uncompromising, and with time has proven in the past, always right in the unpopular positions he takes.
Immediately after his appointment as the Governor of the Central Bank of Nigeria in 2004, the development expert and former economic adviser to President Olusegun Obasanjo swung into action to reform and revitalize the banking sector. At the time, banks in Nigeria were no better than mere white sepulchers – only beautiful outside but with no capital bases to survive any future liquidations. They were in the real sense sepulchers that buried the hopes, aspirations and dreams of many as they shut down and left their numerous customers to lavish in hunger and die in wanton anger, neglect and distorted future. These scenarios were repetitive and many Nigerians saw no reasons to keep their monies in the banks as they feared that this bank that blooms today will be no where to be found tomorrow. This was the situation until Professor Soludo took over and changed the narrative. Deposit money banks were re-hauled, overhauled, reworked and redesigned to work for the people.
The Soludo model as Emmanuel Balogun of the University of Lagos would call the era demanded that commercial banks recapitalize from the minimum capital base of N2 billion to N25 billion through new issues, mergers and acquisitions. As at the period, 89 banks were in operation. By the end, only 25 banks emerged. Another 18 banks could not meet the recapitalization criteria and had their licenses revoked. To ensure that the focus “on strengthening the financial systems through banking sector consolidation, foreign exchange market stabilization, interest rates restructuring and
the pursuit of stabilization as against structural adjustment policies for monetary and inflationary controls” were achieved, the leadership of the banks were redesigned. The situation where a bank chief executive and chairman of board of directors were resident in one person became a thing of the past and two persons emerged to hold the different positions thereby increasing transparency, responsibility and accountability and putting a tenure on such offices to reduce autocratic tendencies in such institutions. Other steps taken are today’s history. Significantly, despite the criticisms and push-backs that followed the reform and the reformist, he stood his ground and saw until the end. Today, the Soludo reform is reputed as being the pillar of the strength of the country’s banking sector and the sole reason the country didn’t feel the impact of the 2008 global economic meltdown.
Several years later, the sage has not changed. The spots of the leopard is as strong as ever. His commitment to his words remains unshaken and his resolve to fulfilling his promise to Ndị Anambra stands. If he has never reneged in the past to keep to his word despite being threatened by the Lords and cartels of the system, why would he today? It is obvious that the train remains on an onward cause and cannot be stopped.
Charly nwa mgbafor as he fondly calls himself, reflects his humble beginning but more than that highlights his strong foundation to strong family values where integrity instead of wealth is the motivator; where contentment instead of avarice is valued and where despite the odds, he says “hold me by my word”. When he assumed office, he made the promise to Ndị Anambra that in his first year in office, he will declare state of emergency on roads and specifically flag off and complete 220 kilometres of roads in one year. Less than eight months later, the state government under his leadership has awarded more than 250 kilometres of roads that will be commissioned in one year and for each of these contracts, fifty percent take-off cost has been paid to ensure that the project are completed in record time.
When he came, he promised to ensure regeneration of Okpoko. Today, more than nine different roads are under construction in the former slum. He promised to ensure Anambra State goes back to her enviable position in agriculture through palm and coconut revolution. Today, through his “regenerative agriculture policy”, miles are being counted in the sector. He promised to plug the loopholes in internally generated revenue. Today, with the number of capital projects that are ongoing in different parts of the state, including the speedy construction and completion of the Anambra State Government House, it cannot be argued that he is fulfilling them one by one.
More than time and space will allow to list, Mr Governor has shown to be a reformer and public leader who is committed to travel the road to progressiveness even if at first it looks lonely. In his own words, “Of course, as a Christian, I know that telling the truth can be very costly, even suicidal. Our Lord and saviour was crucified simply for telling the truth the people did not want to hear. I promised that I won’t be the usual politician, and will not knowingly lie to the people. I am not an Angel but rather than knowingly repeat the same deceitful character that politicians are known for, I would leave public office.”
The model of the maverick, Professor Charles Chukwuma Soludo, CFR, Odenigbo Aguata na Orumba, Dikeudo Isuofia has not changed and obviously will not change soonest.
Written by CHINEDU ANAETO-OGARANYA
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