Governor Charles Soludo of Anambra State says he fought a dangerous war while spearheading the consolidation policy of the Nigerian banking system.
Soludo was the governor of the Central Bank of Nigeria (CBN) from 2004 to 2009.
According to the CBN, consolidation is the reduction in the number of banks and other deposit-taking institutions with a simultaneous increase in the size and concentration of the consolidated entities in the sector.
It often involves a process where banks merge with or acquire other banks, resulting in fewer but larger institutions.
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Speaking on the banking sector transformation, the governor stated that it was a dangerous war.
He said his family went into exile after facing multiple threats and attacks from various people following the restructuring policy.
Soludo revealed this at the launch of a book, titled, ‘Power of One Man: How the Soludo-Engineered Consolidation Transformed Nigerian Banks to Global Players’
He said, “Let me start by a disclaimer, I have not read the book. My gratitude goes to the author of this book and I appreciate my major incredible team. I also thank the Nigerian stakeholders for the massive support because it was like a revolution time; today, we are celebrating the possibility of Nigeria.
“The revolution changed the Nigerian banking system forever. As a leader, you must be self-sacrificing and ready to pay the prize to avoid personal interest.
“The major message of today is the revolution for the banks themselves, who are now giants, such as Access and Standard Trust Bank. I want everyone to know that what is stopping and limiting us from developing is our mind. If we can dream it, we will achieve it.”
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