It is a pity that all the attempts by the CBN Governor, Professor Chukwuma Soludo, to strengthen the naira, control inflation and make our banks stronger have failed completely(‘Soludo’s Legacy In Ruins,’ TheNEWS, 16 March 2009 edition). However, I still hold the opinion that Soludo’s tenure will in future be re-appraised. Then, he will be awarded his deserved high marks for good performance.
Olufemi Balogun,
Ilorin.
Going by reactions to the CBN Governor’s tenure you published in your story, one might be inclined to fault some of his moves in the last couple of years towards putting the naira in its rightful place. You might have punctured, supposedly, his robust legacy, but in the end, nobody can doubt Prof. Soludo’s good intentions for the Nigerian economy.
Binta A. Ibrahim,
Zaria.
Not everybody will share the view that Soludo’s legacy is in ruins as your magazine tried to portray. Nobody can convince me that the bank consolidation engineered by Soludo was a step in the wrong direction. At last we can all breathe easy now, knowing our monies are safe in the hitherto generally weak banks.
Titus Olanipekun,
Ijebu-Igbo
No matter what negative darts you throw at Soludo, the man cannot be said to be a total failure. We have had several CBN Governors in the past who appeared not to know their left from their right, yet they served out their tenure though nothing of note can be attributed to them. At least Soludo boosted our banks and pushed some ideas, even if those ideas did not see the light of day.
Solomon Bilewu,
Ikorodu.
I do not think Soludo’s legacy is in ruins. Any man who was able to coalesce a total of 89 banks, most of which were barely limping, into 25 strong banks in just 18 months deserves kudos. No country across the globe has recorded this feat. The 2005 Global Banker of the Year award that he won is well deserved. His banking reform is a legacy that will endure.
Tobi Olutayo
Lagos.
It is sad that a journey which Prof. Chukwuma Soludo started very well is being hitched in the twilight of his tenure. The problem is entirely not Soludo’s but of the global meltdown that has reared its ugly head since the last quarter of last year. Afterwards, no known Central Bank governor in the world has been known to have successfully handled the lingering problem.
Mercy Obaitan,
Benin City.
Prof. Soludo of the apex bank knows that he cannot get a second term despite his good performance. I think his decision to go into politics after his tenure is a good one that could salvage him.
If truly he performed creditably as CBN governor, the people of Anambra will give him the necessary support to govern the embattled state. A good legacy would not go unnoticed.
Hannah Yakubu,
Bauchi.
Professor Chukwuma Soludo actually began well with his policies on the real sector, interest rate, exchange rate and inflation, among others. Today, the brilliant economist is very far from the standard and target he set those early days. Indeed, his legacy is in ruins.
Pius Okedinachi,
Asaba.
What exactly went wrong with Prof. Chukwuma Soludo? I really feel sorry for this man who started well but derailed when it mattered most. Too bad.
Adewale Adekanbi,
Lagos.
Your story on Prof. Chukwuma Soludo was too harsh. I hope there is no other motivation for such a damning story on a hardworking and principled professional. I must say that I do not agree with you that his legacy is in ruins. I disagree totally.
Chinedu Obumseh,
Onitsha.
Have we all forgotten so soon the revolutionary efforts of Prof. Charles Soludo? This man definitely deserves more than your damaging report on his tenure. He may have done a few wrong things here and there but that man’s legacy is not in ruins. He has done well.
Paul Obi,
Owerri.
Despite the detractors’ hue and cry, I cannot dispute the fact that our amiable Professor Charles Soludo has been the best CBN Governor Nigeria has had in recent times. Soludo has been a performer right from the word go. He has been able to turn around the economy. Honestly, the man deserves another term.
Wilson Orueme,
Ilorin.
Why is it that Nigerians always like to treat patriotic men and women with disdain. Why on earth would people consider Soludo’s efforts at revamping the Nigerian economy wasteful. I am sure that if not for the solid state of our banking system, Nigeria’s economy would have crashed in the face of the current global meltdown.
Tunde Kalejaiye,
Lagos.
It is pertinent to say that Charles Soludo has performed creditably well as Governor of the Central Bank of Nigeria, CBN. I believe that with his coming on board, most Nigerians have been banking confidently unlike what transpired before his coming. Ride on, my amiable professor!
Segun Bamitefa,
Sagamu.
With all the facts and figures available, it would not be out of place to ask for the immediate removal of Charles Soludo. The man has been playing the game of ludo with our economy. All his policies have been more of gambling.
Paul Dada,
Ajegunle.
For a political appointee, I would say that Prof. Soludo’s tenure as CBN governor was a success. The man never shied away from expressing his views on any economic matter, although he could sometimes be obfuscating in explaining his high-sounding policies. This is more than one could say about many a finance minister or CBN governor the country has had in recent times.
The man had a good run and it is hoped that his successor would be as clear-headed as he has been.
Abiodun Shitta,
Iju-Lagos.
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Uba Franklin
7 April 2009 10:27It increasingly appears there is a grand co-ordinated effort to rubbish Prof. Soludo and his lofty achievements. The truth is the man has done well and would have done much more if the present government has not gone out of its way to cage his creativity and bold innovation. Soludo wanted to re-denominate the naira to strengthen it and position it as a regional currency of choice but he was shot down. He wanted allocations to the three tiers of government to be dollar based which would have crashed down the exchange rate in favour of a stronger naira, he was overruled. Instead he was accused of trying to sabotage the government; A sordid witchhunt was instituted against him in the form of AFC probe; everyday in the papers we read only negative things about this brilliant world acclaimed economist. If possible, the global financial crisis will soon be attributed to Prof Soludo. One article even accused him of hailing from a non compliant tribe! Please, spare us the suspense. Soludo has every reason to leave at the end of his 1st tenure in office, very proud for a distinguished record of public service. It is a pity that this government clearly has no tolerance for performance and creativity. History will place it in mediocrity were it clearly belongs.
Ify O
19 April 2009 19:59I will tell you what will happen if Soludo is not re-appointed; the world bank or the International Monetary Fund will grab him, unless he, Soludo decides to join partisan politics.Nigeria is the only country that will sacrify merit, intelligent and hard work to the alter of quota system. I weep for my nation.
Andy Dike
26 April 2009 01:32A central bank governor who has more or less doubled as economic minister. Ever since the tenure of Ngozi Okonjo-Iweala there has been no finance miinister who has been as vocal or inspired any confidence. All they’ve done is just occupy the position seemingly with no ideas on the economy.
Now this gentleman is now being blamed for everything from the crash of the stock market to the crash of the naira. Is no one aware that currency like any other market is valued based on demand/supply. Your chief forex earner( crude oil) has crashed nearly 80%. The fact that the naira crashed by about 30% without spending our foreign reserve( case Russia) is a kudos to strong fiscal policies. This has even been confirmed by the IMF.
All major world currencies including the Pound, Euro etc have all fallen against the dollar in recent months.
At a time when banks are being bailed out in the richest countries, ours haven’t been going burst yet. (Even though they have been reputed to do so even during normal conditions).
I think The News is failing the legacy of genuine educative journalism by this story. I only hope this wasn’t based on special interests as it would be a very sad situation for our country.
Bruce. Toronto-Canada
6 May 2009 15:42It’s a pity writing about our beloved country. For once I felt proud reading articles from Nigerians who love the country. Unfortunately the very leaders are not in love with the country they govern.All they care for is to steal and rubbished professionals.Look around you and go thru the list of board members recently inaugurated by the president. they are populated by crooks, guys that should be hidding in shame, guys who have no biz in governance, guys who have no source of income for the last 16 years. tell me how these same guys will be expected to formulate policy and guide it thru. All they are there for is to steal.
Why do we kill professionals in this country and instead patronise idiots. See the presidency and go thru the advisers .. Ibori,Lukman,bamanga tukur, Anenih,Aliero,Kanu and even the president himself. That guy of a president is surrounded by thieves, guys that can’t show any acumen in business venture. You can’t compare them with Ribadu, El-Rufai, Ezekwesili, Iweala, Soludo, Sanusi (MD first bank) and other hidden talents that are no longer interested in publis office. Shame on Yar’adua … no professional will want to work with you.