“It Was a Dangerous War”: Governor Soludo Reflects on Nigerian Banking Consolidation

Governor Charles Soludo of Anambra State recently spoke about the significant challenges he faced while leading the consolidation of Nigeria’s banking system. Soludo, who served as the Governor of the Central Bank of Nigeria (CBN) from 2004 to 2009, described the experience as a “dangerous war.”

The CBN defines consolidation as the reduction in the number of banks and other deposit-taking institutions, alongside an increase in the size and concentration of the remaining entities. This often involves mergers and acquisitions, resulting in fewer but larger banks.

At a recent book launch, Soludo detailed the threats and attacks he and his family endured during the restructuring policy, which led them to go into exile for their safety. The book, titled “Power of One Man: How the Soludo-Engineered Consolidation Transformed Nigerian Banks to Global Players,” highlights Soludo’s significant role in transforming Nigeria’s banking sector.

During his speech, Soludo expressed his gratitude to the book’s author and his dedicated team, acknowledging the widespread support from Nigerian stakeholders. He emphasized the revolutionary impact of the consolidation, which has positioned Nigerian banks as global players.

“The revolution changed the Nigerian banking system forever. As a leader, you must be self-sacrificing and ready to pay the price to avoid personal interest,” Soludo stated.

He pointed to major banks like Access Bank and Standard Trust Bank as examples of the consolidation’s success. Soludo concluded with a motivational message, urging Nigerians to overcome mental barriers and believe in their potential to achieve significant progress.