For pragmatics like myself,I still believe and will continue to defend the fact that no bank went under because of Soludo's consolidation and not Sanusi's bailout. If we had all those over 90 banks as at the time of the recession,many Nigerians would have committed suicide by now. Because the banks will fold, while the management of these banks will attribute the failure to recession whereas the real cause is bad loan administration and poor corporate governance which is purely a made in Nigeria problem. There is one point pundits of Soludo and Nigerians don't realize. Soludo said categorically that recession will not affect Nigeria financial system . Was he right or wrong? He was right,the problems with Nigeria banks was not caused by recession. The problems bedeviling the banks were bad loan administration and poor corporate governance in other words private sector corruption as we have witnessed in recent times.
I wonder how many banks Sanusi would have bailed out. Many banks in the heat of the recession closed shops in the U.S. But there is no panic and the shareholders and customers are not perturbed because they will get their money back. Their system guarantees that. Our government that has been on steady decline since 1960 would have been helpless and the failed banks stories and episodes we had some years back would have resurfaced. I wonder how Sanusi and EFCC would have been able to catch over 50 CEOs and say like 500 EDs who would have been roaming the globe with what would have remained of depositors and shareholders funds.
Sanusi should give Soludo credit for leaving a structure for him to bailout. Soludo cultivated the farm,what Sanusi is doing is weeding the farm. He should stop all these gymnastics and face the job.