Soludo Dropped From National Economic Team - Politics (2) - Nairaland
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| Re: Soludo Dropped From National Economic Team by Ndipe(m): 10:59pm On Aug 24, 2007 |
And why was he dropped? Come, for those living back home, how would you assess the policies of Soludo? He's been lauded for transforming the banking sector in Nigeria, so it comes as a surprise that he's been dropped from the National Economic team. Is this ok? |
| Re: Soludo Dropped From National Economic Team by Seagun(m): 11:04pm On Aug 24, 2007 |
Good Evening Everybody, I have read all the comments passed on this topic about SOLUDO removal from the ECONOMIC TEAM with keen interest but my take in this iare 1. CBN is ably and well represented (but I dont know if it is mandatory for the govenor to be in the team) 2. The redemomination issue ought to have been discussed with the president and all the stake holders as well as the public b4 pronouncement. Please, lets give the new government a chance, and let us agree that we should follow due process in whatever we want to do in this country. As bad as the constitution is, for now it should still be our guiding principle in country until it is amended or change Thanks |
| Re: Soludo Dropped From National Economic Team by HolinessM: 11:10pm On Aug 24, 2007 |
Nigerians are nothing but unomatopoetic animals - see how they bring a government down. |
| Re: Soludo Dropped From National Economic Team by mordebe: 11:48pm On Aug 24, 2007 |
@Ndipe Soludo's policies are great and work fine in a militarised or OBJ kind of government where things are dictated to the masses and they bear all the suffering. You cannot imagine the number of people who lost their jobs during the Banks Consolidation. You will not understand the billions of dollars used to mint 50 kobo, 1 Naira and 2 Naira coins that not a single Nigerian uses. NOT ONE SINGLE NIGERIAN SPENDS A SINGLE ONE OF THESE COINS THAT COST BILLIONS OF DOLLARS TO MINT! I wish I could type more but Seun banned me. I'm using someone else's ID and I don't want him to drop his "banner" on the person too, because e no dey hard am. |
| Re: Soludo Dropped From National Economic Team by McKren(m): 11:49pm On Aug 24, 2007 |
It is funny how some people go about quoting economics when there is high powered politics going on merely to sideline a particular group of people in Government regardless of the cost on the country. The Government is simply designing failure for itself. |
| Re: Soludo Dropped From National Economic Team by mordebe: 11:55pm On Aug 24, 2007 |
Abeg, leave all that story. This is purely an issue of an idiotic proposal by a government official. In Japan or Germany, when a senior government official makes such a terrible blunder of that magnitude, they resign. |
| Re: Soludo Dropped From National Economic Team by McKren(m): 12:09am On Aug 25, 2007 |
Micheal Aondoakaa has not resigned for his own summersault of last 3wks. He is rather launching more onslaughts, the question is may be he has been executing the President's dirty Job. His argument on suspension of naira redenomination emphasizes so much on obtaining the Presidents approval in writting that am beginning to wonder that may be Soludo might have been given an oral approval and an overzealous Soludo went on with his job. Is the coup to undermine certain people in Government still on? Only time will tell. |
| Re: Soludo Dropped From National Economic Team by IykeD1(m): 12:33am On Aug 25, 2007 |
Assuming for the sake argument that Soludo did not get the President's approval on this major policy announcement, is sending the AG to announce the reversal the best way to handle this? Pray, what are you telling the world, that we don't know what the heck we are doing down here and we have no faith in our CBN governor? If its not some kind of power struggle going on between those wanting a new economic direction or orientation away from OBJ's, why do you need the AG to bring this to the attention of the President first and then also be the one to make the policy reversal announcement, is he the de-facto spokesman for the presidency now? You mean to tell me, Yar Adua couldn't summon his CBN governor into a meeting and berate him for such lapses? You mean to tell me that if really they were being objective and thought that it was a bad policy they could not find a better way to soft pedal on this after several consultations - like push dates further, etc.? At the rate things are going, the country will definitely come to a halt if every one has to clear with the AG office before anything is done - the rule of law thingy. . . |
| Re: Soludo Dropped From National Economic Team by McKren(m): 12:46am On Aug 25, 2007 |
Soludo did not follow due process while the Attorney General announcing the halt of the policy in the media before serving Soludo the notice in writting smacks of due process  ?Sorry for my country. The attorney general said he was leaving the venue of the press briefing to “communicate to the CBN Governor within 10 minutes, to stop all actions on the re-denomination of the Naira until he has obtained written approval from the President.” http://nigeriamasterweb.com/paperfrmes.html |
| Re: Soludo Dropped From National Economic Team by mordebe: 1:54am On Aug 25, 2007 |
The Attorney General is the ultimate law-keeper of the country. When he notices an aberration, it's his duty to announce it. Even his announcement doesn't stop Soludo from doing what he wants to do except if the President, Citizens, Unionists, Corporate bodies or Stakeholders so intervene or seek a court order against it. Judges can only tactically make suggestive statements that would spur people in the right position to take action. Attorney General by himself cannot stop Soludo unless there is somebody seeking court action or proper definition. |
| Re: Soludo Dropped From National Economic Team by naijaking1: 3:10am On Aug 25, 2007 |
Not having the CBN governor in the economic team is like not having the highest soldier in the land be a part of the presidential defence think-thank. It's ok if 2 other officers of the central bank participate on the team. What use is the governor if he or she does not have a say on who represents the bank in the team. To Soludo, I would say," remember that thing they say about quitting when the ovation is the loudest?" |
| Re: Soludo Dropped From National Economic Team by slimnike(m): 3:27am On Aug 25, 2007 |
The thing now is; Those politicians that have foreign account are the ones fighting against this Re-Denomination of the naira. |
| Re: Soludo Dropped From National Economic Team by HolinessM: 5:21am On Aug 25, 2007 |
And who puts he minister of justice himself into check? remember what he did with EFCC three weeks ago? |
| Re: Soludo Dropped From National Economic Team by Abeem(m): 5:35am On Aug 25, 2007 |
"This government would continue to implement the reforms of the OBJ era". Yaradua has said that much and OBJ on a number of ocassions has drummed it into the ears of anybody who cares to listen. OBJ can say whatever he likes, and Yaradua can echo that statement many times, but the fact remains Yaradua is beholden to the NORTH (emphasis mine) and he is under pressure to do away with OBJ and his so-called reforms which many have termed "in-human reforms". Anytime I read the dailies especially the columns written by Northern editors, the concensus has been that Yaradua should gradually disengage and disentangle himself from the stranglehold of OBJ. Even Segun Adeniyi, his Senior Adviser on Communication has said it many times that Yaradua would not like to continue OBJ's reforms because when the times of reckoning comes, it is Yaradua that will be answerable to the court of public opinion just as people are now judging OBJ for what he did and did not do while in power. That Soludo failed to read the hand-writing on the wall and the fact that he could be easily fooled by the pronouncements of Yaradua and OBJ and still think that he wields that enormous influence he once commanded when OBJ was in power beats my imagination. Sure everybody knows that Soludo has the ears and mind of OBJ, but definitely not those of Yaradua, the fact he was hand picked by OBJ notwithstanding. The North would be happy to humilate Soludo because he was ruthless and anti-north in the last February currency change. Whether he was used by OBJ or he had his own agenda in using his office to remove the arabic inscription from the currency, he was clearly motivated by partisan religious considerations in his decision. For this reason, and for wasting scarce monetary resources in frivolous currency change, he deserve no pity and nobody should shed crocordile tears for him. |
| Re: Soludo Dropped From National Economic Team by Kritic: 8:36am On Aug 25, 2007 |
i don't see how removing the governor of CBN from the economic team is a good idea? there could be rifts btw the president n the governor. i forsee a new cbn governor soon. |
| Re: Soludo Dropped From National Economic Team by Iobafemi(m): 9:07am On Aug 25, 2007 |
Chukwuma Soludo should be careful after all, i wonder what he's done to be remove from the EMT committee. To me He is the best fit for the technical nkankan!!! Anyway lets wait and watch as events unfold, But Yar'adua should do what is right for this nation by retaining and using the best of niger brain, like SOLUDO |
| Re: Soludo Dropped From National Economic Team by grafikdon: 11:33am On Aug 25, 2007 |
Abeem: Why must every single action be reduced to some twisted ethnic acrobatic stunt? Why are we huffing and puffing over the removal of an inscription that that SHOULD NEVER HAVE BEEN on our currency in the first place? You say people are furious about the removal, eh? What about people who had to live with that abomination for decades, eh? This country is going nowhere if we continue to thread the path of ethnic bigotry and religious fanaticism. . . actually we've been on that path, we've always been on that path and we will continue to be the laughing stock of those who have matured well enough to see each other as humans before 'tribe'. |
| Re: Soludo Dropped From National Economic Team by Iman3(m): 11:57am On Aug 25, 2007 |
The North would be happy to humilate Soludo because he was ruthless and anti-north in the last February currency change. Whether he was used by OBJ or he had his own agenda in using his office to remove the arabic inscription from the currency, he was clearly motivated by partisan religious considerations in his decision. For this reason, and for wasting scarce monetary resources in frivolous currency change, he deserve no pity and nobody should shed crocordile tears for him. Hardly surprising that the handmaids of the Arabs view Soludo's opposition to the inclusion of Arab inscriptions as a cardinal offence |
| Re: Soludo Dropped From National Economic Team by Nobody: 11:58am On Aug 25, 2007 |
grafikdon: Good point, and lets not presume that the coins arent used, I have had to use them quite often in the last few weeks it just takes a little getting used to. I just personally don't like the tone of things |
| Re: Soludo Dropped From National Economic Team by batu: 12:13pm On Aug 25, 2007 |
grafikdon: @grafikdon and all; In Nigeria, anything can happen. I will be expecting a new CBN governor soon. Soludo will not be sacked but most likely will become so isolated, and his job made so difficult by 'political due process' that he will simply resign. Then probably an LSE educated northerner will become the new CBN governor and then,,,,baam!! well see the arabic inscription back on the naira without debate or anything. Soludo has just 'served into the hands' of his enemies and they will do anything to get rid of him. Is anybody still thinking some powerful northern islamists will not influence the removal of a brilliant prof. simply to pave way for re-introducing the arabic inscription on the naira among other 'planned' reversals of OBJ reforms? you need to think again. |
| Re: Soludo Dropped From National Economic Team by Planner(m): 1:22pm On Aug 25, 2007 |
I think President Yar Adua wants to gradually ease out the "left overs" from Obasanjo's administraton. He wants to be his own man. However, Professor Soludo just played into his hands ( and others). There has been "stories of him not making due consultations with various stakeholders before making decisions, if that is true then it is a careers faux pax. 'The last straw" was the revaluation of the naira. The outcry that followed it was just too much for him to survive it. He has been gradually eased out. If i were him i will simply tender my resignation. Professor is a very brilliant man that has so much to offer. I am sure when he leaves, international financial institutions will be scrambling for him. |
| Re: Soludo Dropped From National Economic Team by tundewoods(m): 2:46pm On Aug 25, 2007 |
Soludo has played his own part and contributed his quota to the economic development of this nation of ours.It may be timeto move on and allow other that are equally intelligent contribute their own quota to the nation. I guess taking such a bold decision on his own without due consultation was wrong and in my own opinion the billions that would have been sinked into the re-denomination of the naira wouldn't be worth all the effort. All the folks bringing in ethnic and religious sentiments regarding the removal of the arabic inscription on the naira are just sparking off uncalled for debates and aurguements. Please let sleeping dogs be ! |
| Re: Soludo Dropped From National Economic Team by McKren(m): 3:02pm On Aug 25, 2007 |
Soludo did not take any decision alone, he is never assuming he was Nigeria's President. Yes maybe all he sort was oral go-ahead, but he obviously had a go-ahead from the Presidency as the spokesman of CBN has lately confirmed. In fact the way Micheal Aondoakaa was enphsizing on written permission I suspected that was the case. How many policy summersaults would we have, the President is simply weak and contemptous. If this President honestly thinks Nigerians voted for him, I remember him campaigning pledging to maintain OBJ's reforms but right now he is simply spending more time destroying the reforms he pledged to defend. He appointed one IG and re-appointed another 24hrs latter, he clipped the EFCC wings 24hrs latter he changed policy, now it is CBN. This is simply poor leadership and all Yaradua's activities has incompetence written all over it. |
| Re: Soludo Dropped From National Economic Team by Planner(m): 3:17pm On Aug 25, 2007 |
President Yar adua is showing signs of someone who is not is own man. But come to think of it, What do we expect from the man who did not win the presidencial election? |
| Re: Soludo Dropped From National Economic Team by dblock(m): 3:32pm On Aug 25, 2007 |
Soludo has done more for Nigeria, than Yar'Adua has done or will ever do. Yar'Adua has committed his greatest mistake since coming to office. Believe it or not, but apart from the President and Governors, Soludo is probably the person with the most impact on Nigeria. Taking him out of the economic team, will affect the country greatly. Nigeria would be different today, if he was never in office. Our Banks would be weaker. Inflation would be double digit. The Naira would be weaker. The Nigerian economy would be growing at a slower rate. There would be less investments in Nigeria, due to lack of confidence and due to this, Poverty would be larger by a small margin. The Informal Sector would be larger ATM's would be more scarce These are some of the many things that Soludo Prevented. What has Yar'Adua prevented. What ahs he done for Nigeria, for him to question Soludo's credibility Soludo is the Greatest Nigerian Alive. He should run for president. |
| Re: Soludo Dropped From National Economic Team by HolinessM: 3:36pm On Aug 25, 2007 |
I think it is the Attorney General causing all the confusion - remember what he did few weeks ago with EFCC? |
| Re: Soludo Dropped From National Economic Team by dblock(m): 3:39pm On Aug 25, 2007 |
There is still hope though.  Soludo was dropped and the re-denomination was suspended, due to a violation of Section 19 of the CBN act. Perhaps Soludo was at fault, but who knows, maybe his removal from the economic team is temporary. Or perhaps in the coming weeks, Yar'adua will review his decision. |
| Re: Soludo Dropped From National Economic Team by Seun(m): 3:52pm On Aug 25, 2007 |
Since Soludo contravened Section 19 (1), sub-section 1 and 2 of the CBN Act, which requires that any matter dealing with issuing new currency and coins must be with the approval of the president, he said, the policy had to be suspended forthwith. http://www.sunnewsonline.com/webpages/news/national/2007/aug/25/national-25-08-2007-002.htm |
| Re: Soludo Dropped From National Economic Team by Naijapikin(m): 4:02pm On Aug 25, 2007 |
I have always believed that Yar'Adua will do well but with these frequent ''political influence from here and there all the time" when major decisions are taken by people(most nigerians consider as good-e.g Ribadu and now Soludo), I'm beginning to have my doubts. If it's true that Soludo did not follow due process, then, this new naira policy should be stop. What will happen to the new naira notes and coins? If the CBN knew that it will not work or that it will take time before nigerians appreciate the new coins, then why is this new naira policy expected to take effect a little over a year after a major change to the naira? To me it was too sudden. Due process, due process, I donot think Soludo will just wake up to announce such a major change that will affect the economy immensely without consultation with the relevant stakeholders. There may be a rivalry between him and his former deputy, Usman as speculated last week by the major dailies. On him being dropped from the economy team, I think, it was bad timing. The National Economic is just an advisory body. It consists of representatives from CBN, the CBN should be there-He cannot be a judge in his own case. In conclusion, Yar' Adua should not make the mistake of removing Soludo. The new naira policy should not be an ego thing. Maybe after some months it should be reconsidered. ***********most former owners of banks like Olusola Saraki will surely be against Soludo. Being an owner of a bank in Nigeria is like a chieftancy title in Nigeria. So, not everybody against Soludo now can be considered as being patriotic. God save Naija. |
| Re: Soludo Dropped From National Economic Team by dejgan: 5:25pm On Aug 25, 2007 |
I think Yar'adua is very right in his assessment. everyone who believes in due process will know that Obj and his bunch of intelligent team are never intelligent enough to follow project management principles. no matter how good a product, nigerians should wake up to the principle that if the process is not ok, the end cant keep justifying the undue means. There were neva solid plans as regards several plans they had, this is evident in the way such plans were usually communicated to the people of nigeria. They have no feedback mechanism for appraisals of policies! so shameful! I believe the indigent farmers in our rural communities wont do that. I think Yar'adua may be slow but he wants to follow due process in all he does! Very alarming!, how can a public officer, a civil servant claims he has 470Million naira as liquid cash. Shame on Ribadu and all of them! |
| Re: Soludo Dropped From National Economic Team by Naijapikin(m): 5:44pm On Aug 25, 2007 |
:o470million in cash?  Who be dat person? EFCC & ICPC where una dey sef?Naija, my beloved country!! Na waoh!!! |
| Re: Soludo Dropped From National Economic Team by Abeem(m): 6:03pm On Aug 25, 2007 |
dejgan: Could be that the minister who is a former deputy governor of CBN has some of the weath stored up quasi-cash - like investments in stocks. Being a deputy governor for an upward of five years or more, it is quite possible to have that amount of money. Here is my theory - A serving MD of one of the first generation banks which has recently completed a public offer in the capital market posited that he owned prior to the offer, a whopping 5, 334, 406 in ordinary shares of the bank. Let say the current market price is 40 naira per share, the guy has more than 200 million in investment value of the bank shares. I am sure he has investments in other subsidiaries of the bank. So if he says he is worth more than 500 million, will you doubt him? Of course, No and the money is not gotten by fraudulent enrichment because you can trace the source of the wealth acquistion to loans he took from his bank to buy the shares. If the MD of this bank can amass this much, (and he is not alone - you can verify the worth of Atedo Peterside of IBTC - the guy is worth more than a billion) then there is no crying wolf where there is none with the minister's worth of less than 500 million. |
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