Charles Soludo Makes 12 Million Naira A Year

12 million in a way is not too far from what the CBN governor of a "rich country" such as ours should be earning but I guess a sensitive office such as his should not be like the case of our Nigerian Super Eagles' Coach earning less than the players, breeding disrespect, I think his salary should at less compare with other CEOs in the country.

Hi Isuomo,

I'm a nigerian in diasporia, working in a global investment bank. I have a quick question for you and would appreciate if you could contact me @goodlife101@hotmail.co.uk as I'll like to run something by you / get some quick advice.


Thanks

TheGoodLife 

Unfortunately, we are dealing with a majority here who read little but become emotionally overwhelmed when their "hero" is criticized in most any way. You would think that folks would actually visit the link, after at least the first two posts on here, to better understand what the question is really about. But no, that is too much to expect from these, it seems.

Nairalanders, we dont read. The intention of the poster is not about his 12 million salary but the mouth dropping standard of living this guy is maintaining. How can he be expending millions nay billions on choice properties all over the world when his salary and mine are almost the same and i cant afford a brand new car without a loan? That shouls be our focus in this trend.
Please let us always read before passing comments

Holy Shit!!!!
dis is a load of shit!! )freshly prepared shit!!!)
if dat guy doesn't have a bank account going into billions make i craze!
this wat dey col publicity, he's trying to improve his public image by tellin us LIES!! (don't see how dat's working)
N12,000,000 ke!    dey must believe all nigerians are idiots (like them)
dey sould go on a permanent vacation 2 a place coled hell, so dey can burn 2 ashes

Surprises me how u guys can be screaming"too high". That is just chicken change compared to the job he has been doing.

   Those whom praise Soludo on this thread know him not those whom hate him on this thread still do not know him.



Soludo is not intelligent he is not worth 10 minutes of my time if i place too much time on him i might lose my anger and send him off the face of the earth, A cheat, a liar, an adultered academic mistake.

Are you kidding me? You mean I earn more than the CBN Governor?

Poor Soludo.   

People only know Soludo from the lies that have been placed in the media. I know Soludo better than his wife and even the president. If killing were not a sin i would kill him. He stands accused of stealing Nigerian funds i mean how can he explain spending a hundred times more than he earns. How come people the Nigerian people now tolerate fraud. How can someone whom earns 12 million Naira as basic Salary spend over 12 Billion Naira.

I wrote all the policies that worked within his tenure from 2004 and i parted ways with the devil around early 2006. This is a man that had redenomination presented in the OBJ days then rushed to start making 2 naira coins to steal the idea he did not understand after 2 naira coin failed he rushed back to the idea owner with inducement before he started the redenomination drive this is after i left this devil i was also not a part of the common year end for banks.

By the way i was not paid a dime and had my life threatened. Someone died and i still suspect Soludo so there that is my story.

@Affalatus

e yah, say d man no cut u some slacks na im you dey burn so. don't worry i go yarn with am eh. joo!

@post

Have we really factored in the fact that he might have other businesses/legitimate sources of income?

@Affalatus

I just want to know, how much were you paid and how much was budgeted for this 'project'. Was the VI meeting as reported the only meeting? Look, Soludo stole your idea from where? Okonjo Iweala also stole your idea? And the whole OBJ economic team too? If i have a smart idea and i want it to fly, i first discuss it with my boss and he often insist that i present it in a meeting. You know what i do? I present it as a suggestion he made to me on an informal level during the meeting.

With the number of people claiming consolidation as their idea, i wonder whose idea it really is. Lets stop this nonsense and celebrate a true Nigeria product- B.SC, M.Sc and PhD all in UNN claiming the best graduating student in all. Yet a professor to many western University and research consultant to many world economic bodies. He got there too with some body's idea? Lets stop fooling ourselves, some people want the financial sector to be like what it was in IBB days and those are the guys crying kill Soludo.

Unlike many of the guys 'whose ideas he stole', that guy will earn double that digit if he leaves CBN today and still want to work in a formal sector. He's got the brain, the focus, the tenacity and the boldness to tackle difficult task, including convincing the overbearing OBJ on certain financial sector reforms.

Lets leave that guy alone!!

Soludo is not corrupt ,He may had made wrong decisions but he have worked for us Nigerians.

Earning 12million a year is nothing compared to what a commercial bank manager takes home as basic a year.

I understand he is still a civil servant but considering his job function the salary is okay.

The ressesion problem would have been worst if not for his consolidation exercise.

Please lets criticize objectively

JUDE

For those still struggling to observe the wider perspective I was referring to about senior people in Nigerian public sector being overpaid then below is the effect and consequence I was alluding to.

Nigerian perm secs earn about N16m per year (about £65K), whilst British perm secs earn roughly £160K (just 2.5 times of Nigerian counterpart whilst the national budget and individual productivity of these individuals will be hundreds of times higher/better but the pay disparity is just 2.5 times).

But the people lower hardly earn one twenthieth of what their british counterpart earns. This just reflect the pathetic African mentality of the top men takes all.


TRIBUNE
Disparity in salaries: Workers set for nationwide strike

THE Nigerian public service is about to witness a serious crisis as all the eight trade unions in the public/civil service, under the auspices of the Joint National Public Service Negotiating Council (JNPSNC), trade union side, have already and secretly mobilised their members across the country for a nationwide strike, the Nigerian Tribune investigation has revealed.


The crux of the matter, according to investigation, backed with vital documents Nigerian Tribune has seen, is the wide gap between the salaries of permanent secretaries and directors as well as other categories of workers in the public/civil service and the need for upward wage review in the service.


Findings revealed that the cold war began in the service due to what the unions termed “the problem of disparity in salaries and wages payable for work of substantial equal value within the public service,” following the recent increase in the salaries of certain political, public and judicial public office holders which affected the salaries and emoluments of the permanent secretaries alone, and left other categories of the workers from director downward with their previous salaries


The increment, the unions argued, left a wide gap between the salaries of the permanent secretaries and the directors who were next to them in the civil service structure as well as other categories of workers in the same service.


This, they said, was against the civil service consolidated salary structure which stipulated that a director in the Federal Civil Service on Grade Level 17 step 1 should earn 50.86 per cent of the salary of a permanent secretary, which should also lead to corresponding increases in the salaries of civil servants from Grade Level 01 to 16 on the basis of the existing relativity of 1:7.66927 between the lowest and highest paid civil servant.


Between September 2008 and March 2009, several memoranda and letters had been exchanged between the unions and the Federal Government, but without any meaningful progress, which has angered the leadership of the unions.


The eight unions in the public/civil service are: Association of Senior Civil Servants of Nigeria, Nigeria Civil Service Union, Nigeria Union of Civil Service Secretarial and Stenographic Workers, Amalgamated Union of Public Corporations, and the Civil Service Technical and Recreational Services Employees.


Others are: Medical and Health Workers Union of Nigeria, Agricultural and Allied Workers Union of Nigeria, National Association of Nigeria Nurses and Midwives and the National Union of Printing, Publishing and Paper Products.


Already, the hierarchy of the JNPSNC, trade union side, resolved to resort to a nationwide strike, following the refusal of the Federal Government to act on their demands despite several meetings with the government and exchange of letters.


Investigation showed that the council had reached out to all the states of the federation and branches of the unions to “prepare for the worst,” while they have been put on alert that the action “will be spontaneous.”


Both the government and trade union side of the JNPSNC met in Kano between September 1 and 2, 2008 where they discussed the issues in contention and the trade union submitted a memorandum on their demands.


At the meeting, both sides resolved and agreed that the unions should present their demands in “concrete terms, bearing in mind the general discussion at the meeting.”


To this end, the unions sent a memorandum to the Federal Government in a letter dated 8 September, 2008. The letter, with reference number JNPSNC/SAL ABJ 08/01 entitled: “Memorandum on demand for upward wage review in the civil service: Submission for Negotiation,” was addressed to the Secretary to the Government of the Federation.


Signed by the chairman of the council, Comrade Olakunle Olaitan, and the Secretary, Comrade J. C. Adindu, copies of the letter were sent to the Minister of Labour and Productivity and the Executive Secretary, National Salaries, Income and Wages Commission.


The letter read in part: “The Joint National Public Service Negotiating Council, comprising the trade unions in the public service wishes to forward to you, memorandum and demand for upward wage review in the civil service. The trade union side of the council is, therefore, presenting this memorandum on our demand for upward wage review in the civil service to government for immediate negotiations.”


The memorandum stressed the need to “urgently review upward, salaries in the civil service of the federation.”


It pointed out that their submission was deliberated upon and “both sides agreed that the trade unions should present their demands in concrete terms.”


The memorandum also added: “It was also agreed that the concrete demands of the trade unions should be placed before the government for immediate negotiations.”


The demands of the unions are that:
•A director in the federal civil service on GL.17 step 1 should earn 50.86 per cent of the current salary of a permanent secretary, which translate into N8,178,784.00 per annum i.e N681,565.33 per month.


•Deriving from above, we equally demand corresponding increase in the salaries of employees in the civil service from GL. 01 to 16 on the basis of existing relativity of 1:7.66927 between the lowest and highest paid civil servant.


According to the memorandum, the justification for the demands was the need to establish economic and socially defensible relativity between the public and private sectors.


The unions recalled that the Federal Government set up the Wages and Salaries and Employment Relativity Panel, headed by Professor Edozien, to address the problems of disparity in salaries and wages payable for work of substantial equal value within the public services as well as between the public and private sectors.


Besides, they reminded the government of the Chief Ernest Shonekan’s Presidential Committee on the consolidation of emolument in the public sector.


“In pursuit of the objective of the above two panels, the salaries of some categories of public employees, including permanent secretaries, accountant general of the federation and judicial officers were substantially increased thereby addressing positively the gap between the public and private sectors and even within the various segments of public service.”


But they added: “The laudable increase in the emolument of permanent secretaries and others had created a strong basis for government to address the emoluments of directors, in order to establish a fair relativity in salaries and wages payable for work or substantial equal value within the public service as well as between the public and private sectors, and most importantly, restore the existing differentials between permanent secretaries, accountant general and their directors.

Based on the public/civil service system and especially the Consolidated Salary Structure, a director should earn 50.86 per cent of the Permanent Secretary salary, while the existing relativity between GL. 01 and 17 should be 1:7.66927.


But they argued that before the recent salary increase of the permanent secretaries, a permanent secretary on category 04/1 received a total emolument of N3,426,416.00 per annum, which translates into N285,563.00 per month, but currently receives N16, 080, 975.00 per annum, which means N1,340,081.25 per month after the increase in salary and allowances of certain political, public and judicial public office holders.


However, the salaries and emoluments of a director on GL.17 step 1 in the federal civil service which was N1,741,808.00 per annum and N145,150.00 per month still remains the same, against the rules and consolidated salary structure in the civil service.


To this end, the unions demanded for an increase in the salaries of directors to N8, 178, 784.00 per annum (consolidated) , which translate into N681,565.33 per month.


When contacted, the chairman of the JNPSNC, Comrade Olakunle Olaitan, who is also the National President of the Association of Senior Civil Servants of Nigeria, confirmed that the eight unions under the council have been meeting across the country on the issue, adding that they were watching and monitoring the situation closely and that the development would determine their next line of action.

Given the latter, the former seems based on an introspection.

    

Affalatus sorry o.

Not everyone was destined to be a star. Alexander the Great, Napoloen Bonaparte, Mark Anthony, Julius Casaer e.t.c rode on the back of many men to be who they were. Even Awolowo, Azikiwe and Sardauna. Should those men (whose backs were ridden) commit suicide? Wait for your time, if God said that it would come, it surely would as Mark Anthony's did.

The truth is that 12 million naira is too small for a CBN  Governor. But really his main cash comes from printing and reprinting the Nigerian currency: at least a couple of cents from each of those polymer notes. So y'all can understand his lifestyle. It's time for the man to go. But still, N12 million is quite decent.