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Buhari Appointment Of Charles Soludo Makes Me Believe He Means Well For Nigeria - Politics (5) - Nairaland

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Re: Buhari Appointment Of Charles Soludo Makes Me Believe He Means Well For Nigeria by Babaken(m): 11:40am On Sep 17, 2019
MelesZenawi:
Please Soludo has nothing upstairs again to offer.


Nothing will come out of that committee.
confusion everywhere.
Re: Buhari Appointment Of Charles Soludo Makes Me Believe He Means Well For Nigeria by madridsta007(m): 11:50am On Sep 17, 2019
KingsCity:
Appointment Of Soludo Makes Me Believe President Buhari Means Well For Nigeria

Prof Soludo is one of those who should be president of Nigeria one day. He is an uncommon visionarie

It is only an uncommon visionarie who could have moved the minimum capital requirement for banks in Nigeria from 2 to 25 billion Naira. That is what Soludo did. And because of what Soludo did, any time the top 500 banks in the world is announced, Nigeria is sure to have some banks there.

Soludo as “Member” when he should be Charing that committee.
Do you know what a “member” does? Is a “member” a decision maker? You Buhari worshipers are clowns to be honest.
Re: Buhari Appointment Of Charles Soludo Makes Me Believe He Means Well For Nigeria by truthstands20: 11:52am On Sep 17, 2019
Why not appoint Soludo as Finance minister since you think he's good on economy.... total deceit. You appoint northerners on all the big positions but put Southerners on committees... what a disgrace! You don't accept advice from anybody... That's why Nigeria doesn't have any future under you. Out!
Re: Buhari Appointment Of Charles Soludo Makes Me Believe He Means Well For Nigeria by lowaist101: 12:10pm On Sep 17, 2019
we have said it for the umpteenth time that govt needs "Think tanks" to help in managing the affairs of govt with being influenced by politics!
Re: Buhari Appointment Of Charles Soludo Makes Me Believe He Means Well For Nigeria by Focusmind: 12:21pm On Sep 17, 2019
IGBOSON1:


Precisely!

I want him to focus on his bid to be the next Governor of his state! He's not like your typical desperate and greedy politician that will lose to an opponent and then want to scatter everything like the wicked woman before King Solomon! I like how -even as he lost to Obiano- he still supported his tenure for good 8 years! So he has paid his dues!

He is the best candidate for Anambra after Obiano. I would like to see how his economic agenda would affect the state. I want to see a technocrat become a governor in Nigeria. Forget all those people that claim technocrat - they are not ..

But Nigeria's political environment is just too complicated - even technocrats would struggle to make an impact - there are a lot of vested interests that stifle one's idea.

1 Like

Re: Buhari Appointment Of Charles Soludo Makes Me Believe He Means Well For Nigeria by grandstar(m): 12:26pm On Sep 17, 2019
Stillthebest:

Who told you that? Where's sam Aluko? Having first class doesn't make you the best. Sanusi is smarter than him.

Sam Aluko was an extremely incompetent economist. He was only "reknown" locally and that was by people who were not economists. A lot of his ideas were bunkum.

In 1994, Abacha appointed him as finance minister. Abacha actually had good intentions on hiring him. He felt that SAP economic policies introduced by Babangida had brought hardship to Nigerians and therefore appointed Sam Aluko who had always condemned SAP policies and had always urged for the implementation of contrary ones.

1994 was the test year of fresh policies. The first was the pegging the Naira at N22 to a $1 at the beginning of the year. This was actually the official rate of the Naira the previous year but it was actually unrealistic as the black market rate was closer to 40. I remember the day Babangida stepped down or aside in August 1993, I had enquired what the dollar rate was at CMS opposite First Bank probably where Tantalizer is today and I was told 37.50. N22 official exchange rate was therefore unrealistic. Lamido Sanusi said the official rate and the black market rate must never be more than 3%.

Signs that Aluko's policies were failing began to manifest by May 1994 when the Naira started losing N2 to the dollar weekly on the black market. By October 1994, it hit N80 to $1. It was at that point its depreciation stopped. By the new year or so, there was a new finance minster, the chartered accountant Anthony Ani, and was there for the remainder of Abacha's reign. Ani's most memorable policy was liberalising foreign investment into the country by allowing foreigners 100% ownership of business which the Indegnization decree had slashed to 40% in many sectors or even banned outrightly. I think he also opened the doors to foreign portfolio investment, allowing foreigners to invest in stocks, shares and bonds.

During Ani's tenure, fiscal profligacy was reined in and that brought stability to the Naira. It stayed N80 to a dollar from 1995 to 1998, until Abacha tenure ended through his death. When people talk of SAP's painful policies, they are actually referring to policies that weren't part of SAP such as Babangida's reckless spending and money printing which led to high inflation and to the continuous rapid depreciation of the Naira year after year under Babangida..

Aluko's 1994 performance was dreadful and should never be repeated. When Soludo left the Central Bank, he was feted globally and if I'm correct, even had employment from foriegn institutions. The same with Okonji Iweala and Ekwesili. Nothing for Aluko.

Aluko's policies were whack and to me and probably many others, would have been better off studying biology

Sanusi was a practical banker and also impressed. To say he was better than Soludo, is however a bit of a stretch.

Soludo made mistakes. His biggest was that he was taken to the cleaners by crooked bankers who deceived him about the dreadful state of their banks which Sanusi had to clean up with about N600bn.

That should have been death knell of Soludo but it did not. No economist is perfect. Alan Greenspan carries a big blame for the Great Recession by keeping lending rates too low for too long. By 2005, it was so obvious that US growth was primarily fueled by a credit boom. It shouldn't take a rocket scientist to know a meltdown was about coming.

Even Sanusi isn't perfect. The foreign reserves should have been like $80b if he did a good job but left the Naira quite strong for too long which made demand for foreign exchange much higher than it actually should. The IMF had warned the country to weaken the Naira as pressure was mounting on it due to the high demand for forex. Sanusi refused and spent about over $20bn over 2 years defending the Naira.

People advised Mike Tyson when he was still actively boxing to dump his promoter, Don King had a reputation of not delivering what the money he promised.

Mike Tyson replied that 10% of what Don King promised was better than the 100% of what others promised. Soludo did have his shortcomings, but at his worst, he'll still outshine many of the best out there.

The biggest legacy of Soludo was that he laid the foundation of the middle class through the consolidation in the bank industry and the rise of consumer credit. Lending rates fell from 40% to 18%. The days when Nigerian banks and insolvency could not be divorced were now gone. Dangote alleged the bank recapitalisation made him the mega tycoon he is today. That without it, he could never achieve the scale he has reached today. There's no better endorsement than that.

He could have performed much better had he been given bigger room. He wanted to end the Naira subsitution policy which Henry Boyo has been advocating for for years. This would have brought lending rates to single digit figures. You'll be able to take a bank load at less than 10%. Think what this would have done to the economy by now. Trust me, you'll never recognise it today

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Re: Buhari Appointment Of Charles Soludo Makes Me Believe He Means Well For Nigeria by Khaleell001(m): 12:27pm On Sep 17, 2019
The most dense people in here are the ones who can't see beyond tribal and regional lines of reasoning.
Buhari appointed Soludo who he feels can help but your tribal and distorted reasoning has blinded you bigots that you can't see anything good the man seem to do and you will complain that you are being discriminated.


I pity many of you.
Re: Buhari Appointment Of Charles Soludo Makes Me Believe He Means Well For Nigeria by CoolAmbience(m): 1:05pm On Sep 17, 2019
KingsCity:
Appointment Of Soludo Makes Me Believe President Buhari Means Well For Nigeria

Prof Soludo is one of those who should be president of Nigeria one day. He is an uncommon visionarie

It is only an uncommon visionarie who could have moved the minimum capital requirement for banks in Nigeria from 2 to 25 billion Naira. That is what Soludo did. And because of what Soludo did, any time the top 500 banks in the world is announced, Nigeria is sure to have some banks there.


Oga, I am from a town very close to Soludo's, which is in Aguata LGA. Fortunately too, I was in the banking sector at the same time Soludo was Governor of CBN.

Please, stop this unnecessary hype. Raising banks' capital base is nothing significant really. But for AMCON, several Nigerian banks would still have gone under, despite what Soludo did.

Abeg, make we leave matter. It is laughable though that it took Soludo's appointment into the Economic Advisory Team for you to realize that Buhari meant well.
Re: Buhari Appointment Of Charles Soludo Makes Me Believe He Means Well For Nigeria by biomedics: 2:42pm On Sep 17, 2019
Why was him not appointed to chair the committee or even deputize the chairman?.

How will his impact be felt as a member?

If were him I will reject that appointment immediately.
Re: Buhari Appointment Of Charles Soludo Makes Me Believe He Means Well For Nigeria by Insectkiller: 3:52pm On Sep 17, 2019
Soludo

Stale brain..

Nigerian economic team need more vibrant and dynamic person..not an old and already hungry hag like soludo..

#recyclingOfLeadersOnMyMind..

Naija will hardly move forward with recycling of dis old fo*old that can't change anything

shocked
Re: Buhari Appointment Of Charles Soludo Makes Me Believe He Means Well For Nigeria by tiger28: 6:18pm On Sep 17, 2019
Soludo and adeshina should run together on the same presidential ticket. Nigeria need sound and exposed Technocrats .....not these same old same uninspiring thieves

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Re: Buhari Appointment Of Charles Soludo Makes Me Believe He Means Well For Nigeria by oyatz(m): 10:39am On Sep 18, 2019
But MelesZenawi himself is a proud Igboman and a well known hater of the Yorubas.




selemempe:
because he is an igbo hater. His sole aim in this nairaland is to sow discord within the igbo camp.
Re: Buhari Appointment Of Charles Soludo Makes Me Believe He Means Well For Nigeria by babaolofin: 3:45pm On Sep 18, 2019
grandstar:


Sam Aluko was an extremely incompetent economist. He was only "reknown" locally and that was by people who were not economists. A lot of his ideas were bunkum.

In 1994, Abacha appointed him as finance minister. Abacha actually had good intentions on hiring him. He felt that SAP economic policies introduced by Babangida had brought hardship to Nigerians and therefore appointed Sam Aluko who had always condemned SAP policies and had always urged for the implementation of contrary ones.

1994 was the test year of fresh policies. The first was the pegging the Naira at N22 to a $1 at the beginning of the year. This was actually the official rate of the Naira the previous year but it was actually unrealistic as the black market rate was closer to 40. I remember the day Babangida stepped down or aside in August 1993, I had enquired what the dollar rate was at CMS opposite First Bank probably where Tantalizer is today and I was told 37.50. N22 official exchange rate was therefore unrealistic. Lamido Sanusi said the official rate and the black market rate must never be more than 3%.

Signs that Aluko's policies were failing began to manifest by May 1994 when the Naira started losing N2 to the dollar weekly on the black market. By October 1994, it hit N80 to $1. It was at that point its depreciation stopped. By the new year or so, there was a new finance minster, the chartered accountant Anthony Ani, and was there for the remainder of Abacha's reign. Ani's most memorable policy was liberalising foreign investment into the country by allowing foreigners 100% ownership of business which the Indegnization decree had slashed to 40% in many sectors or even banned outrightly. I think he also opened the doors to foreign portfolio investment, allowing foreigners to invest in stocks, shares and bonds.

During Ani's tenure, fiscal profligacy was reined in and that brought stability to the Naira. It stayed N80 to a dollar from 1995 to 1998, until Abacha tenure ended through his death. When people talk of SAP's painful policies, they are actually referring to policies that weren't part of SAP such as Babangida's reckless spending and money printing which led to high inflation and to the continuous rapid depreciation of the Naira year after year under Babangida..

Aluko's 1994 performance was dreadful and should never be repeated. When Soludo left the Central Bank, he was feted globally and if I'm correct, even had employment from foriegn institutions. The same with Okonji Iweala and Ekwesili. Nothing for Aluko.

Aluko's policies were whack and to me and probably many others, would have been better off studying biology

Sanusi was a practical banker and also impressed. To say he was better than Soludo, is however a bit of a stretch.

Soludo made mistakes. His biggest was that he was taken to the cleaners by crooked bankers who deceived him about the dreadful state of their banks which Sanusi had to clean up with about N600bn.

That should have been death knell of Soludo but it did not. No economist is perfect. Alan Greenspan carries a big blame for the Great Recession by keeping lending rates too low for too long. By 2005, it was so obvious that US growth was primarily fueled by a credit boom. It shouldn't take a rocket scientist to know a meltdown was about coming.

Even Sanusi isn't perfect. The foreign reserves should have been like $80b if he did a good job but left the Naira quite strong for too long which made demand for foreign exchange much higher than it actually should. The IMF had warned the country to weaken the Naira as pressure was mounting on it due to the high demand for forex. Sanusi refused and spent about over $20bn over 2 years defending the Naira.

People advised Mike Tyson when he was still actively boxing to dump his promoter, Don King had a reputation of not delivering what the money he promised.

Mike Tyson replied that 10% of what Don King promised was better than the 100% of what others promised. Soludo did have his shortcomings, but at his worst, he'll still outshine many of the best out there.

The biggest legacy of Soludo was that he laid the foundation of the middle class through the consolidation in the bank industry and the rise of consumer credit. Lending rates fell from 40% to 18%. The days when Nigerian banks and insolvency could not be divorced were now gone. Dangote alleged the bank recapitalisation made him the mega tycoon he is today. That without it, he could never achieve the scale he has reached today. There's no better endorsement than that.

He could have performed much better had he been given bigger room. He wanted to end the Naira subsitution policy which Henry Boyo has been advocating for for years. This would have brought lending rates to single digit figures. You'll be able to take a bank load at less than 10%. Think what this would have done to the economy by now. Trust me, you'll never recognise it today

So in 1994 Prof Sam Aluko was appointed the Minister of Finance? I am very sorry for the IBOs. Going through the junk you wrote, It reminded me of Prof ABC Nwosu defence of attack on Chief Obafemi Awolowo by Prof Chinual Achebe in his last book - there was a country. I can see why you are being chased out of Ghana and South Africa.
Re: Buhari Appointment Of Charles Soludo Makes Me Believe He Means Well For Nigeria by grandstar(m): 7:41pm On Sep 18, 2019
babaolofin:


So in 1994 Prof Sam Aluko was appointed the Minister of Finance? I am very sorry for the IBOs. Going through the junk you wrote, It reminded me of Prof ABC Nwosu defence of attack on Chief Obafemi Awolowo by Prof Chinual Achebe in his last book - there was a country. I can see why you are being chased out of Ghana and South Africa.

Don't make a mountain out of a molehill. He was actually appointed between August 1993 and December 1993 but can not state exactly the date. He was the finance minister when the 1994 budget was read. Also, the 1994 budget contained policies which were a sharp turn from the liberal economic policies pursued by Babangida.

I don't see any junk here. It is obvious you preferred his economic policies hence your grievance. Bunkum is the only word I have for Aluko's policies

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Re: Buhari Appointment Of Charles Soludo Makes Me Believe He Means Well For Nigeria by fregeneh(m): 11:33pm On Sep 22, 2019
d

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