Soludo's banking recapitalisation was good strategy but it was shabbily implemented
Even before Sanusi came in as CBN Boss, the N25Billion recapitalisation scheme was already failing. Before Sanusi came in, Sprink Bank was already in crisis arising from faulty implementation of the N25 Billion recapitalisation.
Soludo's CBN failed woefully in the regulation of the banks.The Bank CEOs had full freedom to do as they liked with depositors funds in a corrupt country. Kudos to Sanusi who came in to clear the mess.
Had it not been for his intervention, Banks like Afribank, PHB, Wema, Spring, Intercontinental,Union,Unity Bank would have been liquidated and the depositors, staffers as well as shareholders would have lost all, all together in terms of deposits, entitlements and investments respectively.
You can imagine the impact that the simultaneous collapse of 10 big banks would be on the Nigerian economy which is a weak and struggling economy.
However, what i am not happy with is the selective partial treatment applied by the CBN in the resuscitation process of the affected banks.
For instance, Afribank's shareholders lost their shareholding outright while the same criteria was not applied to other distressed banks whose shareholders still have their shareholdings intact not eroded. That was not fair.
Sanusi may have his faults as a Manager but he deserves encomiums for saving the banks from imminent collapse.
By saving the banks, he saved the deposits of the vast majority,over 90% of bank customers whose individual deposits are less than N50,000.00.
Soludo was a professor of economics, now we can see that his professorship was on paper.In real practice, his professorship failed.

Soludo is better. People thought the banks` consolidation exercise embarked upon by his team wouldn`t do Nigeria any good. However, that was the best thing that ever happened to our banking industry. He met structureless banking industry and left it a lucrative industry.

Sanusi seems not to know where he his going. He comes up with a policy today, tomorrow he reverses it. Aside the lose of job in the industry, investors are loosing money due to his inconsistent policies. For instance he banned banks from owing offsite ATMs. Investors borrowed money to procure the Independent ATM deployers lincense. He reverses the policy in less than 4 months. This is how those that borrowed money to procure the license became debtors to banks. Some of them had to lay off their staffs.

aribisala0:

Soludo is a Professor.

Where

Career
[edit]
Academia

Dr Soludo has been visiting scholar at the International Monetary Fund, the University of Cambridge, the Brookings Institution, the University of Warwick and the University of Oxford and a visiting professor at Swarthmore College (USA). He has also worked as a consultant for a number of international organizations, including The World Bank, the United Nations Economic Commission for Africa, and the United Nations Development Programme.[1][2][3][4][5]

Soludo is a core professional in the business of macroeconomics. He obtained his three degrees and then professorship at the University of Nigeria in Nsukka, Enugu State. He graduated with a First Class Honors degree in 1984, an M.Sc. Economics in 1987, and a Ph.D. in 1989, winning prizes for the best student at all three levels.[1][5][6]

He has been trained and involved in research, teaching and auditing in such disciplines as the multi-country macro econometric modeling, techniques of computable general equilibrium modeling, survey methodology and panel data econometrics, among others. Soludo studied and taught these courses at many Universities, including Oxford, Cambridge and Warwick. He has co-authored, co-edited and authored about ten books on this subject matter.[6]

In 1998 Soludo was appointed to the position of professor of economics at the University of Nigeria; the next year he became a visiting professor at Swarthmore College in Swarthmore, Pennsylvania, US.[1]
[edit]
Government

Soludo joined the federal government in 2003. Prior to his May 2004 appointment to the bank chairmanship, he held the positions of Chief Economic Adviser to former President Obasanjo and Chief Executive of the National Planning Commission of Nigeria.[1] In January 2008, in a speech to the Nigerian Economic Society, he predicted consolidation in the private banking industry, saying "By the end of 2008, there'll be fewer banks than there are today. The restructuring of the banking industry has been attracting funds from local and foreign investors, which have increased banks' ability to lend to customers".[7] He hopes to see Nigeria become Africa's financial hub,[8] and considers microfinance important to the federal government's economic policies.[9]
[edit]
Politics

In September 2009, Soludo announced his aspiration for the seat of the Governor of Anambra State, in the south-eastern Nigeria state's election of 9 February 2010.[citation needed]

On 9 October 2009, the People's Democratic Party (PDP) chose Professor Soludo as their consensus candidate for the position from a field of 47 candidates, after repeated attempts to hold elective primaries were stalled by court injunctions.[citation needed] However, his nomination was contested by 23 of the 47 aspirants, citing lack of transparency in the process.[citation needed]

After this initial rancour, 36 out of the 47 candidates, and several top shots[who?] of the PDP, affirmed their support for Soludo on Wednesday 14 October 2009.[citation needed] However, Soludo went on to lose the election to Peter Obi in an election which was largely considered free and fair according to major election observers.[citation needed] However, with the perceived solid performance of Soludo as the CBN Governor he remains a respected economic policy authority in Nigeria. Political commentators in urging an issue based election campaign in the coming 2011 election has called on aspirants to work with respected economists like Soludo towards an acceptable Economic Plan.[10]
[edit]
Publications
1992
"North-sorth macroeconomic interactions: Comparative analysis using the MULTIMOD and INTERMOD global models", Charles Chukwuma Soludo, Brookings discussion papers in international economics, Brookings Institution (1992)
1993
"Implications of alternative macroeconomic policy responses to external shocks in Africa", Charles Chukwuma Soludo, Development research papers series, United Nations Economic Commission for Africa, Socio-Economic Research and Planning Division (1993)
"Growth performance in Africa: Further evidence on the external shocks versus domestic policy debate", Charles Chukwuma Soludo, Development research papers series, United Nations Economic Commission for Africa, Socio-Economic Research and Planning Division (1993)
1994
"The Consequences of U.S. Fiscal Actions in a Global Model with Alternative Assumptions about the Exchange Regime in Developing Countries”, Ralph C. Bryan and Charles Chukwuma Soludo. Chapter 13 in David Currie and David Vines, eds., North-South Linkages and International Macroeconomic Policy, Cambridge: Cambridge University Press for the Centre for Economic Policy Research. (Brookings Discussion Paper in International Economics No. 103. Washington, DC: Brookings Institution, February 1994.)
1995
"Macroeconomic adjustment, trade, and growth: Policy analysis using a macroeconomic model of Nigeria", Charles Chukwuma Soludo, AERC research paper, African Economic Research Consortium (1995) ISBN 9966900268 ISBN 978-9966900265
1998
Soludo, Charles Chukwuma (1998). Macroeconomic Policy Modelling of African Economies. Acena. ISBN 9782114294.
1999
"Our Continent, Our Future: African Perspectives on Structural Adjustment", T. Mkandawire and C.C. Soludo, Council for the Development of Social Science Research in Africa, Dakar, 1999, in Journal of Sustainable Development in Africa, 1:2, 1999.
2002
"African Voices on Structural Adjustment: A Companion to Our Continent, Our Future", Edited by Thandika Mkandawire and Charles C. Soludo. At least three editions: IDRC/CODESRIA/Africa World Press 2002, ISBN 0-88936-888-0, 280 pp.; Paperback, ISBN 978-0-88936-888-0 Jan 2003; Africa World Press 2003, ISBN 0865437793
Okonjo-Iweala, Ngozi; Charles Chukwuma Soludo and Mansur Muhtar (2002). The Debt Trap in Nigeria: Towards a Sustainable Debt Strategy. Africa World Press. ISBN 1592210015.
2004
"The Politics of Trade and Industrial Policy in Africa: Forced Consensus", Edited by Charles Chukwuma Soludo, Michael Osita Ogbu and Ha-Joon Chang, Africa World Press (January 2004), ISBN 159221164X, ISBN 978-1592211647 (Also International Development Research Centre, ISBN 1592211658)
2006
"Potential Impacts of the New Global Financial Architecture on Poor Countries", Edited by Charles Soludo, Musunuru Rao, ISBN 9782869781580, 80 pages, 2006, CODESRIA, Senegal, Paperback

God punish criminal soludo.My money is still in savanah Bank

so ludo tried  with the mega bank that provided jobs for lot of guys but also over saw stealing by cecelia ibru,akinbola and other that stole our deposit giving false impression of growth loss making entity sunusi rescued our deposit only the job loses that pain me he could have follow the expand window stuff   to save jobs but those theifs must be in jail one trillion unsecured loan na bean

from the posts so far, soludo seems to be winning.

Soludo is a proffessor  of economics from UNN. Soludonomics is better than sanusislamic

MALLAM SANUSI LAMIDO SANUSI

Birth and education

Sanusi was born on July 31, 1961. His father was a Permanent Secretary in the Ministry of Foreign Affairs in the 1960s and his grandfather was Emir of Kano and Islamic Scholar, Alhaji Muhammadu Sanusi. Sanusi graduated from King's College Lagos in 1977 and studied at Ahmadu Bello University (ABU), Zaria earning a BSc in Economics in 1981. He then taught economics at ABU from 1983 to 1985.[1] He obtained a degree in Sharia from SUDAN.

He obtained his three degrees and then professorship at the University of Nigeria in Nsukka, Enugu State. He graduated with a First Class Honors degree in 1984, an M.Sc. Economics in 1987, and a Ph.D. in 1989, winning prizes for the best student at all three levels.[1][5][6]

anyone that goes to his daddys university and obtained ALL three qualification from the SAME school--- not ideal IMO

Abeg, wetin concern Soludo with savannah bank?

Just for accuracy and NOT to disparage the man. He IS not a Professor.

Those who believe he is should tell us where he is a Professor.
Perhaps there is a misunderstanding of what that means.
I do not know if he ever was but I know he is not NOW! If ever he was then the correct thing is former Professor!
A Professorship is not a chieftaincy title it STAYS in the institution.
A professor is a different matter,this is a term used in the US and some other places to indicate what in Nigeria is known as a lecturer.

So please tell  us which one he is and where?

I think it is safe to assume that when one uses the term professor e.g in resumes, in distinction to Professor especially for the consumption of American audiences one means lecturer in Nigerian parlance . A Chair or Tenure as it is called in America is a different matter. Did Soludo ever have a chair or tenure.

We must not confuse professor as used in the US to Professor in Nigera/British systems

afam4eva:

Abeg, wetin concern Soludo with savannah bank?

the courts ruled it was done in bad faith, and they should be given back their license!

does that mean Soludo had beef with the CEOs of those bank that went under during the recapitalisation period?

aribisala0:

Just for accuracy and NOT to disparage the man. He IS not a Professor.

Those who believe he is should tell us where he is a Professor.
Perhaps there is a misunderstanding of what that means.
I do not know if he ever was but I know he is not NOW! If ever he was then the correct thing is former Professor!
A Professorship is not a chieftaincy title it STAYS in the institution.
A professor is a different matter,this is a term used in the US and some other place to indicate what in Nigeria is known as a lecturer.

So please tell  us which one he is and where?

Do you want to deprofessor the man? Maybe we should start deprofessoring all other professors in Naija to score a point.

its only in Nigeria that someone who studied religious studies, Islamic religious studies for that matter - can become a CBN boss.

Regardless of how many years he has worked there, he doesn't know 1/10th of what those who passed through the academic ropes know.

you are free to score points.
It is a simple academic tradition understood by those who spent time in a real university
There is a reason why people are conferred with the title Emeritus Professor
What is important is that we follow the British system in Nigeria as opposed to the US system where all lecturers are "professors" and may mislead others in other countries when they say "I am a professor"

aribisala0:

Just for accuracy and NOT to disparage the man. He IS not a Professor.

Those who believe he is should tell us where he is a Professor.
Perhaps there is a misunderstanding of what that means.
I do not know if he ever was but I know he is not NOW! If ever he was then the correct thing is former Professor!
A Professorship is not a chieftaincy title it STAYS in the institution.
A professor is a different matter,this is a term used in the US and some other places to indicate what in Nigeria is known as a lecturer.

So please tell  us which one he is and where?

I think it is safe to assume that when one uses the term professor e.g in resumes, in distinction to Professor especially for the consumption of American audiences one means lecturer in Nigerian parlance . A Chair or Tenure as it is called in America is a different matter. Did Soludo ever have a chair or tenure.

We must not confuse professor as used in the US to Professor in Nigera/British systems

Omo, it is like you drank molten Zinc this afternoon. Why don't you start by telling us who gave you the name aribisala0? While, you are still on that prove to us that you truly live in Birmingham. And where is your Birmingham, is it in the UK or in Niger republic?

Get lost !Nebbish!

Amalaaba:

Please let Sanusi's tenure end before we condemn him.

For those who claimed that he is not qualified to hold the position, let not forget that he holds Bsc/Msc in Economics and BA/MA in Islamic studies.
By the way, the last FRB of USA Governor studied history in University.

It is grossly unfair that he is being accused of being Islamic fanatics for completing Islamic bank started by Soludo. Why are you not accusing Soludo of been Christian fanatics for removing Arabic inscription from our currency? Corruption (Financial/moral) in Banking was at its best during Soludo's regime, thereby creating so many paper manipulators.

It is easy to paint the other people black, because they belong to a different ethnic or religious group; that is apartheid.

By the way, i think Sanusi talks too much for my comfort.

What is Arabic inscription doing in our national currency in the first place? Is there any tribe in Nigeria called Arab.  Nigeria is comprised of three major ethnic groups and more than 200 minor ethnic groups. Nigeria is colonized by the British. English is our official language. So, whoever adopted Arab inscriptions in our national currency should be accused of religious fanaticism. Period!

Northerners were literate and still are in Arabic long before their southern counterparts learnt how to write.
The numerals 0123456789 are Arabic too or are they not?
The arabic inscriptions are the word forms of these numerals

They both had their merits and demerits.

Soludo consolidated the banking sector by increasing their capital base and creating more jobs. Yet he failed to tightly regulate the banks hence creating a hole that allowed for the likes of Cecilia ibro and co to steal and declare false profits to stake holders.

Sanusi also consolidated the banks by first identifying those banks with false portfolios, also the cashless policy which would halp leave alot of paper trail and check corruption, islamic banking as well which I think is a brilliant idea especially for young enterprenuers. His down side was that some of his policies has led to job loss.


If I were to pick my man, I would go with Lamido Sanusi Lamido. He comes across as a more honest man than Charles Soludo.

aribisala0:

Northerners were literate and still are in Arabic long before their southern counterparts learnt how to write.
The numerals 0123456789 are Arabic too or are they not?

Stop living in the past. Only fools do so. Today the north is the HQ of illiteracy in Nigeria and today and the future is what counts for the wise.

Are you a fool?

aribisala0:

Northerners were literate and still are in Arabic long before their southern counterparts learnt how to write.
The numerals 0123456789 are Arabic too or are they not?
The arabic inscriptions are the word forms of these numerals

I was about to point that fact out to those shouting about the arabic inscription on the naira note.

Nigerians know how to chase shadows.

That was how some idiot said the word "force" should be removed from the Nigerian police name as it comes across as being negative. And I said what about the armed forces?! as if the Nigerian police isnt a "force".

Arrant nonsense.

For those asking why we had the arabic inscription on the Naira note, maybe the next time you decide to argue, you would want to reember this;

I stil prefer Soludo cos of the jobs he created and many other good reforms. As for Sanusi, here is a man we all claimed is brilliant,he came into power scrap all atm outside banks and now preaching cashless economy,use of POS,atms for transactions. Does that portray brilliance? Eating what he has vomited

Okija_juju:

For those asking why we had the arabic inscription on the Naira note, maybe the next time you decide to argue, you would want to reember this;

Your problem is that you are living in the past. No one is doubting the contribution of Arabic to education and history. We are talking about its relevance today in our education system. Today as far as a education is concerned in Nigeria, Arabic is just a language that students learn in school.

English is the language for knowledge delivery in Nigeria and Boko Haram cannot change that. So, the only solution for northerners is to embrace English rather that sticking to the past. Arabic will never be a mainstream language in Nigeria. Soon it will only be used in mosques more like Latin is used in catholic churches.

Okija_juju:

They both had their merits and demerits.

Soludo consolidated the banking sector by increasing their capital base and creating more jobs. Yet he failed to tightly regulate the banks hence creating a hole that allowed for the likes of Cecilia ibro and co to steal and declare false profits to stake holders.

Sanusi also consolidated the banks [/b]by first identifying those banks with false portfolios, also the cashless policy which would halp leave alot of paper trail and check corruption, islamic banking as well which I think is a brilliant idea especially for young enterprenuers.[b] His down side was that some of his policies has led to job loss.


If I were to pick my man, I would go with Lamido Sanusi Lamido. He comes across as a more honest man than Charles Soludo.

If ever anyone thought you were not an aboki to the core, this your post here should settle it once and for all.

Let's analyze it a little.
Both consolidated banks, BUT
Soludo's CREATED jobs
Sanusi's LOST jobs.

Then you use the most insulting criteria (purely subjective without any sane, logical or scientific backing) to state that Sanusi is more honest.

Aboki, stand up and HANSA YA PAPA NAME! lol  

mpmp:

its only in Nigeria that someone who studied religious studies, Islamic religious studies for that matter - can become a CBN boss.

Regardless of how many years he has worked there, he doesn't know 1/10th of what those who passed through the academic ropes know.

Aganga studied Theology

Alistair Darling studied Law

Bia Onlytruth, hapu'm aka o!!  

If the loss of jobs is all youhave against Sanusi then I can understand.

But I repeat, what was Soludo doing when those CEOs of them banks were looting us dry and declaring false profits to shareholders?!

What was Soludo doing when Nigerian Banks were busy giving out loans to known defaulters with shaddy backhand dealings?!

How many corrupt banks/bankers were exposed under Charles Soludo?!

Where did Soludo make the money that he used to finance his Anambra State Guber campaign?!



Nna, its not an ethnic matter. I just like the honesty with which Lamido attacks issues. Even down to the Subsidy palaver.

I hope you are enjoying your tenure as Eze ndi igbo o!!

i wonder why people like being economical with the truth 4 as long as it serves them. Fact; soludo started the investigations into the activities of these dubious bank ceo's b4 his tenure expired & thus sanusi inherited the investigation & saw to its conclusion. Infact when soludo challenged d erstwhile min. Of finance olusegun aganga 2 a public debate when he(aganga) accused him of mismanaging the cbn while these ceo's wia bizzy playing, he said he had proof 2 shw he commenced the investigations.
Truth b told, they both have their feats, but it will b prematurre 2 start comparing both now, lets wait till the good mallam leaves office, we''ld knw d condition of our economy by then. & for those askng afta soludo's prof. Qualification, i guess u should head 2 UNN whch happens 2 b d inst. he posited that awarded him dt.

regulation of banks is not a function performed internationally by central banks generally.

The real function should be monetary policy which again should be a collegiate responsibilty and that is why CBN governors tend to be quiet ,conservative and largely anonymous.

It is not or should not be a political post and comparing two central bank governors is really an exercise in futility at least as far as monetary policy is concerned.Regarding the banking regulation,this should ideally be with another body entirely as is common elsewhere.