Governor Charles Soludo of Anambra State has recounted his experience spearheading the consolidation policy of the Nigerian banking system, describing it as a dangerous war. Soludo, who served as the governor of the Central Bank of Nigeria (CBN) from 2004 to 2009, detailed his challenges during this transformative period.

The consolidation policy aimed to reduce the number of banks and other deposit-taking institutions while increasing the size and concentration of the consolidated entities in the sector. This often involved mergers and acquisitions, resulting in fewer but larger and more robust institutions.

Speaking at the launch of a book titled “Power of One Man: How the Soludo-Engineered Consolidation Transformed Nigerian Banks to Global Players,” Soludo shared his harrowing experiences, including threats and attacks that led his family to exile.

Soludo said, “Let me start with a disclaimer: I have not read the book. My gratitude goes to the author of this book, and I appreciate my incredible team. I also thank the Nigerian stakeholders for their massive support because it was like a revolution; today, we are celebrating the possibility of Nigeria.”

He highlighted the lasting impact of the consolidation policy on the Nigerian banking system, noting, “The revolution changed the Nigerian banking system forever. As a leader, you must be self-sacrificing and ready to pay the price to avoid personal interest.”

Soludo emphasized the policy’s success by pointing to now-giant institutions like Access Bank and Standard Trust Bank. He concluded, “The major message today is the revolution for the banks themselves, who are now giants. What is stopping and limiting us from developing is our mindset. If we can dream it, we will achieve it.”