Does Nigeria Deserve Chukwuma Soludo?
Lawrence Chinedu Nwobu

Sometime ago I wrote an article titled Nigerians deserve the prevailing madness. In that article I had tried to explain how Nigerians are indeed their own worst enemy by constantly sacrificing merit and exalting mediocrity. The ongoing Chukwuma Soludo saga and the attempts to rubbish and humiliate a man who is an achiever, a progressive thinker and undeniably the best central bank governor in Nigeria’s history, widely acknowledged and respected the world over is a testimony to the Nigerian tragedy of rubbishing and destroying merit.

The train towards our current dilemma of mediocrity and a mentality that abhors progress started in 1957 when the progressive camp of Nigerians asked for independence. The North opposed it for primordial reasons and as a consequence delayed independence for another 3 years. Since then, the line between the progressives who favour radical revolutionary change and those who prefer the unprogressive status quo has increasingly become manifest. Professor Chukwuma Soludo is no doubt a victim of the unprogressive camp, that  has historically abhorred ambition, creativity and change. This same group has ensured by blocking any move towards true federalism, that the rest of Nigeria continues at their own pace

Nigeria presents a challenge which only a dynamic, determined, courageous, and  progressive thinker can solve. But sectional  ethnic interests which has remained in conflict with each other has continued to muzzle any such dynamic individuals geared towards radical change. It has resulted in mediocrity, and encouraged the resort to witch hunting those who ordinarily would be celebrated in other climes. It would thus  be difficult to separate the ongoing Professor Chukwuma Soludo saga from the politics of a sectional interest group and political cabal. Professor Soludo is Nigeria’s equivalent of the legendary Alan Greenspan, America‘s erstwhile and very successful Governor of the Bank of America. Against a massive campaign by interest groups determined to maintain the status quo, he courageously oversaw the recapitalization of Banks which ended an era of weak and frequently failing banks engaged in “corporate 419” as they frequently made off with depositors funds.

He also among other critical reforms, re-organised the Nigerian security printing and minting which for the first time in its history succeeded in printing all currency locally. The sum total of his banking reforms has heralded an era of unbelievable confidence in the financial sector which has created an unprecedented boom in stocks and shares and  stabilised the exchange rates of the Naira against other international currencies. His style of leadership has brought a professionalism, talent and  creativity rarely seen in our clime.

His recent announcement of a strategic agenda for the Naira which proposes to bring the Naira at par with the dollar, has predictably brought out all shades and manner of vultures  ready to sink their talons into the heart of  an acknowledged progressive thinker and reformer. Some of them have in the process sought to remind us, in a bid to destroy his legacy out of  both  jealousy and sectional witch hunting, that neither the recapitalization nor the currency redenomination  are originally his ideas. Isn’t it revealing that those who opposed both the recapitalization and proposed redenomination are now telling us the ideas are not originally his? No doubt because they loath the success of the recapitalization and are afraid of the potential success of the redenomination exercise. This indeed is enough proof of their intentions

Nigerians have never lacked any ideas on how to effect positive change and move the nation forward. What has always lacked is the political will and courage to implement them. In the same vein, the banking reforms necessary to overhaul the banking system was never a secret, what lacked as always was someone with the professionalism, courage and zeal to damn the odds and carry it through and professor Soludo happened to be that man.

Professor Soludo is  human and could have made mistakes, but that cannot and should not take away the fact that he is a daring, committed and determined professional who has worked tirelessly for the benefit of an ungrateful nation. What i see in the present attempts to rubbish and humiliate him for daring to propose bold new initiatives for the Naira is the same penchant that has seen us destroying achievers and exalting mediocrity which has contributed in grounding us in perpetual poverty.

For someone who has demonstrated so much patriotism, and achieved so much, whatever mistakes he made could have been quietly addressed  within government circles. The air of arrogance and hostility reminiscent of military regimes which the supposedly learned   attorney general demonstrated in his announcement on the Naira policy is a disgrace totally uncalled for. It is indeed another reminder of the mental inferiority of Nigerian leaders, no matter how learned, easily abusive and carried away by the trappings of power.

Were Soludo to have been an American or European he would have been appreciated,  and celebrated  for his professionalism and commitment to positive change. Alan Greenspan spent more than 2 decades as the helmsman of the bank of America. During that period mistakes were made, there were downturns in the economy and there were some policies that were reversed after re-evaluation, yet because of his acknowledged professionalism, several regimes on both divides of the political spectrum retained him until he retired recently.

The consequences of Nigeria’s penchant for  rubbishing talent and professionalism would result in increasing brain drain, and discourage those who have positive ideas from initiating them. It is a safe bet,  that the interest groups on Soludo’s trail are already preparing someone from their ethnic group to take his job, not out of merit, but out of a tragic ethnic rat race, and primitive  quest for domination which is responsible for the legacy of  Nigeria’s historical misrule and arrested development.

If I were Soludo, I would resign and go away from  an ungrateful nation that is a perfect reflection of John Conrad’s “heart of darkness.” He has won many international awards and is acknowledged and respected worldwide.  International financial organisations would fall over themselves to have him in their stable. Soludo is a made man, he does not need Nigeria,  Nigeria needs him. Until the day Nigeria and Nigerians begin to respect true patriots committed to bringing the change we all yearn for, he and his likes should quit the jungle and leave the unprogressive ethnic vultures to feed on the carcass of their long dead nation.  

Comrade Lawrence Chinedu Nwobu
Lawrencenwobu@yahoo.com

Robot  Villager

# 1 If I were Soludo, I would resign and go away from an ungrateful nation that is a perfect re...Read the full article. Posted by Robot| 26.08.2007 23:12

ocnus  Villager

# 2 Professor Saludo is a very competent and dedicated man, who has contributed to Nigeria's economic success. However, one might ask why he used his contacts in security printing to assist Maurice Wuruwuru in printing and storing the ballots for the last election with South African security printers? Surely this was not part of his challenging economic remit. Posted by ocnus| 27.08.2007 04:22

britroyal1  Villager

# 3 You have hit the proverbial nail on the head. Nigeria does not know a good thing even when it is right at the bridge of her nose. Soludo is not the first acute mind to be rubbished by Nigeria, look at what they did to Okonjo Iweala who left a plum job a the world bank. What is ironic is that while Nigeria(ns) treat their indigenous heroes like crap they extol foreigners who are essentially in Nigeria to garner as much wealth for themselves as they can and thereupon leave us to stew in our own juices. What is also ironic is that Nigerians would not appreciate the efforts of these brilliant professionals but would sit quiet in trepidation when a useless illiterate takes the helm of affairs. Sad really. Posted by britroyal1| 27.08.2007 09:47

OSIBINAEBI  Villager

# 4 The crunch of the case is that SOLUDO arrogated powers to himself. For whatever good it brings, it was a slap on the face of govt for him to brazingly make a monumental change on the naira value without the know how of the presido!! and i for one still see okonjo Iweala as a stooge from the world bank, so guys should not even try to draw a parallel here between soludo and iweala Posted by OSIBINAEBI| 27.08.2007 09:55

teebee  Villager

# 5 A prophet is certainly not without honor except in his own country and among his own people. Soludo is not necessarily a prophet to this country, but he certainly has much to offer and he has been actively at work dispensing this. Whether there is any truth to the claim that he has harbored selfish ambitions or been arrogant in his pursuits, he has nevertheless pursued policies that are indeed progressive and potentially economy improving. I agree wholeheartedly with the article. In Nigeria it could not be more true that men's evil deeds are written in brass and the good ones on water. When people are right no one remembers, when they are wrong, no one forgets! To be sure there are people who will never be excited about anyone in any position of authority, unless they are there themselves. If someone is elected, they say it was rigged. If the individual is appointed, they yell out, he was not elected. To the rhetoric question posed, let me imagine an uncalled for answer: Yes and No. Yes because he is a Nigerian and it should always be an honor for any individual regardless of how gifted or learned to serve the fatherland. No, if he has to serve in a position of ridicule, continual embarrasment and interference by "higher powers", not because the nature of his job demands this but because of pathetic political bickerings and plain unlearned criticism by people who cannot appreciate the fact that he has a difficult job which needs patience and continued public confidence, before we can determine a policy initiative in his sphere of influence has failed, and who based on this faulty reasoning, call for his head. Professor Soludo has a pretty good BATBH (Best Alternative to Being Humiliated) and if the present administration on the advice of political miscreants is determined to push, he should rather jump. Posted by teebee| 27.08.2007 10:57

Enforcer  Villager

# 6 =OSIBINAEBI;202811>The crunch of the case is that SOLUDO arrogated powers to himself. For whatever good it brings, it was a slap on the face of govt for him to brazingly make a monumental change on the naira value without the know how of the presido!! and i for one still see okonjo Iweala as a stooge from the world bank, so guys should not even try to draw a parallel here between soludo and iweala OSIBINAEBI, It appears you trust the statement of the AG/Yar'Adua. Don't forget its Nigerian politicians (fraudsters) we are talking about. Posted by Enforcer| 27.08.2007 11:01

Caeser  Villager

# 7 Good job Comrade Nwobu. Another masterpiece from the stables of sanity and realism. May God protect us from these pathologically stupid northerners, whom after near forty years in power have only backwardness, poverty and illiteracy to show for it. Unfortunately, Mr. Yaradua that we reluctantly believed- that being a graduate- would shine some light into the extremely clouded, darkened, muddied and mischievious collective psyche of the these 'animals' that the British-may God forgive them- so wickedly yoked us together with, has started to toe the lines of his forebears. Fortunately for all of us, a new wind of nationalism is blowing through the South east. The clouds of subjugation, marginalisation and apartheid, Igbophobia that for decades had darkened the rising sun of the east is gradually being dissipated. Very soon we will not have reason to complain about the imbecillic and murderous Northerners and their policies of retrogression and vindictiveness. Just wait and see........ In my opinion, Soludo should stay put. If anybody should resign, it should be the flatulent AG whose announcement read like a declaration of war on the hapless Soludo. He has just exposed an emptiness and blatant disregard for civility never before seen in any of the occupants of that exalted office of the Attorney General. Even the AGs during successive military regimes were not this belligerent. Being a lawyer, SAN and the attorney general this guy should have known better than running to press with an announcement without investigating facts. If we have friends like this , who needs an enemy.........:mad: Posted by Caeser| 27.08.2007 11:45

Son of the Delta  Villager

# 8 Soludo is an icompentent C.B.N. chief.The president even suppose to sack him.How on earth could Soludo approve the printing of higher denominations only to come and say he would scrap the notes he printed a few months ago.When he printed the Naira he forgot to put the Naira sign! What a chief banker!Is he brain dead or what? The south is more responsible for Nigeria`s woes and not the North as some of you try to imply. Posted by Son of the Delta| 27.08.2007 12:03

edoji  Villager

# 9 A disturbing signal in emerging from President Umaru Yar'Adua. UMY might be "honest", but two events so early in his presidency is quite troubling. 1. The manner in which he attempted to whittle down Ribadus' Powers. 2. The hummiliation of Soludo. The signal appears to be of a man whose heart is not entirely with what his agents are doing, but lacks the guts to caution or indeed, sack them. Posted by edoji| 27.08.2007 12:34

odenigwe  JJC

# 10 This is arrant nosense. Prof. Soludo needs Nigeria and not vice versa. No one is indispensible, not in a country like Nigeria where a thousand substitutes or replacements exist for any individual. He has displayed arrogance not expected from a man in his poistion. Posted by odenigwe| 27.08.2007 14:42

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