By Olusegun Olanrewaju
The familiar refrain from his ardent admirers is that whenever Chukwuma Charles (C.C.) Soludo, a university professor and former governor of the Central Bank of Nigeria (CBN) speaks, everyone listens.
The debonair and eminent academic described as one of the finest economic thinkers of his generation was recently hailed by a leading national daily for the analytical vigour and fervour with which he usually x-rays issues.
The coast to the government house in Awka now appears secured, even though the last hurdle to be cleared will come from Ihiala, where irregularities were alleged.
Soludo is at best put on the radar, as the newest state governor in town. For years, he has been known to be very vocal on pressing national issues, especially ones bordering on the economy, finance, and the technological.
And on the occasion of his being voted in as the next governor of a tension-soaked state, his traducers too will, no doubt, have a swell time looking for where to dig into his administration, it is feared.
While many have praised Soludo high, branding him as an egg-head, a ‘realistic’ theorist, and a good manager of resources, others like the former managing director of the World Bank, now Director-General of the multilateral alliance, World Trade Organisation (WTO), former Nigerian Finance Minister, Dr Ngozi Okonjo-Iweala, in a season of diatribes, tagged the man of the moment “the worst CBN governor ever”.
It is not known whether the powerful driver at the apex world trading institution still holds the view. Many, indeed, are eagerly waiting for him to become a member of the unique class of Nigerians, the type the nation currently needs, as DO-thank, not THINK-tank.
Critics accuse him of being too silent during the ex-President Goodluck Jonathan administration. Some even accused him of being part of the ‘intellectual economists with a robust appetite for analyses and modelling, without corresponding action.
But supporters say that, but for the hard-horned economist, Nigeria would probably not have survived the economic headwinds that blew across the world between 2006 and 2008, that even nearly brought countries like the United States, United Kingdom (UK), and most of Europe, to their knees.
According to them, the former CBN helmsman “cannot be faulted by an informed person”. They said, notwithstanding the poor fiscal regime that prevailed that time, Nigeria was able to withstand the tsunami that pillaged most economies that period, and the poor fiscal regime prevailing in the country at that time.
They lauded Soludo for the ‘financial wizardry’ that ensured stability in Nigeria’s economic system through the mastery of applications of monetary policy, the guru of an economist’s familiar turf.
Soludo, a macro-economist, and econometrician earned his national plaudits with the rescue of the nation’s economy with his hard-won policy of banking consolidation in 2005 when he set, in 2005, N25 billion as the minimum capital base for any bank and reduced the number of banks from an unwieldy 89 to 24 viable financial houses that enhanced the national economy.
He joined the Federal Government in 2003 as the Chief Economic Adviser and Chief Executive of the National Planning Commission of Nigeria to former President Olusegun Obasanjo.
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On September 16, 2019, President Muhammadu Buhari appointed Soludo as a member of a newly-formed eight-member Economic Advisory Council (EAC) which would report directly to the President.
Political career
Soludo’s foray into the political space began in 2009 when he announced his aspiration for the seat of the Governor of Anambra State. On February 9, 2009, the Peoples Democratic Party (PDP) chose Shim as their consensus candidate for the position from a pool of 47 candidates, after repeated attempts to hold elective primaries were stalled by court injunctions.
Soludo’s nomination was contested by 23 of the 47 aspirants, who cited a lack of transparency in the process.After this initial rancour, 36 of the 47 candidates, and other bigwigs of the PDP affirmed their support for Soludo on October 14, 2009. However, Soludo lost to Peter Obi in a free and fair election, according to major election observers.
However, he remained a respected economic policy authority, urging issue-based campaigns in the 2011 election. On July 17, 2013, Soludo resigned from the PDP after writing a letter to the National Chairman of the party, Alhaji Bamanga Tukur, before later joining the All Progressives Grand Alliance (APGA), in preparation for the November 2013 governorship race in Anambra State.
In mid-August 2013, he was disqualified with five other qualified aspirants by the APGA Screening Committee. In February 2021, Soludo officially declared his intention to run for the governorship of Anambra State under the banner of APGA.
CLO urges Soludo, APGA to be magnanimous in appreciating his opponents
On March 31, 2021, unidentified gunmen disrupted an interactive session between Isuofia youths and Soludo at the town’s civic centre, leading to the death of three police officers.
Widely cherished by Ndi Anambra, Soludo was the APGA candidate in last Saturday’s governorship election again.
He hails from Isuofia in Aguata local government area in Anambra South Senatorial District. Experts say he won the election with his commendable professional experience and the backing of power of incumbency by the outgoing Governor, Willie Obiano.
CLO urges Soludo, APGA to be magnanimous in appreciating his opponents
