R-E-V-E-A-L-E-D: Battle for Soludo’s job hots up
Lanre Oyetade, Group Business Editor - 22.02.2009

HIGH-WIRE politics, a slush fund of about a N100 million for media campaign and character assassination have all been set in motion to see to the exit of Chukwuma Soludo from the Central Bank of Nigeria (CBN).


Sunday Tribune gathered that the plot, which is being described as “extreme warfare” in banking circles, is to ensure that Soludo does not have a second term of five years as governor of the apex bank.


The plot against him, according to Sunday Tribune findings, is being funded by those in political and financial circles who have lost positions and wealth through policies put in place by the governor in the last four years.


It was also gathered that the Presidency is already divided on the pros and cons of pushing Soludo out at this moment of global economic meltdown, more so, since he is among those picked to revive the economy of the world.


While a group believes that Soludo has outlived his usefulness, while also accusing him of being arrogant, there are those who praise him for not only restructuring the banking system but for also providing government with clear-headed advice on the economy.


Sunday Tribune also gathered that to perfect a media onslaught against the CBN governor, a meeting took place at a location in Ikoyi in December 2008 where a N100 million media campaign was agreed to.


Among those being penciled down to replace Soludo are the recently removed minister of finance, Shamsudeen Usman and Ngozi Okonjo-Iweala, a former finance minister and a World Bank director.


Before the latest onslaught, Soludo has had some battles with the Federal Government over his alleged independence. He first ran into troubled waters over his planned redenomination of the naira, a move that was reversed by the president; he was also queried over his role in the formation of the African Finance Company (AFC) which was allegedly done in violation of due process.


A panel set up by the Attorney General and Minister of Justice, Mike Aondoakaa, probed the matter and made a report to the Federal Government. The report of that panel has not been released thus, fuelling speculations that a no case submission has been found against him, especially since the AFC is still in operation.


Notable bankers contacted refused to comment openly on the travails of Soludo. One said it was “high-wire politics”, adding that “these highly-placed people and their media executioners should leave President Yar’Adua alone to take his decision. Just imagine what is happening. Because they want this man out they are spreading all sorts of rumours, saying that our banks are dying - even banks that are declaring profit and paying dividend.


“They are sending text messages to cause confusion, even using some otherwise well-respected bodies to trigger runs on some banks, just because they feel this man must go. These people causing all this trouble are few in number and they are self-serving. We all know the aim of this. It is simply to discredit what Soludo has done and return to the era of political banking. But the sad thing in all this is that they are prepared to pull down the entire system because of their selfish interests.”


A commissioner in Oyo State also said, “it is only in Nigeria that people who work genuinely and show great promise are easily hounded out by greedy cliques. I don’t think it is a question of saying Soludo has not performed, it is rather unfortunate that people are just raking up things to ensure that he is not re-appointed. And I ask, how many governors have done what he has done? Besides, whether you agree with Soludo or not, you cannot fault the fact that the man knows his onions. President Yar’Adua can’t afford to start toying with the CBN in the midst of the present economic crisis.”


He warned: “The rate we are going, the banking system may be dragged into unnecessary crisis, making the economy and the entire political system to pay dearly for it.”


When reminded that critics blame Soludo for the current economic crisis, he retorted, “that is stupid! Who in the whole world does not know how and when the global crisis began? Was it Soludo that started it? Was it Soludo that said Nigerians should not export enough to earn foreign exchange and support the naira? Did they sack the Governor of the Central Bank of Ghana when the Cedis was 10,000 to the dollar? Now, just imagine what would have happened if we had those kinds of dead banks we had before consolidation, this economy would have completely collapsed and it would have spilled over into the polity. We take these things for granted now because Soludo’s foresight saved the situation.”




http://www.tribune.com.ng/22022009/news/news1.html

only in naija

May the best man win

Muza:

May the best man win

Pease what do you mean by that ?

sorry, is Yaradua the best man ?

Just asking.