By Eugene Onyeji
Professor Charles Chukwuma Soludo, CFR is a man of profound intellect. A true homeboy that rose from rural deprivation and drudgery to the corridors of power; hobnobbing with the high and mighty, even presidents.
He is erudite, urbane, cosmopolitan and deftly discerning, but remains inextricably bind to the customs, traditions and mores of his town people.
He is a Nigerian economics professor and a former governor and chairman of the board of directors of the Central Bank of Nigeria (CBN).
Soludo was named central bank of Nigeria governor on 29 May 2004. He is also a member of the British Department for International Development’s International Advisory Group. He is currently a member of Economic Advisory Council (EAC).
Born on the 28th of July 1960. He hails from Aguata Local Government Area of Anambra State, Nigeria.
Academic Prowess
Soludo has always had a knack for being a scholar. On completion of his secondary school education, he proceeded to the University of Nigeria, Nsukka where he studied Economics.
Soludo obtained his three degrees and then professorship at the University of Nigeria in Nsukka, Enugu State.
Soludo graduated with a First Class Honours degree in 1984, an MSc Economics in 1987, and a PhD in 1989, winning prizes for the best student at all three levels.
Soludo’s brilliant mind and scholastics sense in the field of Macroeconomics has taken him on lecturing and researching spree both locally and Internationally.
He started his career as an academia quite early. In 1998, Charles Soludo became a professor of economics at the University of Nigeria, Nsukka, and in 1999, he became a visiting professor at Swarthmore College in Swarthmore, Pennsylvania, USA.
Soludo has been a visiting scholar at the International Monetary Fund, the University of Cambridge, the Brookings Institution, the University of Warwick, and the University of Oxford as well as a visiting professor at Swarthmore College (USA). He has also worked as a consultant for a number of international organisations, including The World Bank, the United Nations Economic Commission for Africa, and the United Nations Development Programme. Soludo is a core professional in the business of macroeconomics.
Soludo has been trained and involved in research, teaching, and auditing in such disciplines as multi-country macro-econometric modelling, techniques of computable general equilibrium modelling, survey methodology, and panel data econometrics, among others. He studied and taught these courses at many universities, including Oxford, Cambridge, and Warwick. Soludo has co-authored, co-edited, and authored a number of books on this subject matter.
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.
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 will 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.
On 16 September 2019, the President of Nigeria, Muhammadu Buhari, appointed Soludo as a member of a newly formed 8-member Economic Advisory Council (EAC) which would report directly to the President.
In all these assignments, Soludo showed capacity and delivered. In fact, his banking consolidation program is adjudged one of the most successful in the world. Not only did the Nigerian banking sector become the fastest growing in Africa and one of the fastest growing in the world, it placed the economy at the center of the global flow of financial capital, thereby making the Nigerian financial markets a major destination of foreign capital.
Politics
In September 2009, Soludo announced his aspiration for the seat of the Governor of Anambra State, in the south-eastern Nigerian state’s election of 9 February 2010. On 9 October 2009, the People’s Democratic Party (PDP) chose 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. However, his nomination was contested by 23 of the 47 aspirants, citing lack of transparency in the process.
After this initial rancour, 36 out of the 47 candidates, and several top shots of the PDP affirmed their support for Soludo on Wednesday, 14 October 2009. Soludo went on to lose to Peter Obi in an election which was largely considered free and fair according to major election observer.
However, with his perceived solid performance as CBN governor, Soludo remains a respected economic policy authority in Nigeria. Political commentators, while urging an issue-based campaign in the 2011 election, had called on aspirants to work with respected economists like Soludo towards an acceptable economic plan.
On 17 July 2013, Soludo resigned from the People’s Democratic Party after writing a letter to the National Chairman of the party, Alhaji Bamanga Tukur. He later joined the All Progressives Grand Alliance in preparation for the November 2013 governorship race in Anambra state. In mid-August 2013, he, along with five other qualified aspirants, were disqualified by the APGA Screening Committee. In 2013, he made another attempt at the governorship, but on the platform of APGA. He was not even allowed to contest the primary election. APGA leaders rigged him out of the contest even before the commencement of the primaries.
In February 2021, Soludo officially declared his intention to run for the position of Governor of Anambra State under the banner of APGA, his third attempt at the governorship of Anambra State.
His People’s Manifesto
The strategic document contains the grand vision of Soludo, for the people of Anambra.
According to Soludo’s media handlers, the ultimate end point of the document is to conscientiously transform Anambra State into a “livable and Prosperous homeland” where one can invest, work, live, relax and enjoy.
“These are the utmost key desires in life: a place where the world will come to invest as the ultimate investment destination in sub-Sahara Africa; a place you can find jobs and work peacefully and happily; a place to live with all the amenities that will make life meaningful which will ultimately be provided; and a place to relax and enjoy your life to the fullest without any form of harassment or molestation from anyone”
“This is what the ‘People’s Manifesto’ is all about. A transformational document, simplified, actionable and implementable with the people’s support, put together by Cee Cee Soludo”, an aide to the former Central Bank of Nigeria (CBN), told our correspondent.With his clear-cut and well-articulated manifesto which he predicated on four distinct pillars – Economic transformation of Anambra as the next technology and leisure hub; Social agenda for education, youth, women and vulnerable groups; Governance, rule of law and value system, which will be public-sector- driven with new governance system and rule of law that discourages get rich-quick and unearned income et cetera, and Environment, clean, green, planned sustainable cities and markets – Anambra will blossom.
His critics
Soludo is probably the only candidate in the governorship election in Anambra State who is without reproach. But like a cockroach that must lose its innocence at the gathering of fowls, he is guilty in the congregation of political rivals.
Soludo is roundly assailed by furious criticisms most of which unfounded, but necessary perhaps in whittling down his support base. Initially the attack was hebdomadal, but has increased to a daily routine possibly to invalidate his chance of winning the oncoming governorship election in the state.
Some of the criticisms though expected are as spurious as the charge of arrogance is risible.
First, Soludo is not arrogant. He has no reason to be. He is brilliant, yes, admittedly confident. The charge of arrogance is ludicrous and does not define his person. Except for reasons of politics, those who have followed him since his governorship aspiration few years back will hesitate to call him arrogant.
Arrogance connotes indiscipline and even defiance, neither of which describes the man. For Charlie nwa Mgbafor who received few privileges in life and had most of his accomplishments derived from personal exertions, arrogance hardly fits. He might be confident of speech, gait and action, but the charge of arrogance simply does not sit well with him. It takes more than brilliance to stay the course of banks consolidation and the many consultations he has rendered to institutions across the world. The proudly contemptuous hardly pay sedulous attention to anything, they walk out in a huff most of the time.
Publications
Every professor has publications to his/her name, it is one of the hallmarks of being a veteran professor. Same can be said of Charles Soludo, in addition to the numerous publications in his name, he has also co-authored and authored numerous books.
Awards And Recognitions
Being an erudite professor and a savvy economist sure confers honor on you, and Professor Soludo has been honoured severally. A list of some of the awards and recognition he has received includes: Red Cross awards for his contributions to the development of the society – 2018.
The Banker Magazine published by the Financial Times of London named him the Global and African Central Bank Governor of the Year – 2005, 2006 and 2007
Global Banker’s Award in London – 2006
Financial Times of London named him a Great Reformer.
A Philanthropy
Soludo devoted his time, resources and labor to provide educational and economic opportunities for the indigent,downtrodden, and forgotten. So many people, especially, from his hometown have benefited from his philanthropy.
It was in gratitude for what he has done for them that the people of Isuofia led by their king honored Chukwuma Soludo. Therefore, on August 14, 2021, Isuofia, literally, came to a standstill, a celebratory standstill, as the king, His Royal Highness, Igwe Moghalu of Isuofia, a retired colonel in the Nigerian Army, conferred a chieftaincy title, Dike-Udo Isuofia, on Soludo.
The title, which means the Mighty Man of Peace of Isuofia, was conferred on him in recognition and appreciation of his service to his people and community and enormous contribution to their wellbeing and progress.
Professor Soludo’s impact on the economic status of Nigeria, especially during his tenure as Governor of CBN cannot be forgotten in a hurry. He remains a highly sought-after economist across the globe.
Soludo has been tested and certified not only in Nigeria but in his own state Anambra. With his win, Anambra is poised for political and economic advancement.
More than anything, APGA has prove once again that they are truly stonghold in Anambra politic. And the memory of Odumegwu Ojukwu, the founding father will continue to rest in peace.