I received 19 threats for undertaking banking revolution – Soludo

6

A former Governor of the Central Bank of Nigeria (CBN) Prof Charles Soludo has narrated how he received death threats when he undertook some reforms in the banking sector.

Soludo, who is the Governor-Elect of Anambra state, said he received 19 written threats, including physical attacks for undertaking the banking revolution.

Soludo served as Governor of CBN from 2004 to 2009.

He disclosed this as a guest speaker at the first graduation day of students of the School of Politics, Policy and Governance (SPPG), founded by a former Minister of Education, Dr Obiageli Ezekwesili on Saturday in Abuja.

Soludo noted that disrupting the existing social order was dangerous, saying beneficiaries of the current order are powerful enough to organise and viciously fight back to protect their privileges.

According to him, with the objective to retain power within the context of short electoral cycles, politicians are afraid to undertake the necessary disruptive changes to guarantee long-term safety and prosperity for all.

The Federal Government recently backtracked on its decision to remove subsidy from petrol because of its likely backlash.

He said: “Oil is on its way out, but dismantling the decades-old debilitating institutions and politics around it won’t be a tea party. Nigeria is now at a fiscal cliff with a crunching solvency challenge.

“Youth unemployment, insecurity, poverty, inflation, etc threaten the social fabric. Migrating to a post-oil world of the 4th Industrial revolution and sustainable prosperity will require massive disruptive transformations and restoration of a productive social contract.

“Such disruptions will come at great costs, and could indeed be dangerous. It is not far to imagine what could befall serious disruptors. In Nigeria, we remember what happened to Murtala Muhammed, and the history books are replete with hundreds of examples of the inherent risks.

“At a personal level, undertaking the banking revolution in Nigeria came with 19 written threats to me and my family, including physical attacks. Disrupting the existing social order is dangerous. Beneficiaries of the current order are powerful enough to organize and viciously fight back to protect their privileges.

“On the contrary, the masses who are the ultimate beneficiaries are not organized enough to act as a bulwark against the special interests. As things stand currently, we are standing between the rock and the hard place. With the objective to retain power within the context of short electoral cycles, politicians are afraid to undertake the necessary disruptive changes to guarantee long-term safety and prosperity for all.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept