Almost everybody, it seems, has Chukwuma Soludo story to tell, both credible and jaundiced. It’s not for nothing. But none will disagree with his obvious brilliance, emotional intelligence and desire for public service. He has this Corinthian spirit that he brings to bear on his job. As many bankers and policymakers will tell you, there’s something in Soludo’s personality that is visionary. I believe this was evident in the most important job he occupied before his foray into politics, that of the Governor of Central Bank of Nigeria
(2004-2009). The capstone achievements he made were remarkable, arguably more than any of his predecessors. It makes sense to restate the critical elements of these accomplishments: they are steeled in leadership and vision. One which even an incurable critic would not forget was the banking Consolidation exercise which reduced the number of Money Deposit Banks in the country from 89 to 24. At the end of the exercise, which was initially considered ‘crazy’ and a terrifying risk that scared the bejesus out of many shareholders and bank CEOs, banks capitalisation was raised from N2 billion to N25bn. At that time, that was a truckload of cash. The truth is that Soludo is somewhat a genius for spotting innovations. You need to have that commanding self-confidence as he did to know what the next big thing is, and the sheer nerve to pull the trigger on it. And, in hindsight, Soludo was prescient to do what he did through the Consolidation of the banking sector.
Years have rolled by since then. And, surely, things would have been much worse for the banking industry if Soludo had not come on the driving seat at CBN and steered the course. I have gone this far to paint his canvas at CBN to show what it takes to have a superb idea’s man at the helm of the financial sector of the economy. It was unfortunate that he was not reappointed for a second term as CBN helmsman. But, looking back, perhaps it’s true to say that ‘every disappointment is a blessing’. Now, fast forward to Soludo foray into the murky waters of politics. After his first failed attempt to be an elected governor of Anambra state in 2010, on November 6, 2021, he trounced other candidates to emerged as democratically elected Governor. It was a landslide victory, having won in 20 Local Government Areas, out of the 21 LGA of the state.
The atmosphere that followed his declaration as Governor-elect by the Independent National Electoral Commission (INEC) was ecstatic. Messages of congratulation that cut across party lines poured in. Anambra was aglitter. Except for the sarcastic sneer of few APC supporters, and its candidate, Sen. Andy Uba, Anambra electorate believed their votes indeed counted. Till today, the excitement and optimism of Soludo’s victory is still in the air, even beyond Anambra state. Eight days to his inauguration, March 17, expectations are high despite the pervading insecurity in some parts of the state. No candidate on the campaign hustings promised as much as Soludo did. He said he would make billionaires out of many, and the state as good to behold as Dubai. All things are possible, isn’t it? After all, he says he’s the ‘Ijele’(the big masquerade) Ndi- Anambra are waiting for.
And yet for all the sparkle, and for all of Soludo’s tremendous personal popularity and amazing talent and accomplishments, the best, the brightest, and even the smartest of his class, I fear for him. And you ask: what? It’s his proclivity for ‘unforced error’. If recent report was anything to go by, the erudite Professor seems to have thrown away the playbook used to recruit political appointees. About a month ago, a statement that allegedly emanated from an ‘Executive Director’ from his Inauguration Transition Committee, on behalf of the Chairperson, Dr. Oby Ezekwesili, asked indigenes of the state wishing to serve in Soludo’s government to apply for various political positions through s portal provided online www:anambratalent.ng. The applicants, the statement said, would go through a written test and oral interview. The exercise, the statement stressed, is aimed to attract “problem-solvers with passion, competence, capacity and integrity who are interested in joining a team of other selfless public servants to build a livable and prosperous state”. By the time the deadline elapsed February 28, about 17 million Anambra indigenes were reported to have applied.
This, as stated, is against known norm. The questions are: who did it? The Inauguration Transition Committee, acting on the approval of the Governor-elect, or someone trying to sully the reputation of Soludo before he takes the mantle as Governor? Or was he trying to know how many people are desperate for political appointment? Or he just wanted to be uniquely different? Perhaps realizing that there is no ex post facto to justify what it purportedly did, and lacking ex professor, the Transition Team swiftly issued a statement denying that Soludo authorized or requested any application for political appointments. According to The Guardian of February 22, the Transition Committee “has not denied authorizing the letter, but might not have approved its release”. The database which was initiated online has been partially shut down.
All of this opens a conversation regarding lessons in power and leadership. As it concerns Prof. Soludo, soon to be sworn in as Governor, the lesson is even more direct and profound, and that is, as Richard Nixon, a former U.S. President said, “those who do big things should be careful about stumbling on little things”. Very often, it’s the little thing that a leader ignores that puts him in trouble. As historian Robert A. Caro cautions, without a vision beyond their own advancement, some leaders find themselves almost paralyzed once the goal of acquiring power had been achieved. For Soludo, whether he knew or authorized the letter or not, it’s good this has happened at this time. He must undergo a sea change now, turning into a visionary of breathtaking scope. All eyes are on him, from admirers and adversaries alike. You know what happens to people believed to be afflicted with the “smartest-in-the-class” syndrome? They run aground when they confuse their own destiny with that of their people.
The difference reveals Soludo’s genius and his shortcomings. He should listen more with his heart than with his ears. What do I mean? Unlike in corporate world where Soludo is coming from, in politics, having a larger end has always been very important for political leaders. Doing some wonderful things should entail avoiding terrible things. You see, unlike a banker’s balance sheet, politics is not giving to simple theorizing, neither does it favour subtlety. A governor, as Soludo will soon discover, some errors in decision-making come amount to high risks that come with dizzying consequences. In that connection, the passage of time could elevate or reduce reputation depending on how a leader handles critical issues that call for his attention.
Therefore, critical choices that Soludo will make in his 100 days in office will like define public perception of him. The years as CBN Governor are far gone now, a new chapter is about to open. The journey he’s about to begin, effective March 17, is like a coronation, no matter how low key. And as it’s said, ‘how a king chooses his coronation is entirely his business’. But he needs reminding that his performance will be judged by his actions or mistakes, and not that of his appointees. That’s why Soludo should choose carefully issues that will shape his administration.