Charles Soludo replies Okonjo-Iweala, says Nigeria’s economy collapsed under her watch | Welcome to Linda Ikeji's Blog

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Sunday 1 February 2015

Charles Soludo replies Okonjo-Iweala, says Nigeria’s economy collapsed under her watch

Former CBN Governor Charles Soludo has replied Minister of Finance and Coordinating Minister of the Economy, Ngozi Okonjo-Iweala's response to his viral article. Interesting read. Find below....
I read some of the responses to my article, “Buhari vs Jonathan: Beyond the Election”, and I want to thank everyone who has contributed to the debate. I am glad that the debate has finally taken off. I have decided, for the record, to re-enter the debate if only to set some records straight and hopefully elevate the debate further. Whom do I respond to? First, let me thank Gov Kayode Fayemi for his very mature and professional response on behalf of the APC. It forms a great basis for deepening the conversation. Pat Utomi, Oby Ezekwesili, Iyabo Obasanjo, and thousands of other patriotic Nigerians have raised the content of the debate. Femi Fani-Kayode made me laugh, as usual.


The Gov. Jang faction of the Governors’ Forum played the usual politics, although I know what most of them think privately. Who else? Oh, Peter Obi. Well, since he can’t write and designated Valentine as usual to write for him (who never disputed the NBS statistics that Obi broke world record in the pauperization of Anambra people but instead focused on lies and abuses) I won’t dignify him with a response here. His third class performance in Anambra will be the subject of a comprehensive article later.
Here, I will focus on Dr. Ngozi Okonjo-Iweala’s response (as Minister of Finance and Coordinating Minister of the Economy—CME and hence on behalf of the Federal Government). Since I have known her, out of deep respect, I have never called her by her name: I call her Madam. I must state that I have great pains seeing myself on the opposite side of the table with Madam, in this way. I respect you, Madam, and will always do.  If you read my article of September 2010 (before you became Minister), the tone and elucidation were as strong as the current one. It is my honest effort to ensure that our choice of leaders is based on rigorous scrutiny of what is on offer.  Part of my frustration is that five years after, everything I warned about has come to happen and we are conducting our campaigns as if we are not in crisis. As a concerned Nigerian, I have a duty to speak out again. Regrettably, you have taken it very personal.
I am not bothered about the personal abuses: I actually expected worse. What name has the government not called President Obasanjo or any person who has dared to disagree with it of late? Anyone who disagrees with the government must either be ‘insane’ or have a ‘character’ deficiency or must be ‘looking for a job’ or ‘without honour’, or a ‘charlatan’. Yesterday, Sanusi alleged that $20 billion was missing and he was accused of gross financial mismanagement, recklessness and poor governance to the point of being the first governor of central bank to be suspended from office. Today, he is the good one; and for daring to award an “F” grade for our economic performance, Soludo has become the ‘worst’ and ‘without character’ or perhaps ‘looking for position’ (Lol!). Some days ago, a former president was called ‘a motor park tout’ and ‘un-statesmanly’ just for disagreeing.  This “how dare you criticise us” mind-set of the government is dangerous for our democracy.
In this Part One of my planned three part series, I will restrict it to the main issues you raised. I will not bother about the malicious attacks on my person. For me, it is nothing personal. In early 2011, I had a similar heated exchange with then Finance Minister Segun Aganga. But when the Nigerian economy was at stake and he invited me to a stakeholders meeting in his office (as Minister of Trade and Investment) to discuss Nigeria’s response to the ruinous EU- Economic Partnership for Africa (EPA), I flew into Nigeria for that (at my expense)— the first and only time I have been to any government office to discuss policy since I left office. It is about Nigeria. I will, as expected, remind people like you of the salient aspects of my record of public service in response to your charge; challenge your claim to debt relief, and your reason for not saving; highlight your forgery of economic statistics and the lies in your response; but most importantly re-focus our attention to the historic mismanagement of our economy which you carefully avoided. I will show that while you are introducing austerity measures and soon to immiserate the citizens, our public finance is haemorrhaging to the point that estimated over N30 trillion is missing or stolen or unaccounted for, or simply mismanaged— under your watch! We can’t go on like this, and I am convinced that an alternative future is possible. Can we have a public debate on this alternative future? The issues at stake are too grave to be trivialized through name calling. As I write, the naira exchange rate to the dollar is at N215 (from N158 a few months ago) and unless oil price recovers, this is just the beginning.  For the sake of Nigeria, I won’t keep quiet anymore!


Let me start with Madam’s rather comical, wild judgment on my tenure of office which I believe to be totally false and baseless. I apologise upfront that in the process of making a ‘personal defence’, it is difficult to avoid a rather uncomfortable emphasis on “I”. I did not want that but since Madam has dragged us this low, I have little choice but to do so in the next few paragraphs—just to keep the record straight!
In my view, there are three criteria for evaluating a public officer’s stewardship: the evaluation by his employer; the satisfaction of the public he served; and the hard facts of performance. As I will show on these three counts, I am convinced that I left a world record of public service, and a thousand Okonjo-Iwealas cannot re-write that history. I served Nigeria under two presidents (Obasanjo and Yar’Adua) and as my immediate bosses, below are their written testimonials of my record.
Said President Obasanjo (December 2004):
“Charles Soludo is a true Nigerian. He is the sort of Nigerian that we all know we can rely on. Among his numerous virtues is COURAGE. I have found in him a man who can take tough and realistic decisions, stand his ground, educate others on the salience of his decision, and work very hard to ensure that the decision is efficiently and effectively implemented. His dedication to duty is first rate. His leadership qualities are admirable and his willingness to listen and learn is simply infectious. Professor Soludo has within a short time emerged as one of the leading lights of our nation. Not because he has a godfather but by sheer hard work, loyalty, dedication to duty, commitment to the nation, creativity, and undiluted association with the reform agenda….”
President Yar’Adua (May 2009) had the following to say about the Central Bank of Nigeria under my leadership:
“… the CBN has performed creditably well in delivering on its core mandates. This is especially even more so in the last five years. Most people would agree that without the successful banking consolidation and effective management of our foreign reserves, the current global crisis would have shaken the financial system and our national economy to their foundations with calamitous consequences”.
In the President’s special letter of commendation after the completion of my tenure of office, President Yar’Adua (June 2009) had the following to say to me:

“As your tenure as Governor of the Central Bank of Nigeria comes to a glorious end, I write on behalf of the Government and people of Nigeria to place on record our debt of gratitude to you for your dedicated service and uncommon sense of duty over the past five years. I am confident that your worthy antecedents in the CBN and in prior appointments in the service of our nation remain sources of inspiration to an entire generation. As I wish you even more astounding successes in the years ahead, it is my fervent hope that you will readily avail us of your distinguished service when the need arises in the future”.
To the best of my knowledge, President Obasanjo has not changed those views even after ten years. The views of my two bosses, not the emotional outburst of an angry person desperate to get even, are what count.
How did Nigerians evaluate my public service? Unfortunately, we do not have scientific opinion polls on job approval ratings for individual public officers. But if the public opinions of individuals and organized groups (labour, employers, depositors, borrowers, stakeholders of the financial institutions, newspaper editorials, investors, etc) as expressed in thousands of newspaper/magazine clips during and after my tenure are anything to go by, then 82% of the public largely agree with the sentiments expressed by my two bosses. Your views belong to the other 18% which is okay, after all, no one is perfect. Five Nigerian newspapers and magazines simultaneously named us “man of the year” in one year— unprecedented in Nigeria’s history. I do not talk about hundreds of awards and recognitions by various segments of our society (during and even after service) for “excellent public service”. I was particularly touched by the historic award by the staff union of the Central Bank and the tears in the eyes of many as thousands of the staff gave me a standing ovation as I walked the aisle after my brief farewell speech.
Certainly, the international community (investors, bankers, scholars, donors, media, etc) took serious notice of the revolution in Nigeria’s monetary and financial system. I am recipient of five international awards as global and African central bank governor of the year, not to mention dozens of other recognitions (even after leaving office). The London Financial Times described us as “a great reformer”. Even as the global economic and financial crisis raged in 2008, the United Nations General Assembly appointed me to serve on the Commission of Experts to reform the international monetary and financial system. You don’t appoint someone who has ‘mismanaged’ his national financial system to reform the global system. For 8 years until 2012, I served on the chief economist advisory council (CEAC) of the World Bank, and together with two Nobel Prize winners in economics and other experts we met periodically and advised two presidents and two chief economists of the World Bank, and in 2011, I served on the External Advisory Group of the IMF.  Again, these are not positions for ‘mis-managers’. Since I left office, I have been advising countries and central banks; and there is hardly any two months I don’t consult/advise on banking/financial and monetary policy. I have given these illustrations to make the point that for every one Okonjo-Iweala’s attempt to rewrite history, there are thousands who disagree.
Now, to some skeletal facts of our stewardship! I will be brief as I have a whole book to tell my story. As chief economic adviser, I had advised that our banking system could not support the private sector-led economy envisioned under NEEDS. When I assumed office at CBN, I inherited 89 rickety, mostly family banks (all of which put together were not up to the size of number four bank in South Africa). Many were insolvent, with depositors’ money trapped, and 20 more about to collapse. To get a credit of $300 million probably required all the banks to syndicate it. For me, there was a national emergency. I drafted a 13-point reform agenda, discussed and agreed all the specifics with the President, and his VP; as well as my management team at the CBN, and we swung into action. President Obasanjo promised 100% support and actually delivered 1000%— which was decisive. I apologize to you Madam because I did not brief or inform you about it. We just wanted to keep it confidential given the sensitivity of the announcement. It is on record that you never supported it.
It was both a revolution and a war and most people thought it was “impossible”, but thank God we succeeded. For the first time in Nigeria’s history a policy of that magnitude was announced and deadline kept with precision.  We were courageous to revoke the licenses of 14 banks, including those of my friends, in one day. The FT-Banker concluded that the scale, precision, and cost of the transformation were unprecedented in the world. Before then, Malaysia had the least cost of banking consolidation at 5% of Malaysian GDP. It did not cost Nigerian taxpayers one penny. Twenty-five new, stronger banks emerged but the powerful idea behind consolidation ignited something even more powerful—‘the race to the top’. Banks raised more capital, and even banks like First Bank, Zenith, GTB, etc that did not merge with others went on capital raising several times. The consequence was higher levels of capitalization and within two years, 14 Nigerian banks were in the top 1000 banks in the world and two in the top 300 (no Nigerian bank was in the top 1000 before I came). Even after I left office, still 9 banks were in the top 1000. Our vision was to have a Nigerian bank in the top 100 banks within 10 years. As I see the new Access bank; Zenith, GTB, Fidelity, Diamond, UBA, FBN, FCMB, Skye, Stanbic IBTC, Union, Ecobank, etc, I cannot but feel that we have taken giant steps forward.
Deposits and credit soared (from barely N1.2 trillion to over N7 trillion); new technologies (ATM and e-banking) boomed, and banks had 57,000 new jobs; mega businesses emerged (ask any major operator in the Nigerian economy their experience with banking and credit before and after Soludo —the Dangotes, Arik, MM2, oil and gas operators; etc); capital market boomed and dominated by the banking sector. It was a new dawn for Nigerian private sector. I have heard Dangote twice say that he would not be near as big as he is today without the banking consolidation. Many other stakeholders still say it today. FDI and portfolio inflows flooded into Nigeria. The world celebrated, and one single transformative idea has changed the face of the private sector and economy forever.  Banks became Nigeria’s first transnational corporations with about 37 branches outside of Nigeria.
Nigeria survived the global crisis because of this, and it is the banking sector that has largely been powering the economic growth you claim (compare banks trillions of naira credit for investments in the productive sector with your government’s miserable expenditure on critical infrastructure and investment; much of your borrowing – bonds – is from the banks). Your privatization of power sector, several PPP projects on infrastructure, etc, are now possible because of the mega banks. Today, Nigerian banks syndicate multi-billion dollar loans— unthinkable before. Madam, if the consolidation was ‘mismanaged’, there would not have been any bank to start with in the aftermath of the global crisis— as President Yar’adua correctly pointed out. Even you, during a recent presentation at the Banquet Hall in Abuja advertised consolidation as a historic achievement. How can you recognize a ‘mis-managed’ project as an outstanding achievement? As we say in Igbo, you can’t cover the moon with your palms.
Let me be clear: the quantum size of the new banks following consolidation presented challenges of risk management and supervision. We deployed all we had and overworked the CBN staff. The carry-over of bad loans from the consolidated banks was quickly cleaned up. To the best of my knowledge, we instituted stringent regulatory and supervisory regime (consistent with best practices at the time). We even had resident examiners in the banks and required bank MDs to personally sign their reports to CBN. I recall that the former MD of GTB complained of “regulatory intrusiveness”. To our credit, non-performing loans (NPL) came down from 22% in 2003 and 2004 to 6% as at 2008. Anywhere in the world, a central bank that brought NPL from 22% to 6% over a four year period does not look like one with a loose supervisory regime. Name other developing countries that performed better, Madam. So, on point of fact, Madam lied. Yours was a reckless assertion without basis by a Finance Minister.
The banks in Nigeria were supervised by the CBN and NDIC, but other institutions— international firms which audited them, international rating agencies which also examined their books, capital market operators since most were listed companies — all had oversight. I put on record that there was never any information/report of infractions by any bank which was brought to my attention and which we did not act upon decisively during my tenure. I heard the comment that some of the bank MDs were my friends. Well, my response is that perhaps as CME you should kill all your friends operating in the economy or become their enemies. For the record, my successor audited all the banks and none of my so-called friends was indicted. It speaks volumes. Indeed, it is also a fact that the alleged personal criminal infractions (including lapses in corporate governance Madam alluded to) by some bank CEOs were found out, only AFTER they had been removed from office. My successor told me that the comprehensive audit of the banks did not reveal such infractions. Of course, you must be God or have a special tip-off from inside to get to such information while the MDs are in office. Unfortunately, all over the world, no financial system has succeeded in routing out all criminal behaviours by the operators. So, Madam, I challenge you to provide one shred of evidence that ‘there was no separation between regulators and regulated’ or be honourable enough to retract your reckless statement.
What happened? The unanticipated and unprecedented crisis of 2008/09 hit the world. More than 40 US and European banks either collapsed or were shaken badly (remember the Lehman Brothers, Fannie Mae and Freddie Mac, Wachovia, HSBC, Lloyds TSB, Citibank, Goldman Sachs, even UBS, etc) and hundreds of billions of dollars were spent to bail them out. The contagion effects spread like a wild fire, destroying national stock markets and banks. The nascent (big) banks in Nigeria faced sudden multiple shocks— liquidity, exchange rate, oil price, capital market, etc. As oil prices collapsed, loans to oil and gas became non-performing overnight; loans to the capital market became non-performing overnight; etc.  Our first priority was to save the entire banking system and the economy from systemic collapse. I assured Nigerians that no bank would be allowed to fail, and not many people know what it took to achieve it. Once we had navigated through the unexpected /unprecedented turbulence, we laid out a comprehensive plan to clean up the debris which we presented to stakeholders in Lagos (March 2009). I had pleaded with the Senate to pass the AMCON bill which we sent to them in 2004. But I had a comprehensive plan to finish the clean-up with or without AMCON by the end of 2009, including second round consolidation and a N500 billion fund (my book will detail all these). I left behind an 11-volume document of the Financial System Strategy 2020 (FSS2020) which has remained the policy roadmap for the CBN/financial sector since I left office.
I have two analogies for our experience. Ours was really like an airplane that was cruising and suddenly meets an unexpected and unprecedented turbulence. After the pilots and the crew succeed in navigating through the potential crash and probably land the airplane, people look in and start blaming the crew for the broken tea cups, chairs, and drinks that fell during the turbulence as evidence that the crew never kept the airplane clean or serviced it. My second analogy is that of a sudden earthquake in a region it was never expected and some houses collapsed. All of a sudden, the housing authority is to blame for not requiring earthquake-proof foundations for the houses. Well, my legal experts call it force majeure, an act of nature
To be fair, after every crisis, there are lessons (and my book will detail what, with benefit of that experience, we should have done differently). Risk management— which has always been there— now took a new centre stage all over the world following the crisis. But for anyone to suggest that CBN under me, for one minute, took its eyes off the ball is, to say the least, ludicrous. The US financial system literally crippled the world costing America hundreds of billions of dollars but no one has suggested that Alan Greenspan is no longer the great maestro!
AMCON is a big topic (which I will address at a later date) but her claims show either ignorance or mischief. She claims that N5.7 trillion of AMCON funds was used to rescue banks and the ‘bond issued’ as ‘cost to taxpayers’. Really? I will deal with the AMCON I envisaged and the AMCON under you later but let me state that even if 100% of the banks’ NPL was offloaded on AMCON, it would not be up to N5.7 trillion. Enough said for now. The fact is that the Federal Government has not put a penny in the AMCON fund: the banking system is financing itself, and together with the sinking fund by banks, AMCON surely can’t default (thanks to consolidation that the banks are now big enough to cough out such funds to solve the system’s problem). Did you intend to deceive the readers by refusing to tell them that much of the AMCON fund is ‘investment’ and not ‘expense’. Am sure you heard the IMF’s alarm about moral hazard? If you want, we can have a focused debate on AMCON.
Next, let me briefly respond to a few outlandish claims. She brags about ‘single-digit’ inflation rate ‘now’ and alleges that when I left office, inflation was above 13%. I just laughed at this one. In Nigeria’s history, no governor of the Central Bank has delivered 24 consecutive months of single digit inflation as I did until the advent of the unprecedented global crisis in 2008. It was not for nothing that the world cheered us as monetary policy czar, Madam! Perhaps you are also not aware that we broke a world record by having a depreciated real effective exchange rate during a time of export boom and this was at the heart of our reserve accumulation and the portfolio/FDI inflows. I resisted the IMF advice to deplete reserves for liquidity management, and Nigeria had enough self-insurance to survive the global crisis.  The opposite has happened under you Madam, and the Nigerian economy is in trouble. Naira exchange rate appreciated under me from N133 to N117 before the global crisis; and reserves grew to all time high of $62 billion. For the first time since 1986, the official, interbank and parallel market exchange rates converged under me. You can’t match these records!
I hereby challenge your attempt to blame others for not saving for the rainy day. It is not a virtue when you are quick to appropriate all the credit when things are going well, but shift the blame when they go wrong. You blame the state governors— who, according to you, have taken the Federal Government to the Supreme Court—not that a Supreme Court judgment forced your hands. For your information, the governors have never agreed to savings and always threatened court action even under Obasanjo. Why did we save under Obasanjo but not under Jonathan? Two keywords explain it: leadership and integrity.  Governor Amaechi said the governors insisted on sharing the funds because they found out that you were illegally fiddling with the savings.  So, as Nigerians still wonder, if billions of dollars are now ‘missing’ under your nose, why should governors trust you to keep their money?  Do the states that have taken the federal government to the Supreme Court and refused to save also include the PDP governors—who are in the majority? If so, then it is fatal: even governors of your own party, PDP, do not trust you to keep their money! Furthermore, did the governors also stop the Federal Government from saving part of its share? If you ran a surplus budget at the Federal level, you would have had credibility to blame others or to say they did not listen to your advice. The key point is that since you were running huge deficits yourself, it was also in your own interest to share the ECA. You did not show leadership or credibility, full stop!
Next, Madam, I was really embarrassed for you to read that one of the reasons for declining forex reserves is ‘oil theft’. Under you as Minister of Finance and coordinator of the economy, the basket of our national treasury is leaking profusely from all sides. Just a few illustrations! First, you admit that ‘oil theft’ has reduced oil output from the average 2.3 – 2.4 million barrels per day (mpd) to 1.95mpd (meaning that at least 350,000 to 450,000 barrels per day are being ‘stolen’. On the average of 400,000 per day and the oil prices over the past four years, it comes to about $60 billion ‘stolen’ in just four years. In today’s exchange rate, that is about N12.6 trillion. This is at a time of cessation of crisis in the Niger Delta and amnesty programme. Can you tell Nigerians how much the amnesty programme costs, and also the annual cost for ‘protecting’ the pipelines and security of oil wells? And the ‘thieves’ are spirits? Come on, Madam!
Second, my earlier article stated that the minimum forex reserves should have been at least $90 billion by now and you did not challenge it. Rather it is about $30 billion, meaning that gross mismanagement has denied the country some $60 billion or another N12.6 trillion.
Now add the ‘missing’ $20 billion from the NNPC. You promised a forensic audit report ‘soon’, and more than a year later the Report itself is still ‘missing’. This is over N4 trillion, and we don’t know how much more has ‘missed’ since Sanusi cried out. How many trillions of naira were paid for oil subsidy (unappropriated?).  How many trillions (in actual fact) have been ‘lost’ through customs duty waivers over the last four years? As coordinator of the economy, can you tell Nigerians why the price of automotive gas oil (AGO), popularly called diesel,  has still not come down despite the crash in global crude oil prices, and how much is being appropriated by friends in the process?  Be honest: do you really know (as coordinator and minister of finance) how many trillions of Naira, self- financing government agencies earn and spend? I have a long list but let me wait for now. I do not want to talk about other ‘black pots’ that impinge on national security.  My estimate, Madam, is that probably more than N30 trillion has either been stolen or lost or unaccounted for or simply mismanaged under your watchful eyes in the past four years. Since you claim to be in charge, Nigerians are right to ask you to account. Think about what this amount could mean for the 112 million poor Nigerians or for our schools, hospitals, roads, etc. Soon, you will start asking the citizens to pay this or that tax, while some faceless “thieves” were pocketing over $40 million per day from oil alone.
You alluded to debt relief in your response and tried to take credit. Well, your CV is honest enough to admit that your two achievements in office as Finance minister under Obasanjo were that “you led the Nigerian team that struck a deal with the Paris Club” and that you “introduced the practice of publishing each state’s monthly financial allocation in the newspapers”. You are right about the two achievements. Let me put on record that Nigeria would have secured debt relief under anyone as Minister of Finance. President Obasanjo secured debt relief for Nigeria. Much of his first term was used to get Nigeria back into the international community and to campaign for debt relief. Before you were sworn in as Minister of Finance, President Bush visited Nigeria and both of us accompanied President Obasanjo during the meeting. There, Mr. Bush promised to support Nigeria with debt relief and asked our president to ensure that he met the conditions of the Paris Club. Obasanjo mobilized the global political support and coordinated all of us to ensure that the government met the check-list of ‘conditionalities’ as required.  I spent five weeks in the hotel with my team (as coordinator/chairman for drafting the National Economic Empowerment and Development Strategy, NEEDS).
Some of the reform targets in NEEDS became the ‘conditionalities’ Nigeria was required to fulfil to merit debt relief. You and I signed the various MoU with the IMF on behalf of Nigeria (the policy support instrument). We had a great team at work and each member of the economic team had specific aspects of the conditionalities to deliver: Bode Agusto was in-charge of the budget; Oby Ezekwesili held sway at Bureau of Public Procurement and later Minister of Solid Mineral, and Education (but specifically tasked with delivering on EITI and procurement reforms); Nuhu Ribadu was at the EFCC fighting corruption; I was at the Central Bank delivering on monetary policy and banking reforms; Steve Oronsaye worked hard to delist Nigeria from the FATF; Nenadi Usman was in-charge of the parastatals; El-Rufai held forth at FCT and in charge of public sector reforms; privatization programme went on, etc. Did you know that the IMF wrote President Obasanjo threatening that there would be no debt relief if the CBN did not meet some monetary targets, and do you know the magic we performed to meet them? Can you tell Nigerians which of the ‘conditionalities’ that you personally implemented? With the groundswell of political support and Nigeria meeting all the ‘conditionalities’, debt relief was assured.
Your major role as stated in your CV was to lead the team to negotiate the specific terms of the relief, having fulfilled the conditions. I still believe that Nigeria should have gotten far better terms than you negotiated. Of course, with your eyes on returning to the World Bank after office, I did not expect you to boldly stand up to the donor community in defence of Nigeria. Was there a conflict of interest on your part?
By the way, can you tell Nigerians why you were eased out as Finance Minister and you cried like a baby begging OBJ to still allow you remain in the Economic Management team—- barely few weeks after the debt relief? Why were you eventually also removed from the economic management team if you were so important?  Ironically, President Jonathan has recycled you, with a bigger title and greater responsibilities. But the difference is that the team that did the actual work is no longer there, and the world has seen that the king is naked.
You are brilliant Madam, but you need serious help. Having spent all your life in the World Bank bureaucracy largely in administration/operations, no one will blame you if your economics has become a bit rusty. There are firebrand Nigerians all over the world to draft to service. It is certainly embarrassing to Nigeria for you to be bothering World Bank economists to help you with most basic economic analysis.
Your response on the poverty issue is deeply troubling. You accuse me of using “2011 statistics on poverty by the NBS to support his argument, while ignoring more recent figures”. At least you did not refute the NBS figure as valid. In the next sentence, Madam went ahead to note that “as stated in the Nigeria Economic Report 2014 by the World Bank, poverty in Nigeria has dropped from 35.2 percent of population in 2010/2011 to 33.1 percent in 2012/2013”. Did you notice that you have quoted two figures for poverty for the same year as being equally correct? So, for 2011, was poverty 71% (according to NBS) or 35% according to the World Bank? To the best of my knowledge, the last published household survey by NBS was in 2011. The World Bank does not conduct household surveys in member states to determine poverty incidence. So, when and by whom was the survey that gave the World Bank figures?
What worries me is that this government is the first in our history to attempt to manipulate our national statistics under Okonjo-Iweala. When NBS published the poverty figures in 2011, she felt indicted and incensed. She called upon the World Bank to come and examine the ‘methodology’ and get NBS to ‘review’ its numbers. Oby Ezekwesili (as VP Africa Region rejected the call to try to tamper with a country’s statistics). Once Oby left, the ‘World Bank’ started talking about ‘new figures’, without conducting any new surveys.  I was told about it by a World Bank economist, and I cautioned that it was a dangerous gamble that would damage the credibility of the NBS. If you want to ‘review methodology’, you conduct another survey but you can’t change ‘methodology’ because you don’t like the published figures. No government in our history has tried it: even Sani Abacha allowed a poverty survey that put poverty at 67% under his regime. At this rate, who will believe statistics coming from the Nigerian government again? Is it now the World Bank that sits in Washington and allocates poverty numbers to Nigeria? Something smells here!
Madam alleges that the NBS—as a parastatal under the National Planning Commission (under me) departed from the ‘international standard method of poverty measurement’. How and when, Madam? I was in office at National Planning for 11 months from July 2003 to May 2004. A poverty survey was conducted in 2004 and the results computed and published in 2005/2006— more than a year after I had gone to the Central Bank. Or perhaps, it was a clever way to divert attention from your manipulation of published economic statistics. The NBS published its poverty data in 2006 when you were Minister of Finance, and you did not question the ‘methodology’ because the figures looked good. In 2011, the poverty numbers (using the same methodology as in 2005/2006) indicted the government and suddenly, the ‘methodology’ is wrong. Interesting times!
Now that you decide which economic statistics published by NBS to accept and which ones to ‘change the methodology’ to give favourable figures, you can keep feeding your manipulated figures to your international media circus for the vain glorious awards to sustain an empty hype, while Nigerians groan under hardship. We can actually ask Nigerians whether they are getting better off now contrary to your bogus figures.
Many of Madam’s responses were comical, but this one is classic. According to her, the chief economic adviser and NBS “worked hard to determine how many jobs we need to create in a year”, and went on to ask, “why didn’t Soludo do this when he was CEA?” (Lol!). Madam, any good economist needs less than 10 minutes to compute this figure, not the (months? of) ‘hard work’ by your team. My calculation is that the number of jobs Nigeria needs to create each year to significantly reduce unemployment rate to sustainable levels in the next few years is at least 3 million, and not the 1.8 million by your team. We are talking about the Nigerian economy, please.
Your magic wand for mass housing is the Mortgage Refinance Corporation with 23,000 mortgage offers—for a country with 17 million housing deficit! Then, there is the pedestrian proposal of a new development bank— financed with loans from the World Bank, etc? A World Bank loan to set up another ‘development bank’ where we already have Bank of Industry, Bank of Agriculture, NEXIM, Federal Mortgage Bank, etc? People have totally run out of ideas and can’t see anything for Nigeria without through the prism of the World Bank. I will offer you free consultancy on how to set up a development bank without a World Bank loan but we don’t need another one now. I actually gave President Yar’adua a two page note for a N3 trillion development fund then, and if we plug your leaking pipes, it could actually be a N10 trillion Fund. I envisioned and set up the Africa Finance Corporation (AFC)—Africa’s premier infrastructure bank!
Frankly, I don’t understand why you seem highly troubled that the Soludo you thought had “disappeared from the political space” seems to be still around. Well, let me assure you that I will only ‘disappear’ in God’s own time. I gave credit to two past presidents who laid the foundation of the market economy we operate today. You did not contest or contradict any of my points. Rather, what you see is that Soludo must be ‘looking for a position’. Pity! If I am looking for a position, I would be running around one of the candidates now just as you are busy dancing Atilogwu dance at TAN and PDP rallies, struggling to keep your job. How Yar’adua drafted me to contest for governor in Anambra and APGA leadership as well and how I was “stopped” on both occasions are in the public domain. But I am not deterred for one minute. Chinua Achebe said that on leadership, Nigeria is a country that goes for a football match with its 10th Eleven. I am proud and happy to have offered to serve my people, and for the service of Nigeria, I will do it again and again. How many times did Abraham Lincoln, Obama, Reagan, etc contest before they got there? I actually encourage everyone who believes he/she has something to offer to get involved or stop complaining. I am happy seeing the increasing critical mass of professionals (like you) now getting involved. It is good for Nigeria!
What is at stake is the survival and prosperity of Nigeria. Next elections are critical, and for me the key is the ECONOMY. We must offer Nigerians clarity on the choices before them. Can I propose a three-way debate with you (representing PDP/Federal Government), nominee of APC (Utomi or Fayemi? or any other), and myself (as independent citizen— I don’t belong to any of the two). Let us have two bouts of debate between now and 12thFebruary, 2015 focusing on: CBN/AMCON and the financial system (if you want); our economy and its outlook, and agenda/alternative paths to sustainable prosperity post elections. Choose the dates and times, and for the sake of Nigeria, I will fly in. You can invite any of your international media friends as moderators. I feel the pain of the 180 million Nigerians whose tomorrow you have carelessly rendered bleak, and when I think of what the missing trillions could do for them, it becomes extremely urgent that we all must deepen the debate. Eagerly waiting for your response, please!

494 comments:

1 – 200 of 494   Newer›   Newest»
Unknown said...

Na sidon dey look I dey o.

Anonymous said...

He shouldn't have replied her.

Unknown said...

i cant imagine drama after making out their national cake

@MEETD®EALEVANS™ said...

Linda, No light for my area, and u want me to read all DAT...

Anonymous said...

And Nigeria also became number one economy in Africa beating South Africa under her reign. So what are u talking about mr traveller! After u lost out on governorship twice u are now here to chatt nonsense! Anyways a looser is always going to be a looser! Don't even know why mrs minister replied such am idle fool!

Unknown said...

i cant imagine drama after making out their national cake

Debbie Chelsea said...

smh

Unknown said...

Good for them.
$.
$.
@Carlos via Nokia Lumia

Unknown said...

Too long biko. Ppl who read it shld comment. *grabs a glass of juice*

Bishop Dammy said...

A very long writeup there.. well we pray the economy would rise again this year. Vote with the leading of the Holy spirit. John 14:26. @Bishop_Dammy

Unknown said...

Jst 2 lng 4 me 2 care. So I'll pass.

Unknown said...

Ds is 2 long na haba he doesn't want pple lyk mi 2 read it bt 4rm d capition he is ryt nigeria's economy collasped on okonjo iweala watch. Abegi dy are all to b blamed. Waiting 4 mama reply. Popcorn tinz on point cos ds movie is gonna b bad.

John Collins said...

Just saw this on Sahara, abeg person wn know NOI mk e tell am mk e respond sharply n provide date for e debate with Soludo...


This is gettin Interestin ** Hehehehe

Unknown said...

Will come back to comment

Anonymous said...

Anyi anugo! Lolo1

GOOD MAN said...

BIG TRUTH, THIS LADY HATES TO TAKE RESPONBILITY...EVERYTIME SHE KEEPS ON SAYING "YOU KNOW WHERE I'm COMING FROM"...WHO CARES WHETHER YOU CAME FROM WORLD BANK..YOU KILLED OUT ECONOMY...WE HAVE BETTER INTELLIGENT PEOPLE HERE...DO AND GO ABEG!!!!

Unknown said...

Too long biko, would probably try to read wen you summarize it. Linda take note!

Unknown said...

Too long biko, would probably try to read wen you summarize it. Linda take note!

Anonymous said...

Damning verdict from Soludo. NOI has never had my vote and should be held accountable for the dire state of the Nigerian economy. Silly prat

Unknown said...

Too long biko, would probably try to read wen you summarize it. Linda take note!

Unknown said...

Too long biko, would probably try to read wen you summarize it. Linda take note!

Bonita Bislam said...

Soludo may not a saint,but his points are too salient to be ignored.What i observe with people in govt is that they hate constructive criticisms.Soludo just spilled the bitter truth on the state of Nigerian economy and as usual a sequel to the bashings will come up soon.

Unknown said...

Charles Soludo 2-1 Okonjo-Iweala 1st quarter



''U GOONO''

ary said...

Ghen-ghen!!

BONARIO NNAGS said...

Phew! Another thought provoking piece.
I pray all LIBers get to read this.
If you do,you won't have anyother thing to add.

~BONARIO~says so via NOKIA LUMIA

Anonymous said...

Abeg Soludo it's ok prof. Apologies for whatsoever just that the timing of your letter wasn't very ok. NG Oya apologise cos we are all here for GEJ.

Anonymous said...

Ngozi response I didn't quite like. But Soludo that Fayemi you called is a disaster. You guys should end this palava here and now

Anonymous said...

nawa ooooo dis stupid man get time ooooo...Am nt good in readin long article...

Anonymous said...

Igbos are always their own worst enemies. You don't get this gang up with other tribes. Yorubas work together. Hausas same. Igbos spend more time fighting themselves. Soludo and Oby, you should be ashamed of yourselves.

Unknown said...

I can't deal abeg, too too long! Well, I managed to stop at Obasanjo commending him as been courageous amidst other good commendations. Charles Chukwuma Soludo, I believe you. PDP & it's cohorts are corrupt.

Anonymous said...

the first article by Prof Soludo was in my opinion very objective. it stated facts, figures from different perspectives. very professionally written.

Dr Iweala's response was most unimpressive. however, the Prof's response to Dr Okonjo Iweala, has lowered the bar in terms of the quality of the debate. his tone in this 2nd write up is extremely personal with most of the article lashing out at her. its virtually a mirror of Dr Iweala's own 'lash - out'.

...definitely not as insightful to me as an ordinary citizen as the first one.

Unknown said...

I shall do justice to this as soon as my son leaves for Skool tomoro

Unknown said...

Mennnnnnnnnn I can't finish it, is too long but is an interesting one

Unknown said...

Mennnnnnnnnn I can't finish it, is too long but is an interesting one

Unknown said...

Soludo has spoken

Unknown said...

Too long abeg
Someone should help me summarise

Unknown said...

To be brutally frank with you,this Soludo is a technocrat.Very interesting and am waiting for her reply on the interview.

Anonymous said...

“The kind of targeted interventions needed to fill the gaps
sustained by some of such policies were opposed by Soludo unless the ideas
originated from him. As CBN governor, Charles did all he could to frustrate the
attempts to establish a national mortgage system and was openly critical of
Ngozi's drive and contributions in getting the Paris Club debts written off for
the simple reason that the the credit might go to others not Soludo!


Charles is free to beat his chest and claim that the deformed
baby called consolidation was a revolution, but today many of the the
poster-children of the policy like Intercontinental, Oceanic, Finbank and
Spring Bank are history, the banking-stockbroking rock stars are facing
prosecution, and with N4 trillion spent to prevent the collapse of his
revolution. When Charles’ memoirs are published, those that either witnessed it
or had to clean up ‘the world’s fastest growing financial system’ will have
their own views.”

Nasir el Rufai

Anonymous said...

NASIR EL RUFAI on SOLUDo's CHARACTER

"Charles was introduced to me by Ngozi, and that was the
foundation of our professional relationship and friendship. As far as I know,
it was also Ngozi who proposed his name for economic adviser and Oby (and her
husband) took him to Obasanjo several times before he was appointed. If Charles
is denying that this happened, that is fine. It does not change the facts, and
those that did what they did know what they did or did not do! Why is Charles
so hurt that others have helped him? Is he suggesting that he had won the
Nobel Prize in Economics and that is how Obasanjo got to meet and appoint him?"

Nasir El Rufai

CHERRY said...

Ok too long!

Anonymous said...

"Charles was introduced to me by Ngozi, and that was the
foundation of our professional relationship and friendship. As far as I know,
it was also Ngozi who proposed his name for economic adviser and Oby (and her
husband) took him to Obasanjo several times before he was appointed. If Charles
is denying that this happened, that "Charles was introduced to me by Ngozi, and that was the
foundation of our professional relationship and friendship. As far as I know,
it was also Ngozi who proposed his name for economic adviser and Oby (and her
husband) took him to Obasanjo several times before he was appointed. If Charles
is denying that this happened, that is fine. It does not change the facts, and
those that did what they did know what they did or did not do! Why is Charles
so hurt that others have helped "Charles was introduced to me by Ngozi, and that was the
foundation of our professional relationship and friendship. As far as I know,
it was also Ngozi who proposed his name for economic adviser and Oby (and her
husband) took him to Obasanjo several times before he was appointed. If Charles
is denying that this happened, that is fine. It does not change the facts, and
those that did what they did know what they did or did not do! Why is Charles
so hurt that others have helped him? Is he suggesting that he had won the
Nobel Prize in Economics and that is how Obasanjo got to meet and appoint him?"

Nasir El Rufai? Is he suggesting that he had won the
Nobel Prize in Economics and that is bow Obasanjo got to meet and appoint him?"

Nasir El Rufai fine. It does not change the facts, and
those that did what they did know what they did or did not do! Why is Charles
so hurt that others have helped him? Is he suggesting that he had won the
Nobel Prize in Economics and that is how Obasanjo got to meet and appoint him?"

Nasir El Rufai

Anonymous said...

EL RUFAI on SOLUDO's CHARACTER::

“The kind of targeted interventions needed to fill the gaps
sustained by some of such policies were opposed by Soludo unless the ideas
originated from him. As CBN governor, Charles did all he could to frustrate the
attempts to establish a national mortgage system and was openly critical of
Ngozi's drive and contributions in getting the Paris Club debts written off for
the simple reason that the the credit might go to others not Soludo!


Charles is free to beat his chest and claim that the deformed
baby called consolidation was a revolution, but today many of the the
poster-children of the policy like Intercontinental, Oceanic, Finbank and
Spring Bank are history, the banking-stockbroking rock stars are facing
prosecution, and with N4 trillion spent to prevent the collapse of his
revolution. When Charles’ memoirs are published, those that either witnessed it
or had to clean up ‘the world’s fastest growing financial system’ will have
their own views.”

Nasir el Rufai

Anonymous said...

EL RUFAI on SOLUDO's CHARACTER::

“The kind of targeted interventions needed to fill the gaps
sustained by some of such policies were opposed by Soludo unless the ideas
originated from him. As CBN governor, Charles did all he could to frustrate the
attempts to establish a national mortgage system and was openly critical of
Ngozi's drive and contributions in getting the Paris Club debts written off for
the simple reason that the the credit might go to others not Soludo!


Charles is free to beat his chest and claim that the deformed
baby called consolidation was a revolution, but today many of the the
poster-children of the policy like Intercontinental, Oceanic, Finbank and
Spring Bank are history, the banking-stockbroking rock stars are facing
prosecution, and with N4 trillion spent to prevent the collapse of his
revolution. When Charles’ memoirs are published, those that either witnessed it
or had to clean up ‘the world’s fastest growing financial system’ will have
their own views.”

Nasir el Rufai

Doyeen Aliyu said...

This is too long joor. He says, she says. only God knows who's telling the truth.

talkertive beibei. said...

Too long jor. Lemme wait for insults to roll in.

Anonymous said...


I see that Soludo’s foray into his ill fated political outings – with Atiku first then later wanting to be governor of Anambra state, has left him bitter and jobless. No international agency has touched him since he disappeared from the public eye because of his colossal reputation as the fraudulent CBN governor. His rantings here are nothing but the last desperate act of a man who is drowning. Soludo in his typical over inflated ego tells us that all the international rating agencies are wrong and only he Soludo, the man under who the biggest banking fraud in Nigeria took place is right. What a shame that Soludo’s poverty of character has reduced him to a miniature stature of a man, a pseudo intellectual for hire.

Anonymous said...

Wooooow I made sure I read this, but seriously u right Charles. We don't know what GEJ did with the 20billion naira, devaluation of naira, oil theft, immigration job scam, perpetual power outage, police pension fund, $9millon Arms deal, and many more, pls GEJ, go and rest, u don try.

Anonymous said...

Mr Soludo i totally agree with your write up and i still hold you at a very high esteem for the incredible work you did during your Tenure as CBN governor. However i will urge you to withdraw from Partisan politics as it does tarnishes image of incredible people like you....Itaman

Anonymous said...

EL RUFAI on SOLUDO's CHARACTER::

“The kind of targeted interventions needed to fill the gaps
sustained by some of such policies were opposed by Soludo unless the ideas
originated from him. As CBN governor, Charles did all he could to frustrate the
attempts to establish a national mortgage system and was openly critical of
Ngozi's drive and contributions in getting the Paris Club debts written off for
the simple reason that the the credit might go to others not Soludo!


Charles is free to beat his chest and claim that the deformed
baby called consolidation was a revolution, but today many of the the
poster-children of the policy like Intercontinental, Oceanic, Finbank and
Spring Bank are history, the banking-stockbroking rock stars are facing
prosecution, and with N4 trillion spent to prevent the collapse of his
revolution. When Charles’ memoirs are published, those that either witnessed it
or had to clean up ‘the world’s fastest growing financial system’ will have
their own views.”

Nasir el Rufai

Onyx's Girlfriend (he isn't gay pls) said...

Mtsheeew. Next plsss. #happysunday

Anonymous said...

Soludo the drowning man thinks OkonjoIweala is his ticket back to popularity.mhe is wasting his time

Anonymous said...

This job seeking must really be tough for Soludo and Oby...SE how they are disgracing ndiigbo. It shall never be well with them

Anonymous said...

Soludo and Oby shameless igbo people. OkonjoIweala will not engage you two. She has better things to do with her time. Yeye people

Anonymous said...

Thank God for OkonjoIweala's good sense. She is doing Nigeria proud. No need engaging with jealousy infested bitter jobless Soludo and that one from Sambisa forest,

Anonymous said...

Soludo has no shame. A man who has lost reputationa dn not one person who worked with him has anything good to say about him is here spewing rubbish. Shameless man

Anonymous said...

Soludo abeg enough of dis novel u re writing 4 us. U really get bif 4 sum people. Just try and park well joor. #oneandonlynwa@gmail.com#

Anonymous said...

Okonjo aff enter soludo soup, seriously Nigerians dis is huge, n I tink abt her my role model, m so disappointed by dis

Anonymous said...

This is so shameful. Does Soludo really have nothing better to do with his time than doing Obj's bidding? He and Oby are two shameless igbo people who will allow a Yoruba man pull them like puppets and here they are dancing naked in public. OkonjoIweala should just ignore him. Useless man

Anonymous said...

So many people lost their jobs because of this stupid man called Soludo and he has mouth to talk. If not that he is Obj's puppets he should have been in jail.

Anonymous said...

Wow...this man is sharp and brilliant...we really need change in this country.

Anonymous said...

What is wrong with this failed Soludo man? It looks like he and his wife are no longer getting along since he became bankrupt so he is looking for OkonjoIweala as his ticket back to popularity. Soludo you are wasting your time. The more you attack her, the more she rises because God is on her side.

MADE IN NIGERIA said...

Presenting, a scene 4rm d much awaited "Exclusive Super Story" featuring Charles Soludo and Ngozi Okonjo- Iweala.....watch out 4 next episode featuring Oby Ezekwesili and Pat Utomi....stay tuned.

Unknown said...

Sir you ve heat the nail on the head. I love your approach am afraid of this increase in dollar it's really not compromising at all I urge that they should re- elect you in to amend our economical dispute before hand to favor the masses. In other words, our economy had bean toyed with and those indulged to the said scrupulous acts should be dealt with

Steady said...

I like you soludo, but you must be so stupid for this rubbish, you are a disgrace to Nigerians, I pray your generations suffer for your sins, okonjo supported you now you are hooking her... What a shame

Anonymous said...

Now I know for sure that Soludo indeed is a bitter man. Having failed he is now working for Obj thinking that they can pull OkonjoIweala down. Hahah. You are wasting your time. God is fighting her battles.

jennyluv said...

Oya, madam choose a date.

Anonymous said...

Why did soludo wait this long to attack okonjo-iweala? Did he have to wait till elections? What was his initial intervention meant to achieve? He should not be taken seriously because his intervention amounts to negative politicking.

Anonymous said...

Soludo, talk to the hand.

Anonymous said...

Why did soludo wait this long to attack okonjo-iweala? Did he have to wait till elections? What was his initial intervention meant to achieve? He should not be taken seriously because his intervention amounts to negative politicking.

Roman! said...

He has said it all Madam (lol). personally I think the bank consolidation is one of the best thing to happen to banking sector in this country*

Unknown said...

Sir Soludo thanks for your intelligence. I always look forward to your open letters, because you preach the truth. Madam went too low becos she knows where the money is. As they say, attack is the best defence. Let the keep chopping our money and be telling us story for the gods. It's just a matter of time, they will meet their Waterloo.

Anonymous said...

For the sake of Igbo people, OkonjoIweala should just ignore this foolish man and continue her work. Just ignore him the way she has been ignoring his sister from Sambisa forest.

Unknown said...

Well written! Tell her more!

Manuel Kunmi said...

You have spoken well Mr charles and I took my time to read most of your accomplishments in your defence .... oya am waiting for some other peoples response

Manuel Kunmi said...

You have spoken well Mr charles and I took my time to read most of your accomplishments in your defence .... oya am waiting for some other peoples response

Unknown said...

Prof has categorically put the record straight.....Anybody that said the truth in this Country is labelled either APC supporters or threat to the present govt......thank you sir!!!


•••••QUEENMAYA•••••

Anonymous said...

Soludo and Oby lust after one thing: OkonjoIweala's success and international clout which they will never get. Failed wannabes.

Anonymous said...

What time does this man to romance his wife if he spends so much time writing all this thrash. It must be very bitter around the Solduo household. Proud bofoon.

Anonymous said...

This story is too long. Abeg i tire.

lami said...

Its sad that this government don't listen neither do they take constructive criticism . How can we move forward because of selfishness , arrogance and greed of our so called leaders.
Well done Soludo, how I wish all Nigerians can rise up and confront national issues this way.

Anonymous said...

Please OkonjoIweala do not respond to this mad man. You are the one reason why Igbos still have their head high in the current political dispensation. Biko. Ignore.

Anonymous said...

Silence is the best answer for a fool which Soludo clearly is.

Anonymous said...

The problem with Igbos playing out before the rest of Nogeria. Thank God OkonjoIweala knows to ignore the jealosuy infested opportunistic people like Soludo and Oby willing tools in the hands of all enemies of the igbo nation.

Anonymous said...

Soludo has no shame. Having failed secverally he is trying to use a woman as his back to popularity ladder. Soludo OkonjoIweala has no time for you and your lies.

Anonymous said...

This Is absolutely biting!

Anonymous said...

Madam okonjo what say you?

Anonymous said...

This man must be frustrated politically and at home.

shine said...

best piece from soludo. ive always known that "madam" is just another joker being recycled by GEJ

Anonymous said...

Is this man's wife not showing him some action in the room? He is talking like a sexually frustrated man. Haba.

Anonymous said...

Look out how Obj uses Igbos against Igbos. It was Andy Uba before then it is now Soludo and Oby. They have come against OkonjoIweala but they shall all fall for her sake. They will flee from before her because God is her strength.

Unknown said...

Not interested! Liars.. 14th feb do nd come!

Anonymous said...

Soludo, OkonjoIweala has done more for Nigeria and continues to do for Nigeria what you could never do and can never do. Keep digging your grave.

Anonymous said...

When people like Soludo and Oby, Obj's puppets attack anyone it means the person must be doing the right thing. OkonjoIweala please carry go. Don't mind them

Anonymous said...

Shame on you Soludo. Lying with economic figures. We now know the truth that you left 5.7 trillion naira hole for the next generation. Nothing you say makes sense. Thanks for telling us you are working for Obj. You all will be destroyed together.

Tony said...

This article is quite revealing. He really washed Okonjo-Iweala's dirty linen in public. Hope she's got the gut to reply

Anonymous said...

This man again! Wey his wife? He needs some TLC to calm down. He sounds like he is frustrated in the TLC department.

Anonymous said...

When did soludo turned to a writer? Nice piece tho, 2015 election, most enlightened general elections our dear will have.

Anonymous said...

Ok Soludo. You job application has been received. Next

Unknown said...

Well said prof, unfortunately we live in a country where logical reasoning no longer matter, range rover sports, buying lands , hanging out with celebrities etc have beclouded the minds of our leaders with the country hovering around the permuda triangle waiting for a calamitous end. well just entered feBUHARI

Anonymous said...

Ok Soludo. your job application has been received. Next? Oh it is Sambisa woman, Oby. Your own has already been received. Next?

Anonymous said...

Ok Soludo. your job application has been received. Next? Oh it is Sambisa woman, Oby. Your own has already been received. Next?

Anonymous said...

Ok Soludo. your job application has been received. Next? Oh it is Sambisa woman, Oby. Your own has already been received. Next?

Anonymous said...

Ok Soludo. your job application has been received. Next? Oh it is Sambisa woman, Oby. Your own has already been received. Next?

Anonymous said...

What can I say, speechless..... Soludo said it all, which way forward Nigeria, think right my people, let's vote for change.

Anonymous said...

This job that Soludo wants must be serious o. The man is lying left right center to get it. obj must have promised him a post if he succeeds in getting the interim government that Obj wants. But they will all fail. God is the one working out a new Nigeria.

Anonymous said...

Oh my! A heavy blow! Pow!

Unknown said...

Word Charly. WORD. Well spoken. Took my precious time to troll thru the pages. Well spoken Sir. I ve never liked that retarded old hag managin our Economy. She is as wicked as the Bretton Woods institution products. Purely elitist in nature n vile hatred 4 the common folks. Dude's been vindicated.

Anonymous said...

OkonjoIweala, don't woryy, we are solidly behind you. no shaking. Soludo, Sambisa forest woma Oby o, Obj o, all of them put together cannot stop what God is doing for Ndiigbo and Nigeria through you. Madam carry go.

Anonymous said...

OkonjoIweala, don't worry, we are solidly behind you. no shaking. Soludo, Sambisa forest woman Oby o, Obj o, all of them put together cannot stop what God is doing for Ndiigbo and Nigeria through you. Madam carry go.

Unknown said...

Article too long but I know this is part 1 of season 1 cos trust madam she must reply.

Juleslouis said...

Hmmm. What a long and vindicating reply. But truely I'm tired of all these political jamboree and I'm so happy he shaded the hell outta peter obi - the thief without a vocal cord that left Anambra worst than it was.

Anonymous said...

Soludo OkonjoIweala no get your time. Your job application has been received.

Anonymous said...

The heat is on,Common Madam give us a date.We want the whole lies exposed

Anonymous said...

Oga soludo tell dem...i hope they knw d value of dis lecture

Anonymous said...

This man us just to solid and grounded. Much respect for u sir. This is a prototype of the new nigeria we eagerly anticipate.

Anonymous said...

Soludo at least has been truthful in one thing and one thing only: he is Obj's puppet. Obj always gets the worst of Igbos to fight Igbos. Thank God OkonjoIweala has better sense tha all, the obj puppets put together. She does not have time for Oby and does not have time for Soludo. Nonensene.

Anonymous said...

This is getting interesting. Madam should please accept the challenge and let's see who's on point economically. Otherwise, I'll take it that some people have deliberately drained our economy only to cook up data and figures lying to Nigerians that all is will
#GodWillJudge
@rsa_seun

La said...

Well written and matured response. Okonjo asked for what she is getting from Soludo, hence forth madam prime minister, when the great Soludo talk. You listen, I hope you agree to the debate , and pls stop going around with your false figures and statistics, it is annoying.

Unknown said...

This is an eye-opener. Please endeavor to read. Every time I see her on TV, I know she s hiding something, you continue to wonder how and where they generate some vital statistics like poverty rate. Thanks Prof Charles Soludo. Madam NOI, please accept the debate challenge. This is not a PDP-APC issue. Its about my country Nigeria.

Anonymous said...

Can someone please beg Soludo's wife to give him some tender loving care TLC, he is like a dog on heat.

Anonymous said...

I am too sure she won't agree to a debate. Guess she has nothing to offer. Soludo has made too much sense. The man knows his job. Kudos. Much respect

Anonymous said...

This job application is long o. But received Soludo. Next?

Anonymous said...

After his disgraceful outing as CBN governors, and his failed attempts at politics, Soludo is a bitter man. He is looking for relevance and he will get none. OkonjoIweala is a woman of destiny and she will fulfill purpose. God will keep fighting for her. Adadioranma Ndi igbo.

Anonymous said...

Jealousy go kill Soludo and the woman from Sambisa forest.

Twizzy said...

Nigeria Oh Nigeria...Soludo Begging for a debate...I challenge Madam to fix a date..if she is sure of ourselves...Mr Soludo was so articulate in the write UP....

Anonymous said...

I only pray that OkonjoIweala be increased from strength to strength and all her enemies keep fading and scattering like chaff.

Anonymous said...

Souldo always deals with facts and not sentiments. Well said sir. Another nice piece for this present govt to chew on.

Anonymous said...

The person I blame is the woman who has denied this man some bedroomantics. Look at how he is just embarrassing himself in public

Anonymous said...

Frustration will kill you Soludo. Shame on you.

jyde said...

Am disappointed at these two and how they are being used as pawns!!

Anonymous said...

If anyone knows OkonjoIweala Abeg tell her to ignore this drowning man.

titi said...

interesting and revealing write up.Nigerians need to vote wisely in the coming elections. its obvious the present government has nothing to offer. Nigeria needs urgent intervention. i would really love the debate he suggested to happen.

Anonymous said...

Jeez!!! Great men that sees the heart and pains of Nigerians. GOD bless U real good sir, this is exactly what we're referring to about who is in charge of what, referring to different position held by El Rupiah, Ribald, Solid and the rest, I say all the time ppl can argue that OBJ's got was corrupt however he surrounded himself with intellectuals, men that have the economy at heart, this is what this present got lacks, what we have now are a group od despots who are ready to seat in power and milk to country dry, GEJ should know as a true Nigerian, nobody is against U, however u lack to Google to see the ppl running the affairs of the economy, even if u need an expert economist to draft reforms and strategy every educated person knows the country is in disarray and the only reason why Agriculture is thriving is not only because we have a man in the class of the Soludo's but because there's not much to milk from agriculture like d booming oil. Let every Nigerian now therefore note that the change we clamor for is not as a selfish desire for any part of the regions to hold sage to the presidency but the give us d electorates the power to determine who leads us as we all cannot seat in the helm of affairs but federal and state wise. If after reading Soludo's piece and u don't yearn for change as a true Nigerian, then Pls ask ur parents which part they migrate from. As for me, Mr. Soludo's weather u're seeking for office or not if duty calls to serve our great country Pls don't hesitate as we all have d responsibility to move this country forward, it is only people that don't understand the banking sector before u took over that can run their mouth about ur achievements and how u serve without favor as ur allegiance was first to The federal republic of Nigeria which I challenge every serving officer to emulate. Well done Sir....

Karlsson said...

Ha. Oga Soludo, na only U walka come? I ain't reading dis long epistle. Trying to confuse us d more. Ubanagum

Omog3 said...

Chia, Chia, Chia!!!

Madam NOI, u must fix a date for this public debate o before 12th February for the sake of Nigerians!

But Haba Prof.... I believe you!!!

Omog3 said...

Chia, Chia, Chia!!!

Madam NOI, u must fix a date for this public debate o before 12th February for the sake of Nigerians!

But Haba Prof.... I believe you!!!

Omog3 said...

Chia, Chia, Chia!!!

Madam NOI, u must fix a date for this public debate o before 12th February for the sake of Nigerians!

But Haba Prof.... I believe you!!!

Omog3 said...

Chia, Chia, Chia!!!

Madam NOI, u must fix a date for this public debate o before 12th February for the sake of Nigerians!

But Haba Prof.... I believe you!!!

Anonymous said...

Second Niger Bridge, international airport, lagos Benin express road, dam in ogwashiukwu and many more are what our igbo Ada's' have brought to the south east. OkonjoIweala is still doing her part to uplift the south east so anyone trying to pull her down is an enemy of the south east. soludo and Oby after doing the bidding of your master Obj let us see how you will touch foot in the south east. Shameless people.

Anonymous said...

My God, this country needs help urgently. Help us God please.

Unknown said...

Woow! That's what I call a TKO (Technical Knock Out)! I hope "Madam" will accept the debate challenge. That will make an interesting viewing experience! :-)

Anonymous said...

No matter how hard you try Solduo, you cannot pull a good woman down. You have only dug your pit deeper than 6 feet. Ypu will be caught by the net you have spread for OkonjoIweala. Your hatred and jealousy will burn you up.

diva said...

Okpari☺ Na vex oh. Make I go read again abeg.

Anonymous said...

Na novel??????

Anonymous said...

OkonjoIweala please ignore the he goat Soludo. What you are doing for Nigeria and the south east is very deeply appreciated. The Lagos Benin expressed road, the second Niger bridge, the dam in Ogwashiukwu, and so much more. Your hard work wis appreciated, ignore the prodigal children Soludo and Obiageli Ezekwesili.

Anonymous said...

wasrrrr is on! Academic versus academic. Oya, let the ink fly. For once I am now reading real discussions about Nigeria. So enlightening to read both sides. Waiting for your response Okonjo. Someone made a statement that bewildered me in church during new year's service. The person said that when nigerians return from abroad to serve their country something indescribable happens and they become as corrupt and in some instances more corrupt than their peers at home. I did not believe it. So I asked for examples. The person said Ngozi. She said I heard she is now one of them. It is so sad to hear the old lady concluded. I still walked away thinking that Nigerians were making up stories. Perhaps this back and forth gives us the opportunity to actually take a look at data - whether or not the stories are embellished and twisted. at least at some point it will either make sense or not.

Anonymous said...

OkonjoIweala please stay focused. No one can pull you down. It is well with you. God is on your side.

Anonymous said...

Charles was introduced to me by Ngozi, and that was the foundation of
our professional relationship and friendship. As far as I know, it was
also Ngozi who proposed his name for economic adviser and Oby (and her
husband) took him to Obasanjo several times before he was appointed. If
Charles is denying that this happened, that is fine. It does not change
the facts, and those that did what they did know what they did or did
not do! Why is Charles so hurt that others have helped him? Is he
suggesting that he had won the Nobel Prize in Economics and that is how
Obasanjo got to meet and appoint him?

Nasir El Rufai

Anonymous said...

no right thinking Nigerian will vote this man and his dead cabinets again. #lets save Nigeria from this moron

Anonymous said...

Why are Igbos so envious of one another? Even Hausa man Nasir says it is OkonjoIweala that helped this man. What a shame.
Charles was introduced to me by Ngozi, and that was the foundation of
our professional relationship and friendship. As far as I know, it was
also Ngozi who proposed his name for economic adviser and Oby (and her
husband) took him to Obasanjo several times before he was appointed. If
Charles is denying that this happened, that is fine. It does not change
the facts, and those that did what they did know what they did or did
not do! Why is Charles so hurt that others have helped him? Is he
suggesting that he had won the Nobel Prize in Economics and that is how
Obasanjo got to meet and appoint him?

Anonymous said...

Soludo Abeg park. Next?

Anonymous said...

Ok now. soludo we don hear. Now focus on marrying your wife. Next

Anonymous said...

Ok now. soludo we don hear. Now focus on marrying your wife. Next

Anonymous said...

Ok now. soludo we don hear. Now focus on marrying your wife. Next

Anonymous said...

Men, look at how this woman is causing Soludo to pee in his pants. I must send my children to the best schools in the world. See how woman dey deal with all these people. I hear say Obj hates aomonjoIweala because she refused to be his igbo puppet like Oby and Soludo

Anonymous said...

Soludo shame on you. Obj's toy.

Anonymous said...

Look at this morally and financially bankrupt mak talking. None sense. If you like quote figures from now till tomorrow, we know you are a failed CBN governor.

Anonymous said...

OkonjoIweala should know that her success is what is fueling this jealousy and attacks. She should just ignore them. God will deal with all of them.

Anonymous said...

Simply truth.truth has always been bitter but must be told.

Anonymous said...

OkonjoIweala, Adadioranma Ndi igbo. Abeg carry go.

Anonymous said...

Look at this man o...Abeg go do bedmantics with your wife. That should calm you down. OkonjoIweala no get your time.

Anonymous said...

I eagerly await this debate

Unknown said...

THE SUN 2/02/2015 newspaper..... Read it here before it drops tomorrow.





########LINDA'S BAE #####

Anonymous said...

educated and detailed read. lengthy but worth the time

Tinkerman said...

WoW!!! Sucker punch from Soludo!

I second the call for the debate.

Anonymous said...

Finally eh heh, he has told us who is paying him. I for say. It is the same Obj that always looks for people to use to destroy the ones he hates. Obj's hatred for Igbos knows no bounds. OkonjoIweala all I can say is that the fact that Obj hates you is a good sign to me and for that reason I will vote Jonathan in the next election.

Unknown said...

Madam okonjo I will advice u to free ur self from spirit of lying over nigeria economy. Cos u can't handle our economy. Soludo u on point .LIB EMPIRE

Anonymous said...

"WORD"
well spoken sir

Anonymous said...

Soludo working for obj cannot pull OkonjoIweala down. A woman who, God has blessed no man can harm. OkonjoIweala may God continue to bless you.

obijeff said...

This is perfect... well laid out and precise. . I think the wrong people have the right jobs in this country.

Anonymous said...

KAI! This one no be Chai, Na KAI! Catch am catch am thief thief thief.i can't wait for the debate.well and truly said soludo.madam I sorry for u......

Unknown said...

Hmmmm. God know say I try to read this tin ooo #lol, e too long. Chai! Naija for life.

Unknown said...

Oh, my God. I am so thrilled at the uncommon display of brilliant dexterity. Honestly I have so much respect for this man. The ongoing debate is what I clamour for my country. I wish the challenge he threw for debate could be accepted so that we can listen to issue based analysis and not name calling on the pages of newspaper. Soludo, you are my man any day any time. Keep soaring!

Anonymous said...

I said and ll still say it ngozi okonji hv decived us enough.GEJ must do something oooo

Anonymous said...

This soludo is confident sha! .....madam better life gele, we await ur response.

Anonymous said...

Shameful Soludo. Just shameful that a man has been reduced to a puppet of a Obj. Shameful. For the south east. From now on his name is Musa not Chukwuma.

Anonymous said...

Ah, Musa Charles Solduo has continued spewing his thrash. I dey pass.

Brian said...

If actually Soludo is a patriotic citizen as he sited, the best way for him to air his observances is to channel it to CBN and the presidency in a formal and unpublicized manner. One can only deduce that he is crying foul as a political observer with interests.

Anonymous said...

I hate to use the word "gbam" as it seems unintelligent and lazy but for the first time, here I go: GBAM!!! Please let's have this debate.

Anonymous said...

Musa Charles Soludo, Alhaja Obiageli, keep hating on OkonjoIweala it will get you no where. God is with her and will continually lift her up. I see why the two of you and others like you have failed and will continue to fail. Your envy will burn you up.

African Icon said...

This one na long thing! Buh Soludo has bad mouth sha. So Madam NOI dey dance atilogwu?
.
.
.
.
.
..Her Majesty

African Icon said...

This one na long thing! Buh Soludo has bad mouth sha. So Madam NOI dey dance atilogwu?
.
.
.
.
.
..Her Majesty

African Icon said...

This one na long thing! Buh Soludo has bad mouth sha. So Madam NOI dey dance atilogwu?
.
.
.
.
.
..Her Majesty

African Icon said...

This one na long thing! Buh Soludo has bad mouth sha. So Madam NOI dey dance atilogwu?
.
.
.
.
.
..Her Majesty

Anonymous said...

OkonjoIweala Igbos and Nigerians are behind you. Keep moving forward. Musa Charles Soludo, Alhaja Obiageli Ezekweisli and their like will always be behind you and will dissappeared pear like chaff.

Anonymous said...

OkonjoIweala Igbos and Nigerians are behind you. Keep moving forward. Musa Charles Soludo, Alhaja Obiageli Ezekweisli and their like will always be behind you and will dissappeared pear like chaff.

Unknown said...

Chai... war don start

Anonymous said...

Well said Prof Soludo, Its funny how most Nigerian don't realize this elections is about the economy of this Nation and how under this present leadership there isn't any hope. Someone who through out their 6 years did nothing and is only promising (without stating any specific) to try again.

GEJ cant have my vote.

Anonymous said...

OkonjoIweala Igbos and Nigerians are behind you. Keep moving forward. Musa Charles Soludo, Alhaja Obiageli Ezekwesili and their like will always be behind you and will dissappear like chaff.

Anonymous said...

Chai...,am waiting for madam to respond oooo

Anonymous said...

Job applications of Musa Charles Soludo, Alhaja Obiageli Ezekwesili, received. Sorry no vacancy.

Unknown said...

Soludo you are indeed brilliant and have exposed this criminals what will the so called MADAM do now that u have exposed them indeed the King is NAKED O

Unknown said...

Soludo you are indeed brilliant and have exposed this criminals what will the so called MADAM do now that u have exposed them indeed the King is NAKED O

Eji said...

A very informative post. I can't deny that the Nigeria economy under Soludo's watch was way better than it is now. So madam as he calls her needs to make the economy get to greater heights before countering something that was clearly good.

Unknown said...

Woow, lengthy and incisive, this is what normally happens when technocrats turns to politicians. We'll be waiting for a date for the debate. I. Love the atilogue touch.

Anonymous said...

Charles soludo. Finished madam ooooo. LMAO. Biggest thieves shaa

Unknown said...

Too long biko, no time to read this long article as am drinking Ijebu garri with groundnut and milk. #iloveLauraIkeji

George_O said...

Wow! Soludo is not finding tinz funny here, neither am I! Pertaining to corruption in my opinion, IBB's regime was child's play beside this one, this government is CORRUPTION in itself.

donaldinho66 said...

I think he should write a piece on u for not posting comment El...Soludo just dragged Ngo by her grey matter...such a pity after nw I see her as incompetent...irony really

Anonymous said...

Soludo has just reacted to Okonjo iweala's response to his ealier article, demystifying her and her lies. Well let's hope she will take up the gauntlet for intellectual debate with Soludo as demanded by him. This is the real debate that we all need, not the comedy of errors that usually characterises presidential debates in Nigeria. We need something intellectually stimulating for once!!!!

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