The Central Bank of Nigeria, yesterday insisted on further recapitalisation of Nigerian banks saying that the decision is for the common good of Nigeria.
“Again, I think by coincidence, if you check the quantum of the capital, minimum capital levels that we require, it’s pretty similar, because international banks are moving from 50 to 500, which is 10 times, similar to Soludo’s 12 and a half times, and national banks are moving from 25 to 200 billion, roughly about 8 times.
“So it was important that the banks were recapitalized to the level where they’ll be able to absorb any shocks that come, and also position the banks to be able to grow the economy. “I think we’re all aware that in the Western world, they did have rate hikes to be able to control theirs, and they maintained it for a very long time. It’s only now that they stopped rate hikes, but they have not even started dropping the rates as we speak.
Describing the title of the book Power of One Man, OBJ said: “I believe that I am that one man because I put together the team. It’s like a coach, a football manager, you pick the captain, and the captain was Captain Soludo.