Former Central Bank Governor, Professor Chukwuma Soludo has reacted to allegations by human right lawyer, Femi Falana that he diverted $7 billion from the nation’s external reserves.
Soludo said such an allegation was an uninformed and mischievous attempt to malign his reputation.
“I have come to terms with the fact that part of the burden one bears for having held public office in Nigeria is that one has to endure all kinds of uninformed and sometimes mischievous attempts to malign one’s character. I largely ignore such ignorant commentaries”
Soludo however, stressed that an allegation like that coming from a respectable Nigerian like Falana cannot be ignored.
“Femi Falana is one of the Nigerians I deeply respect, and I am sure many Nigerians also hold him in very high esteem. I was therefore shocked beyond belief that someone like him could fabricate and peddle blatant lies”
“This is a blatant lie, and I challenge Falana to publish the details of such a “loan” which remains unpaid or as a person with honour, publish a retraction and unreserved apology immediately.”
Professor Soludo clarified that “One of the legacies of my tenure as CBN Governor was the highest rate of reserve accumulation in Nigeria’s history as well as its effective and efficient management.
“On the assumption of office, I met exactly $10 billion in foreign reserves. With an average monthly oil price of $59 during my tenure, we accumulated reserves to all-time high of over $62 billion.
“Even after paying off Nigeria’s external debt with $12 billion and facing unprecedented global financial and economic crisis, I still left $45 billion upon leaving office in 2009.”
“Throughout my tenure, Nigeria never lost one penny of the reserves. It is particularly important to note that even during the global financial crisis of 2008/2009 when major international banks collapsed and some countries lost some of their reserves, our prudent management ensured that Nigeria never lost a penny but earned returns on the reserves.”
“Given the powerful interests that I fought during the consolidation of banks and even since I left office, one can only imagine the international headlines that would have been made if just one penny of the reserves was unaccounted for.”
“My records at the CBN are there for anyone to see, and I am ready at any time any day to respond to any questions regarding my stewardship.”
“If the allegation had been made by certain people, I would have dismissed such persons as ignorant but certainly not Chief Falana.” Soludo concluded.