In July 2004 CBN Governor Charles Soludo announced that all Nigerian banks must raise their minimum capital to ₦25bn (from ₦2bn) by December 2005 or be liquidated. 89 banks existed; 25 emerged. GTBank, Zenith, Access, First Bank emerged as credible pan-African institutions. The Lagos financial centre became viable. The subsequent 2008–09 bank failures (requiring AMCON) showed the job wasn't finished — but the foundation was laid.
Obasanjo II · Financial2004 — 06Good spending· ₦25bn min capital· Chapter I · Money
Banking Consolidation — Soludo's Reform
Capital base raised from ₦2bn to ₦25bn minimum per bank. 89 banks consolidated into 25.
Sources
- · CBN Banking Supervision Annual Report 2006
- · Soludo, Transforming Nigeria's Financial System (2004)
What it cost — political & economic reality
The political and economic reality
Nigeria in 2005: who was in charge, the cabinet of the day, the GDP, and the crises that defined the period.
President · Fourth Republic
Chief Olusegun Obasanjo
1999–2007· PDP
National reality
Return to civilian rule, 29 May 1999. Telecoms deregulation (2001) — GSM revolution. Paris Club exit, October 2005 ($30 bn debt relief, Okonjo-Iweala). Pension Reform 2004. EFCC established 2003.
Crises of the period
- Third Term agenda defeated 2006
- Niger Delta militancy intensifies
- ASUU strikes; Sharia introduction in 12 northern states
GDP (World Bank)
$59 bn (1999) → $166 bn (2007)
Cabinet (selected portfolios)
- Finance
Adamu Ciroma (1999–2003); Ngozi Okonjo-Iweala (2003–06)
- Education
Tunde Adeniran; Babalola Borishade; Fabian Osuji; Chinwe Obaji; Oby Ezekwesili
- Health
Prof. ABC Nwosu
Source: Federal Gazette 1999–2007; CBN; World Bank WDI
Methodology
Tier 1 · primary
Courts. Gazettes. National archives.
Tier 2 · corroborating
OCCRP. HRW. BudgIT. TheCable.
Redline
Wikipedia is never a source.