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Soludo did not rise through the ranks in the CBN echelon. He got appointed from outside, where he combined teaching and high profile consultancy jobs. His astute performance as the chief economic adviser, informed banking sources affirmed, earned him the prestigious Institute of Directors award as the Public Sector Reformer of the Year 2004.

Following his appointment as the CBN governor, Soludo carried the same success recorded as the chief executive of the National Planning Commission to the CBN. He carried out far-reaching reforms in the Nigeria's financial sector, including the ambitious recapitalisation programme in the banking and insurance sub-sector. These reforms, seen as the most impactful in the financial sector in recent past, earned him numerous local and international accolades.

In 2008, Soludo indicated that he would be going back to the university community to continue his teaching career at the end of his five-year tenure at CBN. Although he still stands the chance of having a second term, Soludo hinted that he might not be going for another term as his soul has always been with the academic community.

Since Soludo gave this indication, lobbyists have gone to work, lobbying and peddling influences over who would succeed him when he finally steps down in May 2009. Arguments have been advanced in favour of some people for their experience at the CBN, the World Bank, academic community and other grounds. Definitely, were Soludo's credentials the only reason he succeeded this much, then most of the perceived and other unknown aspirants could not be deemed fit enough to fill the gap he would leave behind at the end of his tenure, as it might be difficult for anyone to match the same credentials as he possesses.

Notwithstanding this view, the vacancy must be filled, and this has been a big challenge for the government. Soludo performed well, no doubt, but does it mean that no other Nigerian is worthy of the role? Definitely no! But while not restricting focus to Soludo's exemplary qualities, it is expected that the Federal Government would not appoint anyone with less excellence in his academic qualification, career background, drive, ambition and clout, if only to make a mark in the country's economy. Of import for such a candidate are intellect, excellence in service, global exposure, experience in consultancy (especially at the World Bank level), and a career success, merged with a strong personality.

The finance sector operators and other economic watchers believe that in making the next appointment, it is expected that the government would look, not just into credentials, but also consider experience and clout.

Soludo's exposure, gained in consultancy with first-class international finance institutions, aided his performance at the CBN. His authoritative speeches, defending the N25bn recapitalisation requirement for banks, despite stiff opposition, were hallmarks of clout and experience.

These attributes, arguably became the refrain on Tuesday night in Abuja, at the "Friends' Forum," floated in honour of Tosa Ogbomo, one of the contestants being milled around as one of the likely successors of the CBN governor. Described as a foremost intellectual, Ogbomo's credentials appear intimidating. His citation, read by Dr. Isichie Aformo, a consultant engineer, posited Ogbomo as a product of two renowned United States business schools - Harvard and Bentley - which culminated in an MBA in Business Administration and an MS in Finance, respectively. According to Aformo, these provided the right opening to greater achievements, having had a B. Sc in Accountancy from the University of Benin earlier.

Other contestants for the post are Tanimu Kurfi, the Chief Economic Adviser to the President, the Finance Minister, Mhuktar and Samshudeen Usman. Usman is considered an old hand. Throwing the catch net wide, the existing bank managing directors are also believed to be possibles.

Ogbomo is currently the Managing Director, Mergers and Acquisitions, Goldman Sachs and Co., a bank holding company that engages in investment banking, securities services and investment management. At Goldman and Sachs, Tosa Ogbomo advises and administers financing for clients in the health care industry including Merck, Boston Scientific, Stryker, and Pfizer. He was in charge of the $90bn hostile takeover of Warner Lambert by Pfizer.

The citation read further, "Prior to Goldman Sachs, Tosa rose from associate to Vice-President and finally, a director in Merrill Lynch & Co, a global financial services firm, which was acquired by Bank of America. Merrill Lynch provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related financial services worldwide.