25/01/2026
Tai Solarin and the People’s Bank of Nigeria palaver
➡️The People’s Bank of Nigeria (PBN) was established in 1989 under the military government of General Ibrahim Babangida (IBB) to help poor Nigerians who had no access to commercial banks, provide small loans to petty traders, farmers, and artisans, encourage grassroots entrepreneurship, and reduce dependence on money lenders.
Loans were small, often without collateral, and targeted at:
👉Market women
👉Rural traders
👉Low-income earners
➡️Tai Solarin was appointed Chairman of the People’s Bank because of:
His reputation for integrity.
His commitment to the poor.
His resistance to corruption.
➡️He accepted the role reluctantly, but with hope that the bank would truly serve the masses.
➡️Not long after the bank began operations, problems emerged. Political interference began. Management gave out loans based on connections and not to those who truly needed them. The bank was pressured by powerful individuals. There was a lack of independence because of government control.
➡️Tai Solarin became deeply uncomfortable. He resigned publicly in 1992, stating that the bank had become not only politicised, it was drifting from its original purpose. He said he would not be used to legitimise corruption.
➡️His resignation shocked the nation and reinforced his reputation as a man of principle. The fortunes of the People’s Bank later declined and it was eventually merged into Nigeria’s microfinance banking system.
While some said his resignation was a rare example of moral courage in public service, others said it was an opportunity to be messed up by the military government which he was always tackling.
Photo: Tai Solarin and a guest on the day the People's Bank of Nigeria was inaugurated in 1989.