Following the debate, conceptions and misconceptions surrounding the relocation of some departments of the Central Bank of Nigeria CBN to Lagos, a Former Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, said there is no need for worries as the move is a welcome development.
The former Apex bank chief dismissed sentiments particularly from the North towards the relocation as “dangerous for the bank’s future”adding that it was important to put the bank’s interests before personal attachments to Abuja.
Sanusi alleged that many employees are children of politically exposed individuals, who prioritise their lifestyles and businesses in Abuja over their work at the bank.
According to him,relocating certain functions to the larger Lagos office would streamline operations, making them more effective and reducing costs.
The former CBN governor recommended that the Financial Systems Stability (FSS) department and most of Operations should be moved to Lagos with the two Deputy Governors operating primarily from there.
Sanusi also suggested that departments reporting directly to the Governor such as Economic Policy, Corporate Services, Strategy, Audit, Risk Management, and the Governor’s Office, remain in Abuja.
He argued that the CBN’s decision to relocate certain departments to Lagos was a strategic one that required proper analysis to determine which roles were better suited to each location.
He however stressed the need for clear communication regarding the intent of relocation to avoid misrepresentation and arbitrariness.
The former bank chief urged the CBN to focus on its key mandates of controlling the exchange rate and inflation, as regaining control and credibility in these areas would make the Governor “untouchable” and enable the implementation of necessary changes despite opposition.
While acknowledging the backlash from Northern politicians who perceive the relocation as moving away from Abuja, he stressed that as long as the decision is principled, the “noise should be ignored”.
Sanusi recalled facing similar issues particularly religious objections when licensing Jaiz Bank, but he stood firm and licensed it anyway, asserting that the bank’s religious nature did not hinder its success.
