Despite Backlash, Outcry,  Sanusi Throws Weight Behind CBN’s Relocation to Lagos

Despite Backlash, Outcry,  Sanusi Throws Weight Behind CBN’s Relocation to Lagos

Former Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, has supported the planned relocation of five CBN departments from the head office in Abuja to Lagos.

Sanusi, the 14th Fulani Emir of Kano, referred to those opposing the move as “dangerous for the bank’s future” and emphasized the importance of putting the bank’s interests before personal attachments to Abuja.

The former CBN Governor alleged many employees are children of politically exposed individuals, who prioritize their lifestyles and businesses in Abuja over their work at the bank.

He believed that relocating certain functions to the larger Lagos office would streamline operations, making them more effective and reducing costs.

Sanusi suggested 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.

He also recommended 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.

Sanusi 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 stressed the importance of clear communication regarding the strategic intent to avoid misrepresentation and arbitrariness.

Regarding concerns about the office structure’s ability to handle the staff numbers, Sanusi dismissed the argument, suggesting that construction company Julius Berger could refute it if asked.

Sanusi also called for individual situations to be considered, showing empathy toward young mothers with children in school or those with medical conditions who might not need to relocate.

Sanusi 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.

Sanusi acknowledged the backlash from Northern politicians who perceive the relocation as moving away from Abuja, but he stressed that as long as the decision is principled, the “noise should be ignored”.

Drawing from his experience, Sanusi recalled facing 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.

Sanusi acknowledged that the CBN Governor’s job is difficult and unpopular, requiring toughness and a focus on the bank’s best interests. He clarified his involvement in the construction of the new Lagos building, giving credit to Charles Soludo for the design and contract.

However, he noted his role in the foundation-laying ceremony and his use of the building during his tenure as CBN Governor.

Overall, Sanusi emphasized the need for the CBN to rise above ethnic and religious criticisms and prioritize what needs to be done for the bank’s success.

Credit: Solace Base