Former Central Bank of Nigeria (CBN) governor Sanusi Lamido Sanusi has supported relocating five CBN departments from Abuja to Lagos. He referred to those opposing the move as threatening the bank’s future and stressed the importance of prioritizing the institution’s interests over personal attachments to Abuja.
Sanusi alleged that some CBN employees, particularly children of politically exposed individuals, prioritized their lifestyles and businesses in Abuja over their work at the bank. He argued that relocating certain functions to the larger Lagos office would streamline operations, enhance efficiency, and reduce costs.
In his recommendations, Sanusi suggested moving the Financial Systems Stability (FSS) department and most operations to Lagos, with the two deputy governors primarily operating from there. However, he 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 emphasized the need for a strategic analysis to determine which roles were better suited to each location and called for clear communication regarding the strategic intent to avoid misrepresentation and arbitrariness.
Addressing concerns about the office structure’s capacity to handle staff numbers, Sanusi dismissed the argument and suggested that construction company Julius Berger could provide clarification if needed.
He also advocated for consideration of individual situations, showing empathy toward employees with specific circumstances that might affect their ability to relocate.
Sanusi urged the CBN to focus on its core mandates of controlling the exchange rate and inflation, asserting that regaining control and credibility in these areas would empower the governor to implement necessary changes despite opposition.
Drawing from his experiences, Sanusi recalled facing religious objections when licensing Jaiz Bank but stood firm in licensing it, emphasizing that the bank’s religious nature did not hinder its success.
