Former Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, has supported the decision to relocate some departments of the CBN from Abuja to Lagos, stating that the move makes practical sense and will enhance operational efficiency while lowering costs. According to Sanusi, the relocation is a positive step towards improving administrative functions and argued that any opposition to the move is primarily driven by political interests and sentiment rather than rational considerations.
Sanusi shared his thoughts on the matter through a statement released on Wednesday, emphasizing that relocating certain CBN departments would streamline operations and cut unnecessary expenses. While the proposal has faced significant criticism, particularly from northern political figures who argue it could have political ramifications, Sanusi strongly disagreed. He described the opposition as unfounded and noted that such decisions should be based on strategic planning rather than political motives.
The relocation decision, announced by current CBN Governor Olayemi Cardoso, involves moving key operational departments to Lagos, while departments that report directly to the Governor, such as Economic Policy, Corporate Services, and Risk Management, would remain in Abuja. This, according to Sanusi, is a sound approach that he had intended to implement during his tenure but did not have sufficient time to execute.
“In my tenure, I had planned to relocate most of the operations and financial services staff to Lagos, which would have allowed for greater efficiency,” Sanusi explained. He also added that the opposition to such a decision is “absolutely unnecessary” because the CBN’s operations are already well-established across the country with a large workforce spread across its branches.
Sanusi criticized the mentality of certain CBN employees who, he believes, prioritize their personal lives and businesses in Abuja over their professional roles. He argued that this attitude, especially among the children of politically influential figures, undermines the CBN’s operations and has a negative impact on the institution’s future.
He went on to advise the CBN Governor to be resolute in implementing the decision, despite any political pressures. According to Sanusi, if the CBN gives in to political influence now, it will set a dangerous precedent for future policy decisions. He noted that the CBN’s decisions should always be based on a clear, principled analysis, not on political or regional considerations.
Sanusi stressed that, just as he had to disregard religious and political pressures during his time at the CBN, the current leadership should remain focused on the institution’s long-term goals and national interests. He cited the example of the licensing of Jaiz Bank, which faced considerable religious opposition at the time but eventually succeeded despite the controversy.
The former CBN Governor concluded by urging the current leadership to move forward with its plans without yielding to criticism, noting that the shift of operations to Lagos is a necessary and strategic decision that will ultimately benefit the bank and the country as a whole.
