Former CBN Governor Sanusi Lamido Sanusi Supports Relocation Move

Sanusi has labeled those opposing the move as “threats to the bank’s future” and underscored the significance of prioritizing the institution’s interests over personal attachments to Abuja.

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

He contends that relocating certain functions to the larger Lagos office would streamline operations, enhance effectiveness, and reduce costs.

Sanusi proposes that the Financial Systems Stability (FSS) department and a majority of Operations should be moved to Lagos, with the two Deputy Governors primarily operating from there.

He also recommends that departments directly reporting to the Governor, such as Economic Policy, Corporate Services, Strategy, Audit, Risk Management, and the Governor’s Office, should remain in Abuja.

Sanusi argues that the CBN’s decision to relocate certain departments to Lagos is a strategic move requiring thorough analysis to determine which roles are better suited to each location. He stresses the importance of clear communication about the strategic intent to avoid misrepresentation and arbitrariness.

Addressing concerns about the office structure’s capacity to accommodate the staff numbers, Sanusi dismisses the argument, suggesting that construction company Julius Berger could refute it if asked.

Sanusi also calls for a consideration of individual situations, showing empathy towards young mothers with school-going children or those with medical conditions who might not need to relocate.

He urges the CBN to concentrate on its key mandates of controlling the exchange rate and inflation, asserting that regaining control and credibility in these areas would make the Governor “untouchable” and enable the implementation of necessary changes despite opposition.

Sanusi acknowledges the backlash from Northern politicians who perceive the relocation as a move away from Abuja but stresses that as long as the decision is principled, the “noise should be ignored.”

Drawing from his experience, Sanusi recalls facing religious objections when licensing Jaiz Bank but stood firm and licensed it anyway, asserting that the bank’s religious nature did not hinder its success.

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

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

Overall, Sanusi emphasizes the need for the CBN to rise above ethnic and religious criticisms and prioritize actions necessary for the bank’s success.