The previous write-ups regarding the CBN’s strategy on departmental locations contain several errors. I want to clarify that I didn’t demolish the old building. The credit for the design and contract for the new Lagos building goes to Charles Soludo. However, I did participate in the formal foundation laying ceremony and opened the building before leaving the CBN.
Contrary to the claim of a “blueprint,” Yakasai may have been informed by someone of conversations among the governors, in which we proposed that DG FSS and his departments move to Lagos, while he could come to Abuja for meetings.
Kingsley Moghalu was satisfied with this arrangement, but we didn’t have enough time to implement it.
With that being said, moving certain functions to the larger Lagos office is a sensible decision. In my opinion, I would have moved FSS and most of Operations to Lagos, with the two Deputy Governors primarily operating from there, or at least having the majority of their operational staff in Lagos. Economic policy, Corporate services, and departments reporting directly to the Governor would remain in Abuja.
This strategic decision makes sense to me, and I would have implemented it if I had stayed. The criticism and noise surrounding this issue are unnecessary. The CBN already has staff working at its branches and cash offices nationwide. Moving staff to the Lagos office to streamline operations, enhance effectiveness, and reduce costs is a normal management prerogative.
However, we face a problem with employees who prioritize their spoilt Abuja lifestyle and businesses over their job at the CBN. For the bank’s future, it is essential for the Governor to take a firm stance and eliminate those elements that pose a danger.
Nevertheless, I believe there are a few things the CBN needs to get right. Firstly, determining the locations of functions should be a strategic decision, not a tactical one. A thorough analysis should be conducted to identify which roles are best suited for Lagos and which for Abuja. Effective communication of strategic intent can prevent misrepresentation and arbitrary decision-making.
I disagree with the notion that the office structure cannot accommodate the staff numbers. If necessary, Julius Berger can verify this claim if they are engaged.
Secondly, individual situations should be considered, and empathy should be shown whenever possible. For instance, young mothers with children in school who don’t need to move can be prioritized to stay in Abuja, as well as those with medical conditions, etc.
Lastly, the CBN must focus on controlling the exchange rate and inflation. By demonstrating control over these aspects, the CBN earns credibility. This credibility makes the Governor untouchable. As long as people perceive the CBN as having lost control of its primary mandate, it becomes vulnerable to criticism even for seemingly minor issues like staff movement.
Therefore, my advice to the Governor is to proceed with his policy. If the CBN succumbs to political pressure on one matter, it sets a precedent for future compromises. Claiming that moving functions from Abuja to Lagos is a Northern issue is baseless; Abuja is the federal capital. As long as this decision is principled, the noise surrounding it should be ignored.
I recall when I was about to license Jaiz Bank, there was a great deal of religious opposition from organizations like CAN. Even individuals like Okey Emelamah threatened to sue me on religious grounds. However, I disregarded the noise and proceeded to license the bank. Nothing adverse happened. Subsequently, a Christian Governor after me licensed at least two more non-interest banks, and no one even noticed.
There will always be ethnic and religious extremists who make noise. The CBN must rise above this and focus on doing what needs to be done. This job is incredibly challenging and unpopular, requiring the Governor to be resilient.
Sanusi Lamido Sanusi, CON
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