An elder statesman and prominent member of Ohanaeze Ndigbo Worldwide, Chief Goddy Uwazuruike, has justified the Federal Government’s choice to move certain departments of the Central Bank of Nigeria (CBN) to Lagos, saying that this decision is intended to minimize time and expenses.

Speaking on Thursday, January 25, Chief Uwazuruike, a lawyer, said the action would streamline processes, improve efficiency and have a significant impact on the banking sector in the country.

He said the administrative action of relocating the Central Bank of Nigeria (CBN) department to a more convenient location is a step in the right direction.

Uwazuruike stressed: “This move is intended to reduce time and expenditure in the performance of statutory duty, rather than being a relocation to Lagos, as some have argued. The relocation is expected to streamline processes, improve efficiency, and have a significant impact on the banking sector in Nigeria.”

He cited the CBN governor’s periodic meetings with bank chief executives as a key reason for the relocation.

Uwazuruike noted that: “The new location in Lagos will allow for more convenient access, enabling 10 CBN executives to efficiently meet with over 200 banks.”

He emphasized that the relocation is intended to facilitate the CBN’s operations and enhance its oversight capabilities, particularly in the banking sector.

“Additionally, the relocation will facilitate CBN supervisors’ ability to conduct unannounced visits to banks, enhancing their oversight capabilities,” he said.

He stressed that the decision should not be overly politicized and should be seen as a step towards improving operational effectiveness rather than a purely political move.

He added that “Everything is not politics. For instance, the international oil coys should move their main offices or head offices to the Niger Delta.

“The decision-making process is easier when the top people are conversant with the situation on the ground. So, the unfolding opposition should be moderated instead of overheating the polity.” (The Nation)

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