Ohanaeze chief defends Fed Govt’s decision to relocate CBN to Lagos - Watchtower media

Ohanaeze chief defends Fed Govt’s decision to relocate CBN to Lagos


An elder statesman and chieftain of Ohanaeze Ndigbo Worldwide,  Chief Goddy Uwazuruike, has defended the Federal Government’s decision to relocate some departments of the Central Bank of Nigeria (CBN) to Lagos.

He said the action is aimed at reducing time and expenditure. 

Uwazuruike,  a lawyer, said the action would streamline processes,  improve efficiency and have a significant impact on the banking sector.

According to him, the administrative action of relocating CBN departments to a more convenient location is a step in the right direction. 

Uwazuruike stressed that “this move is intended to reduce time and expenditure in the performance of a statutory duty, rather than being 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 said. 

He cited the CBN gove

rnor’s periodic meetings with bank chief executives as a key reason for the relocation. 

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

He said the relocation is intended to facilitate CBN’s operations and enhance its oversight capabilities, particularly in relation to 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 politicised and should be seen as a step towards improving operational effectiveness, rather than a purely political move.

“Everything is not politics. For instance, the international oil companies 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 ground. So, the unfolding opposition should be moderated, instead of overheating the polity.”








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