Increasing backing for the transfer of CBN divisions to Lagos.
Finance and economy analysts are offering diverse perspectives on the Central Bank of Nigeria's (CBN) decision to relocate certain units and departments to Lagos. The move, aimed at enhancing operational efficiency, has sparked debates, with concerns raised about potential regional disparities. While some, like Managing Director Garba Kurfi, view it as beneficial for national economic development and a boon for Lagos due to superior infrastructure, others, particularly from the Northern political class, express reservations.
Kurfi underscores the positive impact on Lagos' tax revenues and justifies the move by citing the need for more operational space and the concentration of banks' headquarters in Lagos. Legal opinions, such as those from Ademola Salami and Bimpe Adelowo, emphasize the CBN's flexibility to operate optimally from any region and dismiss unjustified agitation against the decision. Salami notes the lack of legal merit and stresses the unity of CBN and its workforce.
Waliu Abimbola, a lecturer, highlights the strategic importance of the move, asserting that certain CBN departments and units are better placed in Lagos, the hub of commerce and industry. He emphasizes the economic implications and suggests that any legal obstacles can be addressed by the Presidency.
In conclusion, the consensus among these perspectives is that the relocation aligns with operational needs, enhances monitoring of banks, and contributes to a more efficient CBN. The move is seen as timely, strategically important, and legally justified under the CBN's constitutional empowerment to determine its operations.
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