Relocation of Some Operational Offices of CBN/FAAN to Lagos

…good intention,wrong delivery!

by 

Dr. Bolaji O. Akinyemi.

The decision to move some departments of CBN and FAAN to Lagos from Abuja should not be viewed as a move against any geo-political bloc of the Nigeria. It is not different from the unplanned removal of fuel subsidy and floating the exchange rate of naira which all the geo-political blocs of Nigeria views as a decision against the ordinary people who voted the President to power. No one can contend with the need to remove subsidy and float the naira as being in the best interest of the nation, but it was done without preparation, with absolutely no plan in place to cushion the effect on the masses. This has further sent the economy into comatose. 

The support for the relocation decision by Sanusi Lamido Sanusi is nothing but mere propaganda which he is excellent at delivering for APC as the ruling political party. How did Sanusi deliver his stewardship at CBN with the departments slated for relocation out of Abuja? What has changed? Truth be told, the government didn’t do their homework!

Obviously, the CBNTeam neglected to lead the exercise through a pubic engagement platform and strategic communication approach before the Government announcement. This is badly timed not minding the sincerity of the intention. A sincere move can be silly if home works are not done. That was what happened when the subsidy was removed with bang akin to a plan of ambush and hijack. 

Till today, the shock from subsidy removal and naira float has depressed the economy and impoverished the more citizens into poverty trap. Inflation is at all time high and is not looking like the trees of need are about to be lowered for hanging fruit to be reached by the poor and vulnerable. The communication gap created ample room for the speculation that has engulfed the public arena needlessly.

The point here is the need to review the leadership style of the administration in order to avoid the impression of exuding arrogance of power in decision making process that is capable of stoking resentment in the polity. 

The salvo of many observers on the relocation exercise isn’t unconnected with the lack of vital information. It’s all about the role of the financial services industry in economic growth and the need for effective supervision at close-range by the regulatory authority. Proximity of the engine room of such financial services firms is capable of a seamless delivery of vital anecdotes and business nuances to resident officials of the 

regulator. Such an auspicious opportunity is likely to be lost or even withheld from regulatory officials based on their routine of regular shuttles from afar as visitors than nearer to base operating headquarters of the firms. Historical traditions attest to anecdotes and nuances as vital ingredients in policy formulation and implementation for the good of the economy.

In general, Broad Street in Lagos, which is the hub of most financial services firms in Nigeria is to the Nigerian economy what Wall Street is to America. The commercial nerve-center status of Lagos attracts a controlling share of global financial transactions in the Nigerian economy. This movement is well intentioned like the 

subsidy removal and naira float but it is ill-timed and unplanned!

In a similar vein, Lagos attracts a controlling share of the global aviation services in Nigeria and ECOWAS as well as ranking tops in Africa. As a result, relocating FAAN to Lagos will easily provide on-ground access to services required by airport users effectively and seamlessly.

The attempt to relocate some operational offices of the CBN and FAAN is based on technical considerations that aim to enhance the ease of doing business in Nigeria and to serve as an elixir to grow and expand such services beyond Lagos in the long run. There is no undertone to the exercise besides the failure of effective dissemination of prior information.

Dr Bolaji O. Akinyemi is an Apostle and Nation Builder. President Voice Of His Word Ministries and Convener Apostolic Round Table; ART. The BoT Chairman of Nigeria foremost Political Education and Advocacy group; Project Victory Call Initiative; AKA PVC Naija. He is also the CEO of a strategic communications marketing outfit; Masterbuilder Communications.

bolajiakinyemi66@gmail.com

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