President Bola Tinubu’s spokesperson, Tunde Rahman, has asked Yemi Cardoso, the governor of the Central Bank of Nigeria (CBN), to pay attention to the political ramifications of his decisions.

Rahman, in an opinion piece titled “Olayemi Cardoso’s Dilemma,” acknowledged Cardoso’s competence but stressed the need for political awareness.

“Many will wonder why some members of the northern elites are losing their cool, misinterpreting this move and, perhaps inadvertently, heating up the polity on this rather elementary matter,” Rahman wrote. “Is their reservation altruistic? Or are they just being sincerely mistaken and reading unnecessary motives into the policy?”

He criticised the CBN for lack of clear communication, stating, “One can say that Cardoso and his team should have understood the political dimensions of the decision better and undertaken a more effective public enlightenment on it rather than treat it as a purely administrative matter.”

Rahman’s statement comes in response to the relocation of key departments of the CBN, including banking supervision, other financial institution supervision, consumer protection department, and payment system management department, from Abuja to Lagos.

The move has stirred a lot of controversy among many Nigerians, who are questioning the motives behind it.

Cardoso, who appeared on the floor of the House of Representatives in Abuja, stated that “there is nothing political in the movement” other than “ease banking supervision” due to the majority of the banks being based in Lagos.

Rahman, however, noted that it is important for Cardoso to understand the multi-ethnic and multi-religious context of Nigeria, where decisions can be viewed through various lenses.

“The CBN ought not to have released the news about the movement of the departments concerned in a routine manner as it did…..He (Cardoso) should learn from this experience that though his job of superintending the country’s monetary system is a professional and economic one, yet it has its political aspects,” Rahman said.

Rahman noted that Cardoso’s decisions will have consequences not only on the economy but also on the political front and as such, he must always “pay attention” to the political ramifications of his decisions.

He, however, urged the CBN governor to be “political without being partisan,” meaning navigating the political landscape while remaining neutral and serving the national interest.

Rahman also mentioned the precedent set by Cardoso’s “political” predecessors, like Chukwuma Soludo, Godwin Emefiele, and Sanusi Lamido, who actively engaged in political discourse.

This, according to Rahman, complicates Cardoso’s need to be political without being partisan.

“Indeed, his situation is also not helped by the fact that he has had very political predecessors-in-office including the high-sounding Professor Chukwuma Soludo, the soft-spoken but loud former Emir of Kano, Khalifa Sanusi Lamido Sanusi, and the immediate-past Governor, Godwin Emefiele (this one even attempted to contest for president while holding the office as CBN governor).”