CBN Set To Relocate Key Departments To Lagos

There is disquiet in the Central Bank of Nigeria, CBN, over plans by the new management to fully relocate major departments from the Abuja headquarters to the former headquarters in Lagos.

DAILY NIGERIAN gathered that members of staff of the apex bank, especially married women are grumbling over the decision.

This newspaper gathered that the departments penciled down for relocation by the CBN governor Yemi Cardoso are: Banking Supervision, DBS; Other Financial Institutions Supervision, OFISD; Consumer Protection Department, CPD; Payment System Management Department, PSMD and; Financial Policy Regulations Department, FPRD.

It was also gathered that 1,533 staff would be affected by the massive redeployment.

A source who preferred anonymity said the policy had already forced some members of staff to consider resignation.

“The affected departments are the major departments of the CBN. They are the only departments mentioned in the BOFIA Act [Banking and Other Financial Institutions Act].

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“Moving them entirely will only further strengthen Lagos and weaken Abuja. When you move all these departments to Lagos, then what is left of the headquarters? It will become almost useless.

“Women colleagues that are married can’t cope with this decision, especially those from the North.”

The new management, led by Governor Cardoso, has faced allegations of creating a hostile work environment since assuming office.

Reports suggest that many staff members have resigned under the current management, citing an atmosphere of fear and uncertainty.

While an internal memo from the CBN cited the need for decongestion as a primary reason for the relocation, some insiders question the rationale behind the decision.

There are suspicions of a potential downsizing agenda and concerns that the move could elevate Lagos at the expense of Abuja.

The CBN memo stated that the decongestion initiative aims to optimize the operational environment, ensure compliance with building safety standards, and enhance the efficient utilization of office space. It cited safety concerns, reduced efficiency, and potential compromise of the building’s structural integrity due to overcrowding as driving factors behind the decision.

However, critics argue that the immediate-past governor, Godwin Emefiele, had already made provisions for an annexe office and a multi-level car park to address overcrowding concerns at the head office building.

POLITICS NIGERIA