Central Bank of Nigeria (CBN) is set to relocate approximately 1,500 staff members from its headquarters to its Lagos office this week, despite facing criticism from various quarters.
The move, scheduled for February 2, follows the decision of the new management to redistribute select departments, including Banking Supervision, Other Financial Institutions Supervision, Consumer Protection Department, Payment System Management Department, and Financial Policy Regulations Department.
An official from the apex bank confirmed the plan, emphasising reasons such as staff safety, increased productivity, and decongestion of the head office.
A memo issued to staff explained the initiative stating, “This is to notify all staff members at the CBN Head Office that we have initiated a decongestion action plan designed to optimize the operational environment of the Bank. This initiative aims to ensure compliance with building safety standards and enhance the efficient utilization of our office space.”
The decision to relocate has sparked opposition, particularly from Northern Elders Forum and other Northern groups.
Critics argue that the move may result in increased costs, loss of talent, operational disruption, reduced coordination, regional economic disparities, impaired economic development in Northern Nigeria, and decreased investor confidence in the nation’s economy.
In response to the criticisms, the CBN Governor, Yemi Cardoso, remains steadfast in the relocation plan, aiming to reduce the headquarters’ occupancy level from 4,233 to 2,733 personnel.
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The CBN justifies the move by aligning the bank’s structure with its functions and objectives, redistributing skills for a more even geographical spread, and ensuring compliance with building regulations.
Sources indicate that some affected staffers have already started relocating to Lagos, with over 80% of the Banking Supervision Department and the Payment System Department undergoing redeployment.