CBN to Relocate Parts of its HQ to Lagos

The Central Bank of Nigeria (CBN) is reportedly planning to relocate portions of the bank’s headquarters back to Lagos.

The newly appointed Governor of CBN, Dr. Yemi Cardoso, stated that the justification for this move is the high number of employees at the Abuja head office.

According to reports, an internal memo, which was inadvertently made public, indicated that the Bank Supervision Department would be primarily impacted by this policy change.

The memo stated, “This is to notify all staff members at the CBN Head Office that we have initiated a decongestion action plan designed to optimise the operational environment of the bank. This initiative aims to ensure compliance with building safety standards and enhance the efficient utilisation of our office.”

However, the Central Bank of Nigeria (CBN) is facing internal turmoil following the decision by its new Governor, Mr. YeminCardoso, to relocate parts of the bank’s headquarters from Abuja to Lagos. This move has been met with resistance from the staff, who perceive it as a hidden agenda and argue that it is unnecessary.

The staff have highlighted that the CBN has several underutilised facilities in Abuja, including the previous head office building in Garki, known as the “Old CBN”, and buildings in the Maitama District. They suggest that these facilities could be better utilised if the Central Business District Headquarters is indeed overcrowded.

The staff also contend that the banking supervision responsibilities of the CBN are not solely carried out in Lagos, contrary to the Governor’s implication. They fear that other departments, including Other Financial Institutions, Consumer Protection, Payment System Management, and Monetary Policy, could also be affected by this relocation.

There is growing discontent among the apex bank employees towards Mr. Cardoso, who they accuse of having a bias against them. Upon assuming office, Mr. Cardoso reportedly intended to dismiss all the directors of the CBN. However, he was informed that the directors were not political appointees and could not be dismissed at will.

Since he was unable to dismiss the directors, insiders report that Mr. Cardoso decided to transfer almost all of them from the headquarters.

Some were reassigned to the Financial Systems Stability Secretariat and the CBN Training Institute in the Maitama District of Abuja. This move has further fueled the unrest among the staff. The situation continues to evolve, and the full impact of these changes remains to be seen.