At least 1,500 employees of the Central Bank of Nigeria (CBN) are set to resume operations at its Lagos office on Friday, following their redeployment from the headquarters. This move, although criticized by various groups, is part of the CBN’s strategy to optimize its operational environment, enhance safety compliance, and reduce congestion at its head office in Abuja.
The decision to relocate specific departments, including Banking Supervision, Other Financial Institutions Supervision, Consumer Protection Department, Payment System Management Department, and Financial Policy Regulations Department, is based on factors such as staff safety, increased productivity, adherence to building regulations, and a more even geographical spread of talent.
Despite criticism from Northern Elders Forum and other Northern groups, CBN Governor Yemi Cardoso is determined to implement the relocation plan. The move aims to reduce the head office’s occupancy level from 4,233 personnel to 2,733. Some affected staff members have already started relocating to Lagos, with over 80% of the Banking Supervision and Payment System Department staff reportedly redeployed.
Critics, including Senator Ali Ndume, have expressed concerns over potential negative impacts, such as increased costs, talent loss, disrupted operations, regional economic disparities, and decreased investor confidence. The controversy surrounding the relocation has raised political considerations, with warnings of consequences if the plan is fully implemented. The CBN’s decision to resume operations in Lagos signals a significant step in the ongoing restructuring efforts.