WHY WE’RE RELOCATING KEY DEPARTMENTS OF CBN TO LAGOS, CARDOSO
A recent announcement by the Central Bank of Nigeria (CBN) to relocate key departments from its headquarters in the Federal Capital Territory’s Central Business District to Lagos has triggered a growing controversy.
The move, orchestrated by CBN Governor Yemi Cardoso, aims to decongest the apex bank’s headquarters but has garnered mixed reactions.
The affected departments include Banking Supervision, Other Financial Institutions Supervision, Consumer Protection Department, Payment System Management Department, and Financial Policy Regulations Department. This relocation is set to impact a total of 1,533 CBN staff members, according to findings.
A memo seen by the platform outlined the reasons for the move, 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 memo further explained that the action plan was driven by various factors, including the need to align the bank’s structure with its functions and objectives, redistribute skills for a more even geographical spread of talents, and comply with building regulations.
The decision was also influenced by repeated warnings from the facility manager and the findings of the Committee on Decongestion of the CBN head office.
A source within the management, speaking on condition of anonymity, confirmed the relocation but clarified that it wasn’t entirely as publicly reported.
The source explained, “The headquarters was designed to accommodate slightly over 2,000 staff members but currently has over 4,000. So, about 1,533 staff members have to be relocated.”
The source continued, “The second reason is that departments like Banking Supervision and Payment Systems have the bulk of their work domiciled in Lagos, so it makes proper administrative sense to operate out of Lagos. As we speak, 80 per cent of them are headed back to Lagos because they have no business in Abuja.”
The move, while addressing concerns of overpopulation in the headquarters, has prompted discussions about the practicality and implications of such a shift.The controversy surrounding the relocation highlights the intricacies of balancing operational efficiency, staff distribution, and adherence to regulatory standards within the CBN.