At least 1,500 employees of the Central Bank of Nigeria (CBN) will start working at its Lagos office this Friday.
They have been transferred from the headquarters to improve staff safety, boost productivity, and reduce congestion at the head office.
An official from the apex bank confirmed the plan, telling Punch, “Yes, the plan is still on, and they will resume work by February 2, which is the first week of next month.”
The decision to move departments like Banking Supervision, Other Financial Institutions Supervision, Consumer Protection Department, Payment System Management Department, and Financial Policy Regulations Department to Lagos has received criticism from different sources.
The CBN defended the decision by stating that it was necessary to align the bank’s structure with its functions and goals, distribute skills more evenly across different locations, and comply with building regulations.
A memo issued to staff read, “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.”
Despite opposition from the Northern Elders Forum and other Northern groups, the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, is proceeding with a plan to relocate the headquarters. The goal is to reduce the number of personnel from 4,233 to 2,733.
According to sources, some affected staff members have already begun moving to Lagos. More than 80% of the Banking Supervision Department and the Payment System Department are being redeployed.
Critics argue that this relocation could result in higher costs, loss of talented employees, disruptions in operations, decreased coordination, regional economic disparities, hindered economic development in Northern Nigeria, and reduced investor confidence in the country’s economy.
