CBN Clarifies: Official Explains Reasons Behind Relocation Of Departments To Lagos Office

The Central Bank of Nigeria (CBN) is embarking on a strategic move to transfer certain departments to Lagos State, the nation’s first capital territory and economic hub, as part of an internal initiative to decongest the apex bank’s head office in the Federal Capital Territory…..CONTINUE READING

In internal memo obtained by Ireporteronline revealed the details of the plan.

While some reports suggest resistance among bank staff, attributing the move to tribal sentiments, an unnamed official clarified that the objective is centered on “staff safety and increased productivity.

The memo outlines the need to comply with building safety standards, enhance office space utilization, align the bank’s structure with functions and objectives, redistribute skills for better geographical talent spread, and meet building regulations.

The memo reads, “Our current occupancy level of 4,233 significantly exceeds the optimal capacity of 2,700 designed for the Head Office building. This overcrowding poses several critical challenges.”

The source added, “The CBN is saying instead of 200 workers to go work in other states and return to the head office, they should relocate fully to that state for safety and to increase productivity.”

Departments slated for relocation, under the guidance of CBN Governor Yemi Cardoso, include Banking Supervision, Other Financial Institutions Supervision, Consumer Protection, Payment System Management, and Financial Policy Regulations departments.

The initiative aims to optimize operational efficiency and address challenges posed by overcrowding in the head office.