CBN’s Efforts To Ease Congestion Draw Criticism And Controversy

A brewing controversy has surfaced in response to the Central Bank of Nigeria’s (CBN) recent announcement of plans to relocate key departments from its headquarters in the Federal Capital Territory’s Central Business District to Lagos…..CONTINUE READING

Spearheaded by CBN Governor Yemi Cardoso, this strategic move aims to decongest the apex bank’s headquarters but has triggered diverse reactions.

Daily Trust on Sunday’s findings revealed that the departments marked for relocation include Banking Supervision, Other Financial Institutions Supervision, Consumer Protection Department, Payment System Management Department, and Financial Policy Regulations Department. This relocation is anticipated to impact a total of 1,533 CBN staff members.

An excerpt from the memo, as seen by the platform, explains the rationale behind the move: “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 action plan, triggered by various factors such as aligning the bank’s structure with its functions, redistributing skills for a more even geographical spread of talents, and complying with building regulations, outlines the relocation of staff to other CBN facilities within Abuja, Lagos, and understaffed branches.

A source within the management, speaking anonymously to the platform, confirmed the move but clarified that it was not 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.

So, as we speak, 80 per cent of them are headed back to Lagos because they have no business in Abuja.” The clarification adds depth to the ongoing discourse surrounding CBN’s decongestion strategy, highlighting the dual objectives of optimizing space and streamlining administrative efficiency.