Controversy Trails ‘Decongestion’ Of CBN’s Headquarters

A growing controversy is emerging over the Central Bank of Nigeria‘s (CBN) recent plans to relocate key departments from its headquarters in the Federal Capital Territory’s Central Business District to Lagos.

This strategic move, under the guidance of CBN Governor, Yemi Cardoso, aims to decongest the apex bank’s headquarters but has sparked varied reactions.

According to findings by Daily Trust on Sunday, the departments slated for relocation include Banking Supervision; Other Financial Institutions Supervision; Consumer Protection Department; Payment System Management Department, and Financial Policy Regulations Department. This shift is expected to impact a total of 1,533 CBN staff members.

Part of the memo seen by the platform reads, “This is to notify all staff members at the CBN head office that we have initiated a decongestion action plan designed to optimise the operational environment of the bank.

“This initiative aims to ensure compliance with building safety standards and enhance the efficient utilisation of our office space.

“This action is necessitated by several factors, including the need to align the bank’s structure with its functions and objectives, redistribute skills to ensure a more even geographical spread of talents and comply with building regulations as indicated by repeated warnings from the facility manager, and the findings and recommendations of the Committee on Decongestion of the CBN head office.

“The action plan focuses on optimising the utilisation of other bank’s premises. With this plan, 1,533 staff will be moved to other CBN facilities within Abuja, Lagos and understaffed branches.”

A management source who spoke with the platform on condition of anonymity said the move was true but not entirely as publicly reported.

The source said, “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 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.”