In a controversial move, at least 1,500 staff members of the Central Bank of Nigeria (CBN) are set to resume at its Lagos office on February 2, following their redeployment from the headquarters.
An insider at the apex bank confirmed that the redeployment plan, despite facing criticism, is still in progress, and the affected staff members will commence their duties this Friday.
The decision to relocate some of CBN’s departments to Lagos was made by the new management, citing staff safety, increased productivity, and the need to decongest the head office. The move is also aimed at aligning the bank’s structure with its functions, redistributing skills for a more even geographical spread of talent, and ensuring compliance with building regulations.
A memo issued to staff stated, “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.”
CBN Governor Yemi Cardoso identified departments for relocation, including Banking Supervision, Other Financial Institutions Supervision, Consumer Protection Department, Payment System Management Department, and Financial Policy Regulations Department.
Despite opposition from Northern groups and leaders, the CBN governor is committed to the relocation, with expectations to reduce the head office occupancy level from 4,233 to 2,733 personnel.
Sources revealed that some affected staff members have already started relocating to Lagos, particularly from the Banking Supervision and Payment System Departments.
The Northern Elders Forum expressed concern over potential negative impacts, citing increased costs, talent loss, operational disruption, reduced coordination, regional economic disparities, impaired economic development in Northern Nigeria, and decreased investor confidence.
Chief Whip of the Senate, Senator Ali Ndume, warned of political consequences, stating, “Those misleading the President are not doing him any good because this is going to have some political consequences.”
Northern senators and youths criticized the move, claiming it is a calculated effort to disadvantage the North. The controversy surrounding the relocation persists, highlighting the complex dynamics and potential consequences of the decision.”
