In a significant shakeup, approximately 1,500 members of the Central Bank of Nigeria (CBN) staff are set to resume duties at its Lagos office on Friday following their redeployment from the headquarters, a decision that has stirred controversy and drawn political warnings.
A reliable source within the apex bank revealed exclusively that despite heavy criticism, the relocation plan was still in motion, with the affected staffers scheduled to resume work on February 2.
This move comes as part of the new management’s strategy to enhance staff safety, increase productivity, and decongest the head office.
The CBN justified the decision, citing several factors, including the need to align the bank’s structure with its functions and objectives, redistribute skills for a more even geographical spread of talent, and comply with building regulations.
The decongestion action plan aims to optimize the operational environment by ensuring compliance with safety standards and enhancing the efficient utilization of office space.
Among the departments slated for relocation by CBN Governor Yemi Cardoso are Banking Supervision, Other Financial Institutions Supervision, Consumer Protection Department, Payment System Management Department, and Financial Policy Regulations Department.
Despite condemnation from groups such as the Northern Elders Forum, who expressed concerns about potential negative impacts, the CBN remains committed to the move. The relocation is expected to reduce the headquarters’ occupancy level from 4,233 personnel to 2,733.
Sources suggest that over 80% of the Banking Supervision Department staff and the Payment System Department staff have already been redeployed, with some having started relocating to Lagos.
However, this decision has raised political concerns, with warnings from figures like Chief Whip of the Senate, Senator Ali Ndume, who stressed potential “political consequences” and urged caution in implementing such relocations.
The move has sparked discontent among Northern senators and youths, who perceive it as a calculated strategy to undermine the North. Despite the criticism, the CBN governor remains resolute in implementing the relocation plan, emphasizing its potential benefits for the bank’s operations. The unfolding events prompt a closer examination of the consequences and implications of this controversial decision.
