Central Bank of Nigeria (CBN) Set to Relocate Key Departments to Lagos in Strategic Move

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The Central Bank of Nigeria (CBN) under the leadership of Governor Yemi Cardoso is planning a significant restructuring that involves relocating major departments from the Abuja headquarters to the former headquarters in Lagos, southwest Nigeria. This decision, however, has stirred discontent among staff members, particularly married women, leading to internal unrest within the institution.

The targeted departments for relocation include Banking Supervision (DBS), Other Financial Institutions Supervision (OFISD), Consumer Protection Department (CPD), Payment System Management Department (PSMD), and Financial Policy Regulations Department (FPRD). This move is expected to affect a substantial workforce of 1,533 employees, causing concern among sources within the CBN about the potential consequences of such a massive redeployment.

Some insiders fear that concentrating these crucial functions in Lagos may diminish the significance of the Abuja headquarters. The decision is raising questions about the potential impact on the overall effectiveness and efficiency of the institution.

Additionally, the relocation has reportedly caused distress among married women employees, who are now faced with the prospect of being moved away from their families. This has led to contemplation of resignation among some staff members in response to the policy, highlighting the personal and familial challenges posed by such a significant change.

The discontent within the CBN suggests that the management’s decision is not without controversy, as it impacts both the institution’s operational dynamics and the personal lives of its employees. The situation will likely require careful management and communication to address the concerns of the affected staff and maintain organizational cohesion.

An anonymous source disclosed that: “The affected departments are the major departments of the CBN. They are the only departments mentioned in the BOFIA Act [Banking and Other Financial Institutions A

“Moving them entirely will only further strengthen Lagos and weaken Abuja. When you move all these departments to Lagos, then what is left of the headquarters? It will become almost useless.

“Women colleagues that are married can’t cope with this decision, especially those from the North.”

Governor Cardoso, heading the new management, has been under scrutiny for allegedly fostering a hostile work environment since taking office. Numerous reports indicate a notable exodus of staff members during this administration, with resignations attributing the departure to an unsettling atmosphere characterized by fear and uncertainty.

The decision to relocate, as outlined in an internal memo from the CBN, justified the move by emphasizing the imperative for decongestion. However, skeptics within the organization question the underlying rationale behind this decision. There are growing suspicions of a concealed downsizing agenda, accompanied by concerns that the relocation might inadvertently bolster Lagos at the detriment of Abuja.

According to the CBN memo, the decongestion initiative seeks to optimize the operational environment, ensure compliance with building safety standards, and maximize the efficient utilization of office space. Safety concerns, diminished efficiency, and potential compromise of the building’s structural integrity due to overcrowding were cited as pivotal factors propelling the decision.

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