“The Central Bank of Nigeria (CBN) Initiates Strategic Relocation of Departments to Lagos for Operational Optimization
In a significant move, the Central Bank of Nigeria (CBN) has announced plans to transfer certain departments to Lagos, the nation’s economic hub and first capital territory. An internal memo obtained by Sunday PUNCH sheds light on the motivations behind this decision.
An official within the apex bank, speaking on condition of anonymity, clarified that the move is part of a broader initiative to decongest the CBN’s head office located in the Federal Capital Territory. Despite reports of resistance from some staff members, citing tribal sentiments, the source emphasized that the primary goals are ‘staff safety and increased productivity.’
The memo outlines the rationale behind the decision: ‘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, driven by factors such as aligning the bank’s structure with its functions, redistributing skills for a more even geographical spread of talent, and complying with building regulations, will see 1,533 staff members relocated to other CBN facilities in Abuja, Lagos, and understaffed branches.
The memo highlights the overcrowding challenges at the head office, stating, ‘Our current occupancy level of 4,233 significantly exceeds the optimal capacity of 2,700 designed for the Head Office building. This overcrowding poses several critical challenges.’
According to the official, confirmed by GOLDENNEWSNG the CBN Governor, Yemi Cardoso, has earmarked departments for relocation, including Banking Supervision, Other Financial Institutions Supervision, Consumer Protection, Payment System Management, and Financial Policy Regulations. The strategic move aims to enhance efficiency, compliance with regulations, and the overall effectiveness of CBN operations.”
