Over 1,500 CBN Staff Will Relocate To Lagos February 2

Over 1,500 Central Bank of Nigeria (CBN) staff members are set to resume work at its Lagos office this Friday after being redeployed from the headquarters, according to a source.

Despite facing heavy criticism, the plan, aimed at enhancing staff safety, productivity, and decongesting the head office, is reportedly still in motion.

An official confirmed, “Yes, the plan is still on and they will resume work by February 2.”

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The decision to relocate certain CBN departments to Lagos is attributed to the new management’s strategy to align the bank’s structure with its objectives and ensure a more even distribution of talent. The move is also said to comply with building regulations and address recommendations from the Committee on Decongestion of the CBN Head Office.

Departments slated for relocation include Banking Supervision, Other Financial Institutions Supervision, Consumer Protection, Payment System Management, and Financial Policy Regulations.

Despite condemnation from Northern groups, including the Northern Elders Forum, CBN Governor Yemi Cardoso remains committed to the relocation, aiming to reduce the head office occupancy from 4,233 to 2,733 personnel.

Some affected staff have reportedly already started relocating to Lagos, with concerns raised over potential negative impacts on the institution and the nation. The Northern Elders Forum warned of increased costs, loss of talent, disrupted operations, economic disparities, and decreased investor confidence.

Chief Whip of the Senate, Senator Ali Ndume, warned of “political consequences,” emphasizing the significance of considering regional representation. Northern senators and youths echoed displeasure, alleging a calculated move to disadvantage the North.

As tensions rise, the CBN’s decision to reshape its operational environment and redistribute resources is met with a complex web of opposition and concerns about the potential repercussions on both the institution and the nation’s economic landscape.