In a controversial move, the Central Bank of Nigeria (CBN) is set to welcome 1,500 redeployed staff at its Lagos office this Friday, as revealed by an exclusive source within the apex bank.
Quest Times reports that despite facing criticism, the plan is proceeding, and the affected employees are expected to resume work by February 2, marking the first week of the upcoming month.
The decision to relocate certain CBN departments to Lagos aims to enhance staff safety, increase productivity, and alleviate congestion at the headquarters.
The move is justified by the need to align the bank’s structure with its functions, redistribute skills for a more balanced talent distribution, and comply with building safety standards.
A memo issued to CBN staff stated, “This initiative aims to ensure compliance with building safety standards and enhance the efficient utilisation of our office space.”
Moreover, CBN Governor, Yemi Cardoso, identified departments, including Banking Supervision, Other Financial Institutions Supervision, Consumer Protection, Payment System Management, and Financial Policy Regulations, for relocation.
While the Northern Elders Forum and some Northern groups have criticized the move, the governor remains committed to reducing the HQ occupancy from 4,233 to 2,733 personnel.
Sources reveal that some affected staff members have already started relocating to Lagos, with over 80% of the Banking Supervision and Payment System Department staff being redeployed.
Also, concerns have been raised about potential negative impacts, including increased costs, loss of talent, disruption in operations, regional economic disparities, and decreased investor confidence.
Chief Whip of the Senate, Senator Ali Ndume, warned of “political consequences,” emphasizing the significance of considering the broader implications of such relocations.
Displeasure was equally expressed by Northern senators and youths who viewed the move as a calculated attempt to disadvantage the North.