CBN Undergoes Major Restructuring: Plans to Relocate Key Departments to Lagos Amidst Staff Discontent

CBN Undergoes Major Restructuring: Plans to Relocate Key Departments to Lagos Amidst Staff Discontent

The Central Bank of Nigeria (CBN) is undergoing significant changes under the leadership of Governor Yemi Cardoso, with plans to relocate major departments from the Abuja headquarters to the former headquarters in Lagos, Southwest Nigeria. This decision, which includes departments like Banking Supervision, Other Financial Institutions Supervision, Consumer Protection, Payment System Management, and Financial Policy Regulations, has stirred unrest among staff, particularly married women, leading to dissatisfaction within the institution.

The proposed relocation is expected to impact a substantial workforce of 1,533 employees, raising concerns within the CBN about the potential consequences of concentrating crucial functions in Lagos and potentially weakening the significance of the Abuja headquarters. The move has particularly distressed married women employees who are grappling with the possibility of being relocated away from their families, prompting some staff members to consider resigning in response to the policy.

Sources within the CBN have expressed skepticism about the rationale behind the decision, suggesting suspicions of a potential downsizing agenda and concerns that the move could elevate Lagos at the expense of Abuja. The new management, led by Governor Cardoso, has faced allegations of creating a hostile work environment, leading to resignations among staff members citing an atmosphere of fear and uncertainty.

While an internal memo from the CBN cited decongestion as a primary reason for the relocation, some insiders question the justification and highlight suspicions that the move may adversely impact the Abuja headquarters. The memo emphasized safety concerns, reduced efficiency, and potential compromise of the building’s structural integrity due to overcrowding as driving factors behind the decision.

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