CBN Initiates Decongestion Plan, Moves Departments to Lagos

The Central Bank of Nigeria (CBN) is set to relocate several departments to Lagos State, as revealed in an internal memo circulating in the media.

The move, outlined in the memo by CBN Governor Yemi Cardoso, targets specific departments, including Banking Supervision, Other Financial Institutions Supervision, Consumer Protection Department, Payment System Management Department, and Financial Policy Regulations Department.

An anonymous CBN official emphasized that the decision is driven by the need to enhance safety, productivity, and cost-efficiency. The official clarified that the transfer impacts only certain departments, such as the Bank Supervision Department.

Addressing reported resistance from some staff members, the official stated, “It is for their safety and increased productivity. Being on the road all the time is not safe for them and not also cost-efficient for the bank.”

Concerns have been raised about the overcapacity of the Abuja office, designed for 3,000 staff but currently accommodating 4,000. The official highlighted potential threats to facilities and staff security due to this imbalance.

The memo reads, “This initiative aims to ensure compliance with building safety standards and enhance the efficient utilization of our office space.”

While acknowledging the discomfort of affected workers, the CBN emphasizes the long-term benefits of the relocation, asserting that it aligns with industry norms and enhances overall operational efficiency.