1500 CBN Staff Resumes in Lagos Office Following Relocation Plan

Confidence UbaniJanuary 30, 20241 Mins read1k

At least 1,500 Central Bank of Nigeria (CBN) staff members are set to resume work at the Lagos office on February 2, having been redeployed from the headquarters.

A source told Punch that the federal government’s decision to relocate some CBN departments from the nation’s capital to the already congested Lagos State is still on.

The CBN emphasised that the relocation is driven by various factors, including the need to align the bank’s structure with its functions, redistribute skills for geographical balance, and comply with building safety standards.

The decision was also influenced by warnings from the facility manager and recommendations from the Committee on Decongestion of the CBN Head Office. The relocation is reportedly aimed at reducing the headquarters occupancy level from 4,233 to 2,733 personnel.

A memo issued to staff reads: “This is to notify all staff members at the CBN Head Office that we have initiated a decongestion action plan designed to optimise the operational environment of the bank. This initiative aims to ensure compliance with building safety standards and enhance the efficient utilisation of our office space.”

The departments scheduled for relocation include Banking Supervision, Other Financial Institutions Supervision, Consumer Protection Department, Payment System Management Department, and Financial Policy Regulations Department.

Although the Northern Elders Forum earlier raised concerns about increased costs, talent loss, operational disruption, reduced coordination, economic disparities, and decreased investor confidence.

Despite these objections from forum and other Northern groups, CBN Governor Yemi Cardoso is committed to implementing the move.

Some affected staffers have already begun relocating to Lagos, with over 80 percent of the Banking Supervision Department and Payment System Department staff leading the way.