There is growing concern among employees of the Central Bank of Nigeria (CBN) due to plans by the new management to relocate major departments from the Abuja headquarters to the former headquarters in Lagos. The decision, led by CBN Governor Yemi Cardoso, has caused discontent within the institution, particularly among married women employees who are concerned about being relocated away from their families. The targeted departments for relocation include Banking Supervision (DBS), Other Financial Institutions Supervision (OFISD), Consumer Protection Department (CPD), Payment System Management Department (PSMD), and Financial Policy Regulations Department (FPRD). The move will affect a significant workforce of 1,533 employees.
Sources within the CBN expressed concerns about the potential consequences of such a move, emphasizing the pivotal roles these departments play in the institution. Some fear that concentrating the crucial functions in Lagos may weaken the significance of the Abuja headquarters. There are also 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 since assuming office. Reports suggest that many staff members have resigned under the current management, citing an atmosphere of fear and uncertainty.
While an internal memo from the CBN cited the need for decongestion as a primary reason for the relocation, some insiders question the rationale behind the decision. There were already provisions made for an annexe office and a multi-level car park to address overcrowding concerns at the head office building.
The CBN memo stated that the decongestion initiative aims to optimize the operational environment, ensure compliance with building safety standards, and enhance the efficient utilization of office space. It cited safety concerns, reduced efficiency, and potential compromise of the building’s structural integrity due to overcrowding as driving factors behind the decision.