Tensions have surged within the Central Bank of Nigeria (CBN) as the newly appointed management contemplates a comprehensive relocation of major departments from the Abuja headquarters back to the former headquarters in Lagos.
The proposed move, spearheaded by CBN Governor Yemi Cardoso, has triggered discontent among staff members, particularly married women who are expressing dissatisfaction with the decision.
Reliable sources indicate that the departments earmarked 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). Approximately 1,533 staff members are expected to be affected by this substantial redeployment, Daily Nigerian reports.
An anonymous source within the CBN disclosed that the policy has prompted some staff members to contemplate resignation. The affected departments, crucial components of the CBN outlined in the Banking and Other Financial Institutions Act (BOFIA), have raised concerns about the potential weakening of the Abuja headquarters and the reinforcement of Lagos as a financial hub.
The source voiced the grievances of married female colleagues, particularly those from the North, stating, “Women colleagues that are married can’t cope with this decision, especially those from the North.”
Allegations have surfaced that the new management, led by Mr. Cardoso, has fostered a hostile work environment since assuming office. The source claims that an average of two staff members resigns every week due to the perceived threats to job security. There are suspicions among staff that the redeployment may be part of an undisclosed downsizing agenda.
Another source revealed that heads of departments have already briefed their teams on the impending transfers to Lagos, with some affected staff reportedly receiving transfer letters. Concerned voices are urging well-meaning Nigerians to intervene and persuade the CBN management to reconsider its decision, emphasizing the potential impact on productivity.
While the acting director of Corporate Communications, Hakama Sidi-Ali, could not be reached for comment, an internal memo circulated on Friday explained that the massive redeployment aimed to decongest the headquarters. The memo highlighted concerns about safety, reduced efficiency, and structural integrity due to the current overcrowding at the Abuja headquarters.
The memo stated, “Our current occupancy level of 4,233 significantly exceeds the optimal capacity of 2,700 designed for the Head Office building. This overcrowding poses several critical challenges.” It further justified the move as a strategic alignment to improve collaboration and efficiency, particularly with financial institutions predominantly located in Lagos.
However, insiders have argued that the immediate-past governor, Godwin Emefiele, had already made provisions for decongestion by planning the construction of an annex office and multi-level car park opposite the head office building. The ongoing controversy raises questions about the future dynamics of the CBN and its impact on staff morale and operational efficiency.
