The apex bank’s new management, under Governor Yemi Cardoso, has announced plans to relocate major departments from the Abuja headquarters to the former headquarters in Lagos. This decision, affecting crucial departments such as Banking Supervision, Other Financial Institutions Supervision, Consumer Protection, Payment System Management, and Financial Policy Regulations, has reportedly left many of the 1,533 affected staff, particularly married women, disgruntled.
The decision to relocate these key departments has not only sparked internal resistance but has also raised questions about the potential consequences for the operational efficiency of the CBN. The move has garnered criticism, with some insiders suggesting a possible hidden agenda to elevate Lagos over Abuja and downsize the workforce.
One anonymous source within the CBN stated, “Moving them entirely will only further strengthen Lagos and weaken Abuja. When you move all these departments to Lagos, then what is left of the headquarters? It will become almost useless. Women colleagues that are married can’t cope with this decision, especially those from the North.”
The source further alleged that the new management, since assuming office, has fostered a hostile environment, resulting in an average of two staff members resigning each week. The source claimed that the entire atmosphere within the bank is marked by gloom and unease, as staff members work in a state of fear and uncertainty due to regular threats to their jobs.
Concerns have been raised about the impact of the relocation on married women, as many may find it difficult to uproot their families. Some even speculate that this move could be a subtle strategy to downsize the workforce, especially as married women may be more inclined to resign than relocate.
A second source revealed that some heads of departments have already informed their teams about the impending transfer, and some affected staff have reportedly received their transfer letters. The source urged well-meaning Nigerians to intervene and persuade the CBN management to reconsider its decision, emphasizing the potential adverse effects on staff productivity.
In response to the growing controversy, the acting director of Corporate Communications of the CBN, Hakama Sidi-Ali, could not be reached for comment at the time of filing this report. However, an internal memo obtained by our investigative team stated that the massive redeployment was aimed at decongesting the headquarters.
The memo highlighted safety concerns, reduced efficiency, and structural integrity as the driving factors behind the decision. It claimed that the current occupancy level significantly exceeds the optimal capacity, leading to safety risks and hindrances in emergency evacuation. The decongestion plan, according to the memo, would involve moving 1,533 staff to other CBN facilities within Abuja, Lagos, and understaffed branches.
The memo further justified the strategic realignment, stating that certain departments may be better suited to operate in proximity to Financial Institutions’ head offices, predominantly located in Lagos. It claimed that the move would ensure optimal collaboration and efficiency.
However, an insider countered this argument, revealing that the immediate-past governor, Godwin Emefiele, had already made provisions for an annex office and a multi-level car park behind Sahad Stores to address the issue of overcrowding at the head office.
As the controversy unfolds, the CBN’s decision is set to face increased scrutiny, with many calling for transparency and a reconsideration of the relocation plan to protect the interests and well-being of the affected staff.
