1,500 redeployed CBN staff resume at Lagos office

Following their redeployment from the headquarters, at least 1,500 employees of the Central Bank of Nigeria will resume work at its Lagos office on Friday, according to reports.

Despite strong criticism, the plan remained in place, according to an insider at the apex bank who spoke exclusively to our correspondent. Affected employees would be returning to work on Friday.

According to an official, "Yes, the plan is still in place and they will get back to work by February 2, which is the first week of next month."

The most recent event occurs against the backdrop of the new management's decision to shift a few CBN departments to the nation's economic centre in order to improve worker safety, boost output, and free up space at the head office.
The objective of this initiative is to optimise the effective use of our office space while guaranteeing adherence to building safety regulations.

The departments that CBN governor Yemi Cardoso has reportedly designated for relocation are the departments of banking supervision, other financial institutions supervision, consumer protection, payment system management, and financial policy regulations.

The move was opposed by the Northern Elders Forum and a few other Northern organisations, but our correspondent learned that the CBN governor was determined to see it through because it would result in a decrease in the number of employees at the headquarters from 4,233 to 2,733.

A different source informed the PUNCH that some of the impacted employees had begun moving to Lagos.
"A few people have already advanced. The source alluded to the fact that more than 80% of the employees in the Banking Supervision Department and the Payment System Department had been transferred.

In a statement, the NEF had voiced concerns about the possible harm that moving those crucial departments could do to the organisation and the nation as a whole.

Increased expenses, a loss of skilled labour, operational disruption, a lack of coordination, regional economic disparities, hindered economic development in Northern Nigeria, and a decline in investor confidence in the country's economy are all consequences of the movement.

It stated, "Therefore, moving them entirely to Lagos will only serve to strengthen Lagos' already dominant position while potentially weakening Abuja's significance and role."

Furthermore, Senator Ali Ndume, the Chief Whip of the Senate, cautioned that if the Federal Airports Authority of Nigeria's corporate headquarters and certain departments of CBN were moved to Lagos, there would be "political consequences."

"Those who are deceiving the President are not helping him because this will have some political repercussions," he declared. The governor of CBN would not be in office if Tinubu were not elected president. Tinubu was not elected by the people in Lagos.

Senators from the North and young people also voiced their disapproval of the decision which they claimed was a calculated move to short-change the North.