The Central Bank of Nigeria (CBN) has announced plans to relocate several offices and departments from Abuja to Lagos as part of a broader strategy to enhance operational efficiency. The departments set for relocation include Banking Supervision, Other Financial Institutions Supervision, Consumer Protection, Payment System Management, and Financial Policy and Regulation. This move aims to decongest the CBN's operations and improve productivity for staff, as Lagos is recognized as Nigeria's financial hub.
In a related development, the CBN confirmed the voluntary resignation of 1,000 staff members, attributing this significant exit to ongoing digitisation and operational restructuring efforts. Bala Bello, a deputy director at the CBN, represented Governor Yemi Cardoso during a recent House of Representatives committee meeting, where he disclosed that ₦50 billion in compensation was paid to the departing employees. The restructuring aims to streamline operations and address redundancies, particularly as a lack of managerial vacancies has led to staff stagnation.
Some of the exiting staff have expressed intentions to establish their own banks with support from the CBN. The early exit programme was described as voluntary and was requested by the staff themselves. Governor Cardoso, who was appointed by President Bola Tinubu in September 2023, has faced mixed reactions regarding the CBN's restructuring, particularly concerning its potential impact on inflation and foreign exchange stability.
Despite the operational changes, the relocation plans have faced criticism, with some opponents arguing that the move is part of a southwest agenda that could disadvantage the northern regions of Nigeria. Former CBN governor HRH Sanusi Lamido Sanusi has publicly supported the relocation, dismissing the opposition as politically motivated and asserting that the decision will ultimately enhance the CBN's effectiveness.
As the CBN navigates these significant changes, it remains to be seen how these developments will influence the broader financial landscape in Nigeria and the operational dynamics within the bank itself.