The Central Bank of Nigeria (CBN) is facing internal turmoil over a contentious plan to relocate several key departments from its Abuja headquarters to the former headquarters in Lagos. The proposed move, designed by CBN Governor Yemi Cardoso, has triggered concerns among staff, particularly married women within the organization.
The impending relocation directly impacts vital departments including Banking Supervision (DBS), Other Financial Institutions Supervision (OFISD), Consumer Protection Department (CPD), Payment System Management Department (PSMD), and Financial Policy Regulations Department (FPRD). It is estimated that approximately 1,533 staff members will be affected by this large-scale redeployment.
A source within the CBN, speaking on condition of anonymity, expressed apprehension about the relocation strategy, emphasizing that it would significantly enhance Lagos while rendering the Abuja headquarters essentially redundant. “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,” the source stated. Additionally, the source highlighted the challenges faced by married women, particularly those from the northern region, in adapting to such decisions.
The discontent further materialized in the form of alleged hostile treatment by the new management led by Mr. Cardoso. The source claimed that since assuming office, the management’s demeanor has led to an exodus of staff, averaging two resignations per week due to the created hostile environment. The pervasive atmosphere of fear and uncertainty among the staff was attributed to regular threats to their job security under the new management.
Furthermore, the decision has evoked suspicions of ulterior motives, with some speculating a larger agenda to diminish the significance of Abuja in favor of Lagos. There are concerns about a potential covert downsizing strategy through indiscriminate transfers, particularly targeting married women and those with specific medical needs. The alleged implication of a regional bias in the decision-making process, likened to a previous incident involving the NNPCL Retail, has only fueled the apprehensions among the workforce.
Amidst this unease, certain heads of department have already instructed team members to prepare for the impending transfers, with some individuals reportedly receiving their transfer letters. An appeal has been made to the public to intervene and urge the apex bank’s management to reconsider its decision, highlighting the potential impact on staff productivity.
The CBN’s rationale for the relocation was articulated in an internal memo, which cited the need to optimize the operational environment, comply with building safety standards, and enhance the efficient utilization of office space. The plan outlined the relocation of 1,533 staff to other CBN facilities within Abuja, Lagos, and understaffed branches, aiming to alleviate overcrowding and ensure compliance with building regulations. It also emphasized the strategic realignment of departments for improved operational efficiency and collaboration.
The memo, however, failed to assuage concerns, with an insider revealing that the previous CBN administration, under Governor Godwin Emefiele, had proposed the construction of an annex office and multi-level car park to address the issue of overcrowding at the head office.
The ongoing disquiet within the CBN reflects the broader implications of organizational decisions on the well-being of its workforce, underscoring the need for transparent and inclusive decision-making processes amidst structural reconfigurations.