Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has shed light on the institution’s decision to relocate departments and personnel to other branches, emphasizing that it is a response to the current “overpopulation” at the headquarters.
Cardoso made these remarks during an interview with Arise Television on Monday, aiming to provide clarity amidst public concerns over the planned relocation.
The CBN governor described the process as normal for any vibrant entity like a central bank, emphasizing that the move aims to align the bank’s structure with its functions and objectives.
He highlighted the need to redistribute skills to ensure a more even geographical spread of talent across various branches.
“I think there’s been an attempt to sensationalize what is a normal process for any vibrant entity like a central bank,” Cardoso stated.
“A situation where a large number of technical skills are in one particular location to the detriment of others does not speak well.”
“So this has been an attempt to realign that and to ensure that skills are moved from where there’s an overabundance to where there’s a great shortage of those skills. So that’s basically what that is about.
“And with respect to Lagos which you mentioned, from our perspective, it makes a lot of sense that the entities which we are attempting to regulate and need to be on top of that are based in Lagos and they hould have the right skills from the central bank right next to them so they can adequately and effectively do their jobs.”
Cardoso further stated, “It is overpopulated. And with what we are doing right now, we are hoping that will also help in easing the issue of overpopulation, which it is.
“And quite frankly, anybody that comes to the bank and interacts on that level will see that it is. It is overpopulated. And we’ve got to ensure that we can manage potential issues that could fall out from an overpopulated environment.”
The decision to redeploy over 1,500 personnel from the headquarters to other branches has sparked public outcry, with concerns raised about the impact on staff and operations.
In response to these concerns, a memo issued to staff outlined the objectives of the “decongestion action plan” aimed at optimizing the operational environment of the bank. The initiative seeks to ensure compliance with building safety standards and enhance office space utilization.
Despite criticism from groups like the Northern Elders Forum and other Northern stakeholders, the relocation process has commenced, reducing the HQ occupancy level to 2,733 personnel from 4,233.
Departments relocated by the CBN include Banking Supervision, Other Financial Institutions Supervision, Consumer Protection Department, Payment System Management Department, and Financial Policy Regulations Department.
