There is growing disquiet within the Central Bank of Nigeria (CBN) following revelations of plans by the new management to relocate major departments from the Abuja headquarters to the former headquarters in Lagos.

The decision, spearheaded by the newly appointed CBN Governor Yemi Cardoso who was a former commissioner in Lagos State, has reportedly unsettled staff members, particularly married women, leading to discontent within the institution.

The targeted departments for relocation include Banking Supervision (DBS), Other Financial Institutions Supervision (OFISD), Consumer Protection Department (CPD), Payment System Management Department (PSMD), and Financial Policy Regulations Department (FPRD).
A substantial workforce of 1,533 employees is expected to be affected by this massive redeployment.

Sources within the CBN expressed concerns about the potential consequences of such a move, emphasizing the pivotal roles these departments play in the institution.

Read on..
https://dailypostngr.com/2024/01/disquiet-in-cbn-as-new-management-plans-relocation-of-major-departments-to-lagos/

My take on this is whatever is necessary for the system to work well and alleviate sufferings among all, let it happen!

It seems this is all he has to offer, no economic policy , how will relocation of cbn lead to economic revamp

If it will give the masses the best banking and economical results, the relocation should be fast.

kettykin:
It seems this is all he has to offer, no economic policy , how will relocation of cbn lead to economic revamp

Not the whole CBN will be relocated..... Ask yourself the Banks head office is in Lagos, but the department to monitor them is in Abuja.

seanfer:


Not the whole CBN will be relocated..... Ask yourself the Banks head office is in Lagos, but the department to monitor them is in Abuja.

What exactly are banks head offices doing in Lagos? Isn't Abuja the capital of Nigeria.

What's the essence of decentralizing the headquarters after it took so much efforts and financial resources to move from Lagos to Abuja.

This is not what Cardoso should be meddling into when he's yet to tame runaway inflation, unify the exchange rates and improve dollar liquidity.

This is like taking the hands of the clock backwards with such policy summersaults.

kettykin:


What exactly are banks head offices doing in Lagos? Isn't Abuja the capital of Nigeria.

Abuja as the FCT does not mean the city is the economical hub of the country.. New York is the state in the USA where almost banks and stock dealings are happening and not Washington D.C which is the Capital of the country. Some banks move their Head offcie to Abuja some years back, they had to relocate back to lagos because only business in Abuja is government business compared to lagos.

seanfer:


Abuja as the FCT does not mean the city is the economical hub of the country.. New York is the state in the USA where almost banks and stock dealing are happening and not Washington D.C which is the Capital of the country. Some banks move their Head offcie to Abuja some years back, they had to relocate back to lagos because only business in Abuja is government business compared to lagos.

Thank you , some banks also have their Head offices in San Francisco, California like Wells Fargo, Bank of America is not in NY. Will the US treasury move critical offices to NY because of some clusters of bank Head offices in NY?
Lagos is no longer the capital of Nigeria, signature bank has its head office in Abuja , unity bank as well, there are hundreds of microfinance banks that has no business with Lagos.

kettykin:


What exactly are banks head offices doing in Lagos? Isn't Abuja the capital of Nigeria.

Like saying - what are corporate headquarters of various businesses doing in New York when Washington DC is the capital of USA 🤔

I won't be surprised when they will tell us 10b was budget for the relocation

Is this what the CBN governor should be focusing on?
What is the essence of this ? How does this relocation which will obviously cost billions to implement make any sense?
Why move it back to Lagos ?.is the president planning on moving the Federal capital back to Lagos ?

Seems this government is not focused at all!!!

Timing is wrong though to make this move. We are just coming of a political season where a mandate thief stole the election, so moving things to Lagos so soon seems thats one of his target

seanfer:


Not the whole CBN will be relocated..... Ask yourself the Banks head office is in Lagos, but the department to monitor them is in Abuja.

Reading the details, you'll see that the management said that the building was designed for 2,700 employees, but there are now 4000+ occupying it. That's a very reasonable excuse. But I don't understand why the CBN structure doesn't have several buildings within the landmass? Its monolithic structure is outdated for a behemoth that it's supposed to be.

Is not nice at all, could this move add value to the naira?

I thought everything has gone online. Does physical presence really matter?

The move might make impact in the economy, especially deregulating the black market…the black market has been hijacked by the northerners due to close proximity to the head offices…taking it far, will actually reduce the cluster and hence discourage black market to a large extent.

Great move CBN✅

kettykin:


What exactly are banks head offices doing in Lagos? Isn't Abuja the capital of Nigeria.

When you have your own banking biz, site it in Borno.
All departments listed for transfer are monitoring/supervisory dept, not the policy dept.
The movement will definitely reduce cost as CBN is having an underutilized office in Lagos, for every time the CBN officials leave fct to check any bank out of state, they get estacode, logistics and other payments

DMerciful:
Timing is wrong though to make this move. We are just coming of a political season where a mandate thief stole the election, so moving things to Lagos so soon seems thats one of his target

You've choose to be bitter for the next 4-8 years about anything this government does, and that's unfortunately for you.

kettykin:


Thank you , some banks also have their Head offices in San Francisco, California like Wells Fargo, Bank of America is not in NY. Will the US treasury move critical offices to NY because of some clusters of bank Head offices in NY?
Lagos is no longer the capital of Nigeria, signature bank has its head office in Abuja , unity bank as well, there are hundreds of microfinance banks that has no business with Lagos.

Do you know how many millions of naira CBN spend anytime staff in those departments choose to go to Lagos for their duty? The CBn office in Lagos is under utilized. Of this policy will save the country sizable amount of money then so be it. Why are the staff apprehensive about moving to Lagos if something is not wrong somewhere.

But this govt has made you poorer but made me richer when i send money to Nigeria

seanfer:


You've choose to be bitter for the next 4-8 years about anything this government does, and that's unfortunately for you.

Hahaha, gradual transformation of Nigeria to Oduduwa republic

RenaissanceGuy:
Reading the details, you'll see that the management said that the building was designed for 2,700 employees, but there are now 4000+ occupying it. That's a very reasonable excuse. But I don't understand why the CBN structure doesn't have several buildings within the landmass? Its monolithic structure is outdated for a behemoth that it's supposed to be.

Lol, so they can't build more office blocks if they're lacking it? Maybe this Oduduwa government thinks other Nigerians, particularly Northerners are fools. After filling most offices with yorubas, Tinubu is now moving government offices back to Lagos.

Make una continue.

MrEverest:


Lol, so they can't build more office blocks if they're lacking it? Maybe this Oduduwa government thinks other Nigerians, particularly Northerners are fools. After filling most offices with yorubas, Tinubu is now moving government offices back to Lagos.

Make una continue.

But Lagos is no man's land or why wailing

It is an internal matter . . .

MrEverest:


Lol, so they can't build more office blocks if they're lacking it? Maybe this Oduduwa government thinks other Nigerians, particularly Northerners are fools. After filling most offices with yorubas, Tinubu is now moving government offices back to Lagos.

Make una continue.

Igbo has been speaking on behalf of the northerners in yoruba matter since 1900..especially when Tinubu is involved 😆

CBN has always had their HQ annex in lagos since.The annex below was even built newly by a NORTHERN CBN GOVERNOR LAMIDO SANUSI....NORTHERNERS ARE NOT JINGOIST LIKE YOU PEOPLE!

kettykin:
It seems this is all he has to offer, no economic policy , how will relocation of cbn lead to economic revamp

You lack knowledge !

No more DTA or travel allowance for CBN workers

seanfer:

Do you know how many millions of naira CBN spend anytime staff in those departments choose to go to Lagos for their duty? The CBn office in Lagos is under utilized. Of this policy will save the country sizable amount of money then so be it. Why are the staff apprehensive about moving to Lagos if something is not wrong somewhere.

Do you know what it will cost them to relocate that number of staffs n resources. The timing is very wrong,we are suppose to be saving n not wasting the limited resources available.

victorDanladi:


You lack knowledge !

The funniest part is that there are security manning the underutilized building 247, they won't even allow you to drive through the street to link up with Marina from Broad street, they are always closing the road.

kettykin:


What exactly are banks head offices doing in Lagos? Isn't Abuja the capital of Nigeria.

Learn to reason before your type?
Where is our nation highest commercial activity?
Abuja?
Learn to criticize with sense...