Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN) has finally broken his silence over the controversies surrounding the relocation of some departments of the apex bank from Abuja to Lagos State.
Cardoso who spoke on Arise TV on Monday addressed the issue of overpopulation at the headquarters and the initiatives underway to relocate departments and personnel to other branches.
The CBN governor also stressed that the ongoing process is a normal strategy for a dynamic entity like a central bank.
Speaking further, he emphasized that the relocation aims to align the bank’s structure with its functions and objectives, as well as distribute skills more evenly across different locations.
A memo issued to staff at the CBN Head Office notified them of the initiation of a decongestion action plan, designed to optimize the operational environment and comply with building safety standards.
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Despite the criticism from groups such as the Northern Elders Forum, the relocation has reduced the HQ occupancy level from 4,233 to 2,733 personnel.
Departments that have been relocated by the CBN include Banking Supervision, Other Financial Institutions Supervision, Consumer Protection Department, Payment System Management Department, and Financial Policy Regulations Department.
Cardodo explained that the move is an attempt to realign and ensure that skills are moved from locations with an excess to those with a shortage of those skills.
Cardoso affirmed that the CBN headquarters is overpopulated, and the ongoing initiatives aim to ease this issue and manage potential problems that could arise from an overcrowded environment.
He also highlighted the importance of having the right skills from the central bank in close proximity to the entities being regulated, particularly those based in Lagos.
