Cardoso Plans to Return CBN Departments to Lagos

The Central Bank of Nigeria (CBN) is reportedly undergoing significant changes under the leadership of Mr. Yemi Cardoso, the current CBN Governor. In a move that has sparked debate among staff members, parts of the bank’s headquarters in Abuja are set to be returned to Lagos. This decision, as revealed by a source to Vanguard in Abuja, is based on the rationale of decongesting the Abuja office due to its large staff strength.

An internal memo, which was leaked, outlined the decongestion action plan aimed at optimizing the operational environment and ensuring compliance with building safety standards. However, the move has been met with consternation from some staff members who view it as having a hidden agenda, especially considering that the CBN has several underutilized facilities in Abuja, including the former head office building in Garki and properties in the Maitama District.

Staff members have expressed their discontent with the decision, arguing that the CBN’s banking supervision responsibilities are not solely carried out in Lagos as suggested by the Governor. They also voiced dissatisfaction with Mr. Cardoso’s leadership style, citing an alleged attempt to sack all directors upon assuming office, a move that was thwarted when it was clarified that the directors were not political appointees.

Following this, several directors were reportedly transferred from the headquarters to other departments within the CBN, such as the Financial Systems Stability Secretariat and the CBN training institute in Abuja’s Maitama District. This reshuffling has led to further discontent among staff members who perceive it as a sign of the Governor’s antagonistic stance towards them.

The decision to relocate parts of the CBN’s headquarters has stirred controversy within the organization, with some employees questioning the motives behind the move and expressing their dissatisfaction with the current leadership.

Vanguard News