Business

Cardoso Restructures CBN, Moves Departments To Lagos

Posted by: Quickresponse | January 14, 2024

Caption: •Central Bank building

The Central Bank of Nigeria is set to transfer some of its departments to Lagos State.
This was stated in an Internal memo made available on Saturday.

The move, according to an official of the CBN who spoke on condition of anonymity, is to decongest the apex bank’s head office.
Although some staff members of the bank have reportedly resisted the transfer and claimed that it is motivated by tribal sentiment, the source said it is for their safety and increased productivity.
“What is happening now at the CBN is likened to a company with over 500 staff and say 200 used to go to work in other states and return to the head office. It is not out of place for the company to relocate them fully to that state to work and increase their safety and productivity,” he said.
The official stated that only some departments of the apex bank, including the Bank Supervision Department, were affected by the transfer.

He stated that the move is meant to increase the productivity of the affected staff while also cutting costs and ensuring their safety.
“Strategic alignment: The decision to redistribute departments and staff is rooted in a strategic approach to align the structure of the Bank with its functions and objectives. Certain departments may be better suited to operate in proximity to Financial Institutions’ head offices, which are predominantly located in Lagos. This strategic alignment ensures optimal collaboration and efficiency,” the memo stated. (Courtesy, excluding headline, The PUNCH)