, Overcrowded Headquarters Drive CBN Relocation, Says Governor Cardoso -

Overcrowded Headquarters Drive CBN Relocation, Says Governor Cardoso

Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has addressed concerns surrounding the planned relocation of some departments and personnel from the bank’s headquarters. He clarified that the move is a response to the “overpopulation” issue at the central bank, emphasizing it’s a normal process for any dynamic institution.

In an interview with Arise Television, Cardoso explained the decision serves two key objectives: aligning the bank’s structure with its functions and distributing talent across the country for a more balanced geographical spread. He stressed the importance of utilizing skills effectively, stating, “A situation where a large number of technical skills are in one particular location to the detriment of others does not speak well.”

The relocation plan, which involves over 1,500 personnel, has sparked controversy. While some groups, including the Northern Elders Forum, expressed disapproval, the implementation has already reduced the headquarters’ population by almost 30%. Departments affected include Banking Supervision, Other Financial Institutions Supervision, Consumer Protection, Payment System Management, and Financial Policy Regulations.

Governor Cardoso emphasized that the relocation process is not a political maneuver but a strategic decision based on operational needs. He assured the public that the bank remains committed to its core mandate and will ensure a smooth transition for relocated staff and minimal disruption to operations.

While concerns linger, Cardoso’s explanation offers clarity on the rationale behind the relocation. Whether the move ultimately enhances the CBN’s efficiency and promotes a more equitable distribution of expertise within the organization remains to be seen.

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