Central Bank Governor, Olayemi Cardoso, has provided insights into the ongoing initiative to relocate departments and staff to other branches, citing the current “overpopulation” at the headquarters as the driving force behind this move.
Cardoso shared these perspectives during an interview with Arise TV, which our correspondent monitored on Monday. Expressing dismay at the sensationalized coverage of the issue, he emphasized that such restructuring is a common practice for dynamic entities like central banks.
The rationale behind the relocation, as explained by Cardoso, is to ensure that the bank’s organizational structure aligns effectively with its functions and objectives. This involves redistributing skills to achieve a more balanced geographical distribution of talent across different regions.
However, the decision to transfer over 1,500 personnel from the headquarters to other branches has sparked controversy, despite prior communication to staff outlining the intention to optimize operational efficiency and uphold building safety standards.
Despite criticism from groups like the Northern Elders Forum, the implementation of the relocation process has resulted in a reduction of the headquarters’ staff count from 4,233 to 2,733. Among the departments affected by the relocation are Banking Supervision, Other Financial Institutions Supervision, Consumer Protection, Payment System Management, and Financial Policy Regulations.
Cardoso emphasized that the primary objective of this restructuring is to address skill imbalances, ensuring that technical expertise is evenly distributed across different locations. He highlighted the significance of having the right skills readily available, especially in proximity to entities regulated by the CBN, particularly those situated in Lagos.
Responding to inquiries about the capacity of the headquarters, Cardoso confirmed that it is indeed overpopulated. He expressed optimism that the ongoing measures would help alleviate the issue, emphasizing the importance of effectively managing potential challenges arising from overcrowding.
