CBN Addresses Insurance Concerns and Early Exit Policy
Abuja, Nigeria – December 7, 2024 – The Central Bank of Nigeria (CBN) has initiated a significant decongestion plan for its Abuja headquarters, citing insurance and safety concerns due to overcrowding, while also clarifying misconceptions surrounding its Early Exit Package (EEP) for staff.
The CBN’s headquarters, located at the Central Business District in Abuja, was designed to accommodate 2,700 staff but currently houses 4,233 employees, exceeding its optimal capacity by over 57%. This overcrowding has raised alarms from facility managers about potential risks to staff safety, including compromised structural integrity, increased health and accident risks, and challenges with efficient emergency evacuation. To address these concerns, the CBN has decided to relocate 1,533 staff members to other facilities in Abuja, Lagos, and understaffed branches across Nigeria. The move aims to ensure compliance with building safety standards, optimize office space, and enhance operational efficiency.
According to an internal memo, the departments affected by the relocation include Banking Supervision, Other Financial Institutions Supervision, Consumer Protection, Payment System Management, and Financial Policy Regulations. A CBN official, speaking anonymously, emphasized that the decision prioritizes staff safety and productivity, dismissing claims of sectional bias. “The transfer to Lagos, where most financial institutions are headquartered, will reduce costs and improve efficiency for staff who frequently travel for work,” the official stated. The relocation is also expected to align the bank’s structure with its operational objectives and distribute talent more evenly across Nigeria.
The decongestion plan has sparked mixed reactions. Some staff members, particularly those facing relocation to Lagos, have expressed concerns about the disruption to their personal lives, with reports of resistance citing potential tribal motivations. However, financial stakeholders and former CBN Deputy Governor Kingsley Moghalu have praised the move, noting that the Lagos office, underutilized for over a decade, is well-suited to house key departments like Banking Supervision due to its proximity to major financial institutions. “This is a logical solution to address overstaffing in Abuja,” Moghalu wrote on X, highlighting the strategic alignment of the relocation.
In addition to the decongestion efforts, the CBN has addressed rumors surrounding its Early Exit Package (EEP). On December 4, 2024, Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications, clarified that the EEP is a voluntary program with no negative repercussions for participants. The initiative, previously available only to executive cadres, has been extended to all eligible staff following extensive consultations with the bank’s Joint Consultative Council (JCC). “Staff representatives have long requested this package be made available to all levels. The management’s decision meets this popular demand,” Mrs. Ali stated. The CBN dismissed claims of forced mass retirements, emphasizing that the EEP is designed to provide flexibility for staff seeking early departure.
The CBN’s actions reflect a broader strategy to enhance operational efficiency and ensure a safer, more productive work environment. While the decongestion plan addresses immediate safety concerns driven by insurance and facility management warnings, the EEP offers staff an opportunity to make informed career decisions. Both initiatives underscore the CBN’s commitment to aligning its operations with its regulatory and monetary objectives while responding to the needs of its workforce.
For further details, stakeholders are encouraged to visit the CBN’s official website at www.cbn.gov.ng or contact the Corporate Communications Department at the CBN Head Office, Plot 33, Tafawa Balewa Way, Abuja.