Relocation of CBN departments merely for administrative convenience – experts


January 18, 2024.

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Azonuchechi Chukwu.

A Financial Expert, Mr Okechukwu Unegbu, says the planned relocation of some key departments of the Central Bank of Nigeria (CBN) to Lagos was for administrative convenience.

Unegbu, a past President of the Chartered Institute of Bankers of Nigeria (CIBN), said this in an interview with NAN on Wednesday in Abuja.

Circular issued by CBN’s Director of Human Resources, Muhammad Abba, on January 12, had indicated plans by the apex bank to relocate some departments to Lagos and other underutilised branches across the country.

According to the circular, the action plan focuses on optimising the utilisation of other CBN branches.

It said that, with the plan, 1,533 staff will be moved to other CBN facilities within Abuja, Lagos, and understaffed branches.

According to Unegbu, the Abuja office of the CBN is presently carrying more than its capacity due to the unnecessary recruitment the former management embarked on.

“So many people who had nothing to contribute to the CBN were employed.

“Lagos is the financial capital of Nigeria and there are so many departments of the apex bank in Abuja that should be in Lagos.

“Many stakeholders find it difficult to come all the way from Lagos and queue up in Abuja for things they can do in Lagos,” he said.

A former Deputy Governor of the apex bank, Kingsley Moghalu, said that the CBN’s Lagos office was inaugurated 12 years ago, adding that the facility had been underutilised.

Moghalu said that the relocation addressed the overstaffing challenges in the Abuja headquarters, where the staff count exceeds recommended health and safety limits.

He said that the decision was logical because affected departments primarily oversee market entities situated in Lagos.(

Azonuchechi Chukwu
Azonuchechi Chukwu
Azonuchechi Chukwu - Business Journalist at Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the team.

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