A financial expert, Okechukwu Unegbu, says the planned relocation of some critical Central Bank of Nigeria departments to Lagos was for administrative convenience.

Mr Unegbu, a former president of the Chartered Institute of Bankers of Nigeria (CIBN), said this in an interview on Wednesday in Abuja.

A January 12 circular issued by CBN’s director of human resources, Muhammad Abba, 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.

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

According to Mr 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 CBN, Kingsley Moghalu, said the CBN’s Lagos office was inaugurated 12 years ago, adding that the facility had been underutilised.

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

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

(NAN)