The Central Bank of Nigeria (CBN) has explained that its decision to decongest its Abuja headquarters in 2024 was based on serious insurance and safety concerns, not political motives.
At a two-day interactive session in Kaduna, CBN Deputy Governor (Economic Policy), Muhammad Abdullahi, clarified the move. He emphasized that the introduction of the Early Exit Package (EEP) aimed to protect staff and improve operational efficiency—not target any group.
Abdullahi revealed that CBN’s insurance provider raised red flags due to the level of overcrowding at the Abuja office.
“The building became so congested that even emergency exits were turned into offices,” he said.
“Our insurer saw this as a major risk. So we had to act fast.”
The CBN took immediate steps to reduce risk and comply with workplace safety standards by relocating staff and offering early retirement packages.
In December 2024, media reports suggested that over 1,000 employees could leave the bank through the EEP, with ₦50 billion budgeted for payouts. Abdullahi stressed that this exit package was not mandatory.
“The EEP is not new. It has been in use for over 20 years,” he explained.
“It helps reduce top-heavy management and creates space for innovation.”
He also noted that some former employees used the opportunity to start new businesses, including microfinance banks.
Abdullahi addressed concerns over relocating staff from Abuja to offices in Lagos, Kaduna, and other regional hubs. He assured the public that these decisions were part of CBN’s internal reorganization, not a targeted ethnic agenda.
“Many staff are actually happy in their new locations and don’t want to return,” he said.
Even the son of the Secretary to the Government of the Federation was moved to Lagos, he added. The relocations affected employees across all regions and were based on operational needs.
Responding to claims that the bank had removed 16 Northern directors, Abdullahi firmly rejected the allegation.
“There are still many directors from the North serving at CBN,” he clarified.
“This restructuring wasn’t about ethnicity—it was about improving the bank’s structure.”
He urged the public to ignore misleading narratives spread by “unpatriotic elements” and focus on facts instead.
The CBN’s recent reforms are rooted in clear goals:
- Improve workplace safety and reduce risks
- Align operations with modern standards
- Support voluntary transitions with dignity
- Decentralize functions for nationwide effectiveness
Abdullahi concluded by affirming the CBN’s dedication to building a stronger, more efficient institution that serves all Nigerians.