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CBN: Kingsley Moghalu backs relocation plan


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Former Deputy Governor of the Central Bank of Nigeria (CBN), Mr Kingsley Moghalu, has backed the planned relocation of certain departments of the apex bank to Lagos State.

The decision is designed to decongest the apex bank’s head office in Abuja.

The departments affected according to an internal memo sighted by NewsBand include Banking Supervision; Other Financial Institutions Supervision; Consumer Protection; Payment System Management, and Financial Policy Regulations

Though, some staff members of the CBN have reportedly rejected the transfer, claiming that it is motivated by sectional bias.

But while reacting to the dust raised by the planned relocation, Kingsley Moghalu pointed out that the Lagos office, which was inaugurated 12 years ago, has remained under-utilised, therefore making the relocation a logical solution to address overstaffing in Abuja.

Mr Moghalu in a post on his official X handle said, “I don’t see any serious basis for such “disquiet”. A new Lagos Office for the Bank was completed and inaugurated about 12 years ago while I was at the Bank. As far as I can remember, it was under-utilised.

“Meanwhile, the numbers of staff in the Abuja HQ are vastly over the health and safety limits of the building. Moreover, the market entities supervised by the Departments that will move to Lagos are mostly in Lagos. So what’s the problem? Seems a rational decision to me.”


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