Overpopulation of the headquarters of the Central Bank of Nigeria (CBN), has been fingered as the reason about 1,500 staff of the CBN will all be moving to Lagos State.

“Relocation of staff is a normal exercise in any vibrant organisation,” Olayemi Cardoso said.

Breaking: Cardoso Addresses Relocation Of 1,500 CBN Staff
Olayemi Cardoso

It would be wasteful for the Central Bank of Nigeria (CBN) to acquire a new asset in the federal capital territory when other assets are almost dormant.

The CBN has come under fire for its plan to move about 1,500 staff of the CBN to the Lagos branch.


Some Nigerians have postulated that President Bola Tinubu in cahoots with the CBN Governor, Olayemi Cardoso, is planning to move the CBN headquarters to Lagos.

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CBN Headquarters In Abuja Is Overpopulated

Giving perspective to this postulation and some others, Cardoso, explained that the Apex Bank was overpopulated.

He said: “We hope that with what we are doing right now, we can adequately address the issue of overpopulation”

Cardoso made this known in an interview on a national television station on Monday, February 5, 2024.

According to Olayemi, “The CBN has presence in all the 36 states of the country, but where the major skills needed are domiciled in one area, it will create a problem.”


The Apex Bank performs supervisory and regulatory functions for all the commercial banks and financial institutions in Nigeria.

It is a known fact that the majority of the commercial banks in Nigeria have their head offices domiciled in Lagos.


What this means is that the CBN staff responsible for carrying out on-ground assessments in these banks headquarters will always have to travel to Lagos from Abuja.

Risk And Costs

That is putting the lives of these staff at constant risk with the level of insecurity in the country.

Even when they fly, it is a huge cost and waste of resources to a nation highly struggling to sustain its food needs.

Also, the welfare expenses of these staff would have to be shouldered by the CBN.

Yet, there is a branch of the Apex Bank in Lagos, that is almost dormant, where next to nothing is happening.

The massive size of the CbN building in Lagos supports this claim.

Indeed, the overpopulation is simply because every activity of the Apex bank had been moved to Abuja.

So, Cardoso, explained that the management of the CBN is just trying to reduce the overpopulation at the head office.

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It is also trying to reduce unnecessary expenses and ensure that there is effectiveness in carrying out tasks while stress is much reduced.

Cardoso said relocation exercise was a  normal process in any vibrant organisation like the CBN, and there is no need to sensationalise it.


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