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FACT-CHECK: Is CBN relocating its headquarters to Lagos?

There are claims on social media that the Central Bank of Nigeria (CBN) is relocating its headquarters to Lagos. Many users have shared the claim on X and Facebook and the trend may continue because of the political colouration attached to it.

Governor-of-Central-Bank-of-Nigeria-Yemi-Cardoso
Governor-of-Central-Bank-of-Nigeria-Yemi-Cardoso

By DailyAgent Check

Claim

There are claims on social media that the Central Bank of Nigeria (CBN) is relocating its headquarters to Lagos. Many users have shared the claim on X and Facebook and the trend may continue because of the political colouration attached to it.

Some of the claimants alleged the move was for the realization of the Oduduwa Republic. 

Verification

DailyAgent Check searched and found that the official release by the CBN said the apex bank would relocate some departments from Abuja to Lagos to decongest the headquarters of the bank in Abuja.

According to Vanguard, a memo from the Governor of the CBN, Yemi Cardoso, stated that some departments will be relocated to Lagos.

 “This is to notify all staff members at the CBN Head Office that we have initiated a decongestion action plan designed to optimise the operational environment of the bank. This initiative aims to ensure compliance with building safety standards and enhance the efficient utilisation of our office,” the memo read.

The relocation exercise would affect 1,533 staffers which would be posted to other Lagos and other branches of CBN that are currently understaffed.

Reacting to the political disquietness about the relocation plan, a former deputy governor of the apex bank, Prof. Kingsley Moghalu said the move was in the right direction in a post via his official X handle.

He said the Lagos office of the CBN was established during his tenure 12 years ago and it has not been fully utilized.

Therefore, relocating the office to address the issue of overstaffing in Abuja seems like a reasonable solution.

“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-utilized.

“Meanwhile, the number of staff in the Abuja HQ is 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,” Moghalu said.

Verdict

Based on findings by DailyAgent Check, the claim that the CBN relocating its headquarters to Lagos is MISLEADING. CBN is relocating some departments, not its headquarters to Lagos.

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