News

CBN Decongests Dead Office, Moves Departments To Lagos

Published

2 years ago

January 13, 2024

The Central Bank of Nigeria is set to transfer some of its departments to Lagos State.

This was stated in an Internal memo made available to The PUNCH on Saturday.

The move, according to an official of the CBN who spoke on condition of anonymity, is to decongest the apex bank’s head office.

Although some staff members of the bank have reportedly resisted the transfer and claimed that it is motivated by tribal sentiment, the source said it is for their safety and increased productivity.

“What is happening now at the CBN is likened to a company with over 500 staff and say 200 used to go to work in other states and return to the head office. It is not out of place for the company to relocate them fully to that state to work and increase their safety and productivity,” he said.

The official stated that only some departments of the apex bank, including the Bank Supervision Department, were affected by the transfer.

He stated that the move is meant to increase the productivity of the affected staff while also cutting costs and ensuring their safety.

The PUNCH gathered through the official that the departments penciled down for relocation by the CBN Governor, Yemi Cardoso are Banking Supervision; Other Financial Institutions Supervision; Consumer Protection Department; Payment System Management Department and Financial Policy Regulations Department.

”Most of the bank’s headquarters are in Lagos. The CBN usually sends staff from Abuja to work in Lagos for like one to two months and return to the head office.

“Being on the road all the time is not safe for them and not also cost-efficient for the bank. We know that anybody leaving their comfort would feel the pain, that is why some of the affected workers are complaining but I can assure you that, it is for their good,” he said.

He also noted that the carrying capacity of the Abuja office is 3 000 but the staff strength is at 4 000 now which is a threat to the facilities at the head office.

“Abuja office is designed to carry about 3 000 staff but we are 4 000 already. The facility managers have already warned of the implication; the security of staff is also at stake with the increased number because it overwhelms the managers,” the official stated.

Excerpts from the memo obtained read, “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 space.

“This action is necessitated by several factors, including the need to align the Bank’s structure with its functions and objectives, redistribute skills to ensure a more even geographical spread of talent and comply with building regulations, as indicated by repeated warnings from the Facility Manager, and the findings and recommendations of the Committee on Decongestion of the CBN Head Office.

“The action plan focuses on optimising the utilisation of other Bank’s premises. With this plan, 1,533 staff will be moved to other CBN facilities within Abuja, Lagos and understaffed branches.

“Our current occupancy level of 4,233 significantly exceeds the optimal capacity of 2,700 designed for the Head Office building. This overcrowding poses several critical challenges:

“Safety Concerns: The building’s infrastructure was designed for a specific number of occupants. Exceeding this capacity has raised safety concerns, increased health and accident risks – and hinders efficient emergency evacuation.

“Reduced Efficiency: Crowded workspaces are negatively impacting productivity and collaboration. Additionally, overstretched facilities have led to increased maintenance costs.

“Structural Integrity: The building’s integrity can be compromised by exceeding its designed capacity.”

The memo further said the decongestion would also improve the apex bank’s operational and workflow efficiency.

“Strategic alignment: The decision to redistribute departments and staff is rooted in a strategic approach to align the structure of the Bank with its functions and objectives. Certain departments may be better suited to operate in proximity to Financial Institutions’ head offices, which are predominantly located in Lagos. This strategic alignment ensures optimal collaboration and efficiency,” the memo stated.

News

Nigerian Army Promotes 28 Brigadier Generals, 77 Colonels

Published

2 minutes ago

November 29, 2025

Editor

The Nigerian Army has approved the promotion of 28 Brigadier Generals to the rank of Major General and 77 Colonels to Brigadier General, in a significant reshuffle of its senior leadership.

The decision was announced by the Acting Director of Army Public Relations, Lieutenant Colonel Appolonia Anele, on the Nigerian Army’s X on Friday.

Among those elevated to Major General are Brig Gen O Adegbe of the Defence Intelligence Agency, Brig Gen SM Uba, Director of Defence Information, Brig Gen RE Hedima, Acting Chief of Military Intelligence Army, and Brig Gen RT Utsaha, Deputy Director of Defence Operations.

Others include Brig Gen AM Umar, Commandant of the Warrant Officer Academy, Brig Gen S Sulaiman, Deputy Military Secretary (Army), Brig Gen IO Bassey, Director of Nigerian Army Operations Centre, and Brig Gen CA Ekeator of the Nigerian Army School of Electrical and Mechanical Engineering.

Also promoted are Brig Gen SY Yakasai, Acting Director Procurement in the Office of the Chief of Army Staff, Brig Gen WL Nzidee of Army Headquarters Department of Army Logistics, Brig Gen SA Emmanuel of the Nigerian Army Signals, Brig Gen SS Tilawan, Acting Commander Sector 3 Joint Task Force, North East Operation HADIN KAI, Brig Gen MO Agi, Desk Officer Tertiary Education Trust Fund at the Nigerian Defence Academy, and Brig Gen IM Abbas, Commander 34 Brigade.

Brig Gen ZA Saidu was promoted posthumously in recognition of his service.

Promotions from Colonel to Brigadier General include officers serving across key army units and institutions, such as the Nigerian Army Resource Centre, Armed Forces Command and Staff College Jaji, Army Headquarters departments, Special Forces Brigades, and several military hospitals.

In his remarks, Chief of Army Staff (COAS), Lt Gen Waidi Shaibu, congratulated the officers and their families, urging them to intensify their professional drive and prove that their elevation is well-deserved.

He emphasized the need for exemplary leadership, inspiring subordinates through personal conduct, and adopting bold, innovative solutions to address evolving security challenges.

Shaibu further stressed the officers’ sacred duty to uphold their oath of allegiance and maintain absolute loyalty to the Constitution, reinforcing the army’s commitment to defending the territorial integrity of the nation.

The promotions mark a strategic boost to the Nigerian Army’s senior leadership, aiming to strengthen operational efficiency and enhance the military’s response to national security threats.

News

Sanwo-Olu Offers Lagos Rice At N57,000 Per 50kg

Published

4 minutes ago

November 29, 2025

Editor

Lagos State Governor Babajide Sanwo-Olu has revealed that the price of rice has dropped significantly in the market, adding that he is personally ready to sell Lagos-produced rice for N57,000 to N58,000 per 50kg bag.

Speaking at the 60th Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria in Lagos on Friday, Sanwo-Olu cited the falling price of rice as evidence that the country’s inflation outlook is improving.

According to a recent report by The PUNCH, the National Bureau of Statistics, in its Selected Food Prices Watch report for September 2025, said that the prices of beans, garri, maize, tomatoes, beef, rice, and other food items witnessed a slight decrease in September 2025.

Also, the latest Consumer Price Index from the NBS indicated a slight easing in food prices, with food inflation declining by 0.37 per cent month-on-month.

Speaking at the event, Sanwo-Olu said, “Clear examples about this time last year, we were struggling to buy a bag of rice, today in the same country, in the same market, you go to the price of a 50kg is under N60,000.”

Highlighting Lagos production capacity, the governor said he operates the country’s largest rice mill and currently holds a significant stock.

He stated, “In fact, I am the largest… I have the largest rice mill in the country. I’ve got over 200,000 bags, and I was convincing my colleagues a couple of days ago, and I’m ready to sell my… at N57,000, 58,000.”

Sanwo-Olu described the ongoing price decline as a direct benefit to Nigerians, saying, “Real drop in the market. That is real growth, innovation and real growth in our citizens. The reduction in inflation numbers is real and positive.”

The governor linked the improvement in rice affordability to broader macroeconomic reforms and a more disciplined monetary environment, crediting recent changes for stabilising prices and easing pressure on households.

He continued his remarks by commending the Central Bank of Nigeria’s regulatory stance and its impact on inflation, foreign exchange stability, and investor confidence, while assuring the financial sector of Lagos State’s ongoing infrastructural and economic support.

The governor extended appreciation to President Bola Tinubu for giving the CBN Governor, Olayemi Cardoso, the room to operate.

He said, “I think we should thank the president and commander in chief of the armed forces of the country, for choosing him, but not just for choosing— for allowing him to do the work, for allowing him to play this role.”

Sanwo-Olu reassured the banking industry of Lagos State’s consistent support through infrastructure development, security upgrades, and digital initiatives.

He told the audience, “We are indeed grateful and happy with the level of relationship we have built, the commitment that we continue to give to you in the bank sector through our investment in infrastructure.”

He referenced the state’s massive rollout of street lighting as part of its urban security plans:
“As you drive back and see how many of the LED solar street lights that we’re placing on your street and your corners.”

The governor also highlighted the state’s recent success in the financial markets, announcing the oversubscription of its latest bond issuance.

He said, “Just a week ago, as typical of Lagos, we raised the largest sub-national conventional bond. The race went to market to raise N200m. The conventional bond was oversubscribed by over 60 per cent.”

He added that Lagos also floated a green bond:
“On another note, we were also the first to raise the green bond and sub-national.”

Sanwo-Olu urged the banking community to continue upholding ethics, innovation, and customer-centric thinking.

“Commitment is not only to professionalism, but our commitment also must be to ethical conduct. Must also be customer-centric. We must continue to innovate,” he affirmed.

News

FG To Unveil Digital Single Travel Emergency Passport January

Published

20 minutes ago

November 29, 2025

Editor

LThe Federal Government has announced that the Single Travel Emergency Passport (STEP) will be launched in January 2026, offering a digital solution to assist Nigerians abroad who lose their passports.

Minister of Interior, Dr. Olubunmi Tunji-Ojo, made the announcement on Friday in Abuja during the launch of the ECOWAS Biometric ID Card.

He said the new system will allow citizens to generate an emergency travel document using any mobile device, eliminating the need to visit an embassy in person.

“This initiative will enable Nigerians abroad who lose their passports to generate an emergency travel document using any mobile device without visiting an embassy,” Tunji-Ojo said.

He urged Nigerians to trust the government’s capacity to tackle national challenges and called for collective support for ongoing security reforms.

The STEP is expected to complement other digital identity initiatives, including the recently launched ECOWAS National Biometric Identity Card (ENBIC), which facilitates travel within West Africa and strengthens border security.

Earlier this month, the NIS announced that it will introduce the Single Travel Emergency Passport to replace the Emergency Travel Certificate.

The NIS explained that the document will be issued at designated Nigerian embassies and consulates and will be valid for a single entry.

The Service said the initiative forms part of wider reforms to strengthen border governance, enhance identity management, and align its operations with international migration standards.