Redeployment: N1.2tr 7-year personnel cost on CBN staff to drop
The Central Bank of Nigeria (CBN) spent a total of N1.2 trillion on personnel costs in seven years, highlights of the apex bank’s audited financial accounts for seven years- from 2016 to 2022 showed.
Experts said yesterday said the redeployment of over 1,400 staff of the apex bank to Lagos will drastically reduce such costs going forward.
The banks are also expected to face tougher supervision and examination from CBN as the bank examiners and supervisors move closer to area of coverage.
Former Registrar, Chartered Institute of Bankers of Nigeria (CIBN), Dr. Uju Ogubuka, said the apex bank tool the right decision by ensuring that they staff move closer to areas of operation.
“I think they will have more opportunity to interact, fertilise ideas that will improve their effectiveness on the job now that they are closer to areas of operation.”
He also said the move by the apex bank will reduce staff hazards allowance and save cost for the country.
For instance, the amount CBN spent on staff salary, allowances and benefits continued to rise to N168.034 billion, N183.601 billion and N200.04 billion in 2019, 2020 and 2021 before settling at N265.87 billion in 2022.
An industry source said more than 80 per cent of the staff expected to resume on February 2, had resumed at the Lagos office.
The new apex bank management had decided to relocate some of CBN’s departments to Lagos for staff safety, increased productivity, and to decongest its headquarters in Abuja.
