Business
Northern Elders Speaks On Central Bank’s Plan To Relocate Key Departments
By Abubakar Yunusa
The Northern Elders Forum (NEF) has addressed reports of internal “disquiet” among CBN staffers following the management’s decision to relocate certain departments to the CBN Lagos office.
On January 12, the CBN, through a circular from the director of its human resources department, conveyed its plans to decongest its head office in Abuja.
“The action plan focuses on optimizing the utilization of other Bank’s premises. With this plan, 1,533 staff will be moved to other CBN facilities within Abuja, Lagos, and understaffed branches,” the bank said, as reported by The Nation.
“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.
Daily Nigerian reported over the weekend that the move has caused disquiet among CBN staff, with claims that the plan would render the Abuja office of the apex bank ‘useless.’
In a statement signed by its Director of Publicity and Advocacy/spokesperson, Abdul-Azeez Suleiman, stated that Northern Nigeria already faces various economic challenges, such as poverty, unemployment, and insecurity.
According to the statement, NEF finds the broader negative implications of relocating these key departments ridiculous and unacceptable, as moving economic decision-making power to Lagos could exacerbate regional disparities, fostering a sense of marginalization among other regions, particularly Northern Nigeria.
“Additionally, this move could hinder the northern governments’ efforts to promote economic diversification and reduce dependence on oil revenue.
“Unacceptably too, the North, which is home to a significant portion of Nigeria’s population, would be disproportionately affected by the relocation, reducing access to economic opportunities and financial services, further widening the economic gap between Northern Nigeria and other regions, potentially exacerbating social and political tensions.
“NEF is also deeply concerned about the implications this relocation would have on the lives of the affected staff members. Reports suggest that this move would affect 1,533 dedicated staff members, forcing some individuals, particularly married women, who are mostly from the North, to contemplate resigning.
“We believe it is crucial to consider the impact on the personal lives and families of these staff members, especially married women who may struggle to cope with this decision.
“The NEF urges the CBN and relevant authorities to prioritize the nation’s overall progress and the well-being of its citizens.
“We recommend a holistic approach that considers not only the efficiency and effectiveness of departmental operations but also the livelihoods and future development of all regions of Nigeria.
“We urge the government to evaluate the potential drawbacks of such a move thoroughly. It is important to consider the impact on Abuja’s role as the capital city, the potential repercussions on regional development and economic balance, and the overall effectiveness and efficiency of the relocated departments in serving their intended purpose.
“We call upon the CBN and relevant authorities to thoroughly review the consequences of this relocation and explore alternative arrangements that do not compromise the career growth and work-life balance of its valuable employees.
“It is essential to ensure that the burden of relocation is not unfairly placed on the shoulders of these individuals and their families.”
By Abubakar Yunusa
The Association of Labour Veteran and Trade Union Assembly has voiced its support for President Bola Tinubu’s economic reforms, claiming that food prices have significantly decreased across the country.
In a statement issued on Thursday, the union’s interim president, Comrade Isa Tijjani, acknowledged the initial economic hardship faced by Nigerians at the beginning of Tinubu’s administration but insisted that government efforts had led to tangible improvements.
“At the start of this administration, the cost of food soared, and the nation was filled with cries of hunger and complaints. People were urged to be patient as the government worked towards solutions,” Tijjani said.
“Now, the President and his aides have worked tirelessly, and prices have come down drastically. However, I have yet to hear words of appreciation for their efforts. Recognising their achievements will encourage them to do even more for the nation.”
Tijjani, a former national vice-president of the Nigeria Labour Congress, urged Nigerians to differentiate between constructive criticism and unwarranted opposition.
He emphasised that engaging with the government in a respectful and solution-oriented manner would yield better results than resorting to hostility.
“The President of this country today is Alhaji Bola Ahmed Tinubu. Advising him in a humble and respectful manner will be more productive than adopting a confrontational stance. Constructive engagement achieves more than threats and name-calling,” he added.
Tijjani also condemned the recent act of violence in Edo State, describing it as a cowardly attempt to incite division and instability in Nigeria.
He welcomed the swift response of both the President and the Governor of Edo State in addressing the situation and called for the perpetrators to be brought to justice.
The labour leader further urged union members to participate in the upcoming General Executive Council meeting, where the union’s position on national issues will be formalised and disseminated at all levels of governance, from the state to the local and ward levels.
The Tinubu administration has faced criticism over the country’s economic challenges, including inflation and currency depreciation. However, government officials have maintained that their policies will yield long-term benefits for Nigeria’s economy.
Sterling Bank has announced the removal of transfer fees on all local online transactions.
The move was confirmed by the bank on Tuesday in a press release.
The development makes it the first major Nigerian bank to eliminate the contentious charges for digital banking.
The statement noted that the bank reaffirmed its commitment to customer-centric banking, declaring that the zero-transfer-fee policy is real and effective immediately.
The initiative is expected to bring significant relief to individuals and small business owners who conduct frequent transactions.
The bank’s Growth Executive in charge of Consumer and Business Banking, Obinna Ukachukwu, described the decision as a values-driven approach aimed at ensuring fair and inclusive banking.
“We believe access to your own money shouldn’t come with a penalty.
“This is more than a financial decision—it’s about redefining banking to put customers first,” he stated.
Under the new policy, Sterling customers will not be charged for local transfers conducted via the bank’s mobile app.
Ukachukwu emphasised that the bank’s decision is about more than just competitive strategy.
He said, “We’re not yet the biggest bank in Nigeria, but we’ve been the boldest.
Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words.
The Central Bank of Nigeria dismissed a report claiming it had introduced N5,000 and N10,000 banknotes to facilitate cash transactions as false.
In a statement posted on its official X handle on Wednesday, the apex bank described the report as fake and urged Nigerians to disregard it.
“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” the statement read.
A statement from the CBN’s communications department further clarified, “The only official sources for releasing statements to the media are our website or statements from our department. There is also no Deputy Governor by such name. We are investigating the source of this fake content.”
The report quoted one Deputy CBN Governor, Ibrahim Tahir Jr., the move is aimed at reducing cash-handling costs and providing Nigerians with more efficient means of conducting large transactions.
“The introduction of these new high-value denominations aligns with global best practices and will enhance economic activities while reducing the stress associated with carrying large amounts of cash,” the Governor stated. The CBN said there is no such name in its leadership.
“The new N5,000 note will feature the portrait of Chief Obafemi Awolowo, while the N10,000 note will showcase Dr. Nnamdi Azikiwe, both in recognition of their contributions to Nigeria’s development.
“Additionally, the new notes will incorporate enhanced security features, including color-changing ink, holograms, and anti-counterfeiting technology, making them impossible to replicate,” the fake report stated.
The fake report also said the nationwide rollout would begin on May 1, 2025, with commercial banks instructed to start issuing the new notes via ATMs and over-the-counter transactions.