E-Financial
Worries as CBN Begins Abuja Office Decongestion Affecting 1,533 Staff
There is a growing concern among workers as the Central Bank of Nigeria (CBN), commenced the decongestion of its head office in Abuja, affecting 1,533 staff.
According to an internal memo, the departments affected include Banking Supervision; Other Financial Institutions Supervision; Consumer Protection; Payment System Management, and Financial Policy Regulations.
The move is to decongest the apex bank’s head office.
Some staff members of the bank have reportedly resisted the transfer, claiming that it is motivated by sectional bias.
However, an official of the CBN who spoke on condition of anonymity, said the transfer of some departments to Lagos is for the safety of the members of staff and their increased productivity.
“If a company with over 500 members of staff in its head office normally sends about 200 of them to go and work in other states and return to the head office, it will be more economical for the company and safer for the affected members of staff for the company to relocate them fully to go and work in those states. It will also enhance their productivity,” the official explained.
The official added that only a few departments of the apex bank were affected by the transfer.
He stated that the move is also aimed at cutting costs and ensuring their safety.
According to the memo, the departments affected by the relocation approved by Yemi Cardoso, governor, CBN, include Banking Supervision; Other Financial Institutions Supervision; Consumer Protection Department; Payment System Management Department and the Financial Policy Regulations Department.
Speaking further on the plan, the CBN official noted that most of bank headquarters are in Lagos.
According to him, the CBN usually sends members of staff of the affected departments from Abuja to work in Lagos for a duration of up to one or two months before they return to the head office.
“It is not safe for them to be on the road all the time and it is also not cost-efficient for the bank. Anybody who is asked to leave his or her comfort zone will feel the initial discomfort and complain. So, it is natural that some of the affected workers are complaining,” the official added.
He also noted that the Abuja head office was designed for 3, 000 members of staff, adding that the staff strength at the head office has hit 4, 000.
“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 said.
Part of the internal memo reads: “This is to notify all staff members at the CBN Head Office that we have initiated a decongestion 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.
Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC) Nigeria, has said that West Africa is fast emerging as a global epicentre for virtual asset adoption, propelled by a young, tech-savvy population and macroeconomic instability.
Speaking at the West Africa Compliance Summit organised by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) in Praia, Cape Verde, Dr. Agama warned that while the region’s embrace of digital currencies is accelerating, the absence of coordinated regulation leaves it vulnerable to financial crimes and illicit capital flows.
“With over 60 percent of West Africa’s population under the age of 25 and mobile-first fintech platforms thriving, the region has become a global hotspot for virtual asset adoption,” he said. “But we must act decisively. Regulation is not optional, it is an imperative.”
The summit, themed “Adapting and Thriving in a Complex and Evolving Compliance Landscape,” brought together financial regulators, compliance professionals, and security experts to explore the challenges posed by the rapid rise of virtual assets and decentralised finance (DeFi).
Dr. Agama disclosed that crypto transactions in Nigeria alone surpassed $56 billion in 2024, with citizens increasingly turning to stablecoins such as USDT and USDC to hedge against volatile local currencies. He highlighted the growing trend of “crypto-dollarisation,” noting that young professionals now demand salaries in stablecoins, while businesses are adopting platforms like Binance Pay for cross-border transactions.
“The naira’s depreciation, Ghana’s cedi weakness, and persistent forex shortages have fueled this shift,” he explained. “Traditional remittance channels charge up to 10 percent in fees, while cryptocurrencies offer faster and cheaper alternatives. Over $20 billion in remittances flowed into West Africa last year through crypto channels.”
However, he also cautioned that the same innovations driving financial efficiency are increasingly being exploited by fraudsters and criminal actors. He cited GIABA’s report of $2.1 billion in suspicious crypto-related transactions across West Africa in 2024 alone, including the use of privacy coins by terror financiers to evade detection.
“Unregulated exchanges, artificial market crashes, DeFi ‘rug pulls,’ and Ponzi schemes have wiped out billions in investor funds,” he said. “The recent collapse of the CBEX Ponzi platform is just one of many such incidents. Strong regulation and regional coordination are the only path forward.”
Dr. Agama pointed to Nigeria’s recent legislative progress, especially the enactment of the Investment and Securities Act 2025, which formally classifies virtual assets—including cryptocurrencies, stablecoins, utility tokens, and NFTs—as securities under Section 355(4) and Part I of the Second Schedule.
“Under the new law, all exchanges, wallets, and DeFi platforms must be licensed by the SEC,” he stated. “We’ve also established a Fintech and Innovation Department to facilitate ongoing dialogue with industry stakeholders and adapt our regulations to emerging realities.”
He called on West African governments to harmonise regulatory frameworks and strengthen intelligence-sharing, proposing a Unified Virtual Asset Service Provider (VASP) Licensing System under the ECOWAS framework.
“A crypto trader banned in Nigeria should not find safe haven in Ghana,” he asserted. “Financial crime knows no borders. Our collective future depends on our ability to secure this emerging financial frontier.”
NOVA Bank has announced its intention of a strategic shift in its operating license from a national to a regional authorisation, a move, which according to the Bank is aimed at optimising operational efficiency and deepening its impact within key markets.
The management of the Bank noted that the repositioning aligns with the Bank’s long-term vision to consolidate its strengths, streamline its services, and deploy capital more effectively within targeted regions, without compromising its commitment to innovation, customer satisfaction, and sustainable growth.
To this effect, NOVA has applied to the CBN to recategorize its operating license from a National to a Regional Commercial Banking license.
According to the Bank, NOVA maintains a strong financial position, underpinned by robust capital adequacy, liquidity ratios, and a consistent growth trajectory.
NOVA’s Acting Managing Director/Chief Executive Officer, Mrs. Chinwe Iloghalu, explained that following the Central Bank of Nigeria’s (CBN) revised recapitalisation directive in March 2024, NOVA reviewed its growth trajectory and capital utilisation strategy.
“Given the Bank’s current stage of growth, we have chosen the prudent route to optimise what we need, grow efficiently, and scale sustainably. This is a major strategic positioning that will ensure continued efficiency in the deployment of assets and resources,” she said
Mrs. Iloghalu further stated “Indeed, our shareholders have shown strong commitment to ensuring full capitalisation through rights issue by injection of additional 24 billion before end of 2025 to exceed the prescribed capital for regional Banks well ahead of the 2026 CBN deadline”.
In a further affirmation of its strength and stability, Global Credit Rating (GCR) recently reaffirmed NOVA Bank’s BBB rating with a Stable Outlook, citing the Bank’s healthy liquidity profile, improving earnings, and sound asset quality.
The Bank’s audited 2024 financials validate the effectiveness of its growth strategy, recording over 200% year-on-year growth in profit before tax (PBT), alongside improvements across all key financial indicators.
NOVA is set to launch three new branches in the coming weeks, including Owerri, Port Harcourt, and Abuja, to enhance physical access and customer service, while strengthening its digital banking infrastructure to ensure customers continue to enjoy secure, seamless, and convenient banking experiences, anywhere, anytime.
The Chairman of the Board, Mr. Phillips Oduoza, noted that NOVA remains committed to its vision and is thankful for the continued trust of its customers, shareholders, and regulators.
“Every decision we make is deliberate and strategic, guided by sound governance and market insight. Transitioning to a regional license is a recalibration, giving us room to grow optimally, build capacity, and position ourselves for a full national rollout in the next 36 months.” Said Oduoza
West Africa is fast emerging as a global epicentre for virtual asset adoption, propelled by a young, tech-savvy population and macroeconomic instability, according to Dr. Emomotimi Agama, director-general, Securities and Exchange Commission (SEC) Nigeria.
Dr. Emomotimi Agama, DG, SEC
Speaking at the West Africa Compliance Summit organised by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) in Praia, Cape Verde, Dr. Agama warned that while the region’s embrace of digital currencies is accelerating, the absence of coordinated regulation leaves it vulnerable to financial crimes and illicit capital flows.
“With over 60 percent of West Africa’s population under the age of 25 and mobile-first fintech platforms thriving, the region has become a global hotspot for virtual asset adoption,” he said. “But we must act decisively. Regulation is not optional, it is an imperative.”
The summit, themed “Adapting and Thriving in a Complex and Evolving Compliance Landscape,” brought together financial regulators, compliance professionals, and security experts to explore the challenges posed by the rapid rise of virtual assets and decentralised finance (DeFi).
Dr. Agama disclosed that crypto transactions in Nigeria alone surpassed $56 billion in 2024, with citizens increasingly turning to stablecoins such as USDT and USDC to hedge against volatile local currencies.
He highlighted the growing trend of “crypto-dollarisation,” noting that young professionals now demand salaries in stablecoins, while businesses are adopting platforms like Binance Pay for cross-border transactions.
“The naira’s depreciation, Ghana’s cedi weakness, and persistent forex shortages have fueled this shift,” he explained.
“Traditional remittance channels charge up to 10 percent in fees, while cryptocurrencies offer faster and cheaper alternatives. Over $20 billion in remittances flowed into West Africa last year through crypto channels.”
However, he also cautioned that the same innovations driving financial efficiency are increasingly being exploited by fraudsters and criminal actors.
He cited GIABA’s report of $2.1 billion in suspicious crypto-related transactions across West Africa in 2024 alone, including the use of privacy coins by terror financiers to evade detection.
“Unregulated exchanges, artificial market crashes, DeFi ‘rug pulls,’ and Ponzi schemes have wiped out billions in investor funds,” he said. “The recent collapse of the CBEX Ponzi platform is just one of many such incidents. Strong regulation and regional coordination are the only path forward.”
Dr. Agama pointed to Nigeria’s recent legislative progress, especially the enactment of the Investment and Securities Act 2025, which formally classifies virtual assets—including cryptocurrencies, stablecoins, utility tokens, and NFTs—as securities under Section 355(4) and Part I of the Second Schedule.
“Under the new law, all exchanges, wallets, and DeFi platforms must be licensed by the SEC,” he stated.
“We’ve also established a Fintech and Innovation Department to facilitate ongoing dialogue with industry stakeholders and adapt our regulations to emerging realities.”
He called on West African governments to harmonise regulatory frameworks and strengthen intelligence-sharing, proposing a Unified Virtual Asset Service Provider (VASP) Licensing System under the ECOWAS framework.
“A crypto trader banned in Nigeria should not find safe haven in Ghana,” he asserted.
“Financial crime knows no borders. Our collective future depends on our ability to secure this emerging financial frontier.”
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