The Northern Elders Forum (NEF) has voiced its strong opposition to the reported plans by the Central Bank of Nigeria (CBN) to relocate major departments from the Abuja headquarters to the former headquarters in Lagos, expressing deep concerns over potential economic disparities between Northern and Southern Nigeria.
In a statement released by Abdul-Azeez Suleiman, the director of publicity and advocacy for NEF, the organization emphasized the significance of the affected departments, including Banking Supervision, DBS; Other Financial Institutions Supervision, OFISD; Consumer Protection Department (CPD); Payment System Management Department (PSMD); and Financial Policy Regulations Department (FPRD), as vital components of the CBN.
NEF highlighted that the move contradicts the Banking and Other Financial Institutions Act (BOFIA), stating that relocating these crucial departments to Lagos would further strengthen the city’s dominant economic position while potentially diminishing the importance of Abuja.
While acknowledging the CBN’s intention to enhance efficiency and effectiveness, NEF expressed worry about the potential negative consequences of such a relocation on both the institution and the nation. The organization listed several concerns, including increased costs, loss of talent, disruption in operations, reduced coordination, regional economic disparities, impaired economic development in Northern Nigeria, and decreased investor confidence.
The statement noted that the financial investment required for the relocation would strain the CBN’s budget and divert resources from other essential functions. NEF raised concerns about the possible brain drain, as skilled employees may be unwilling or unable to relocate, negatively impacting the CBN’s performance and efficiency.
Additionally, NEF warned of a temporary disruption in the CBN’s operations, potential delays in decision-making, and decreased service levels during the transition period. The organization argued that the physical separation of key departments would hinder effective coordination and communication with other government agencies in Abuja.
Furthermore, NEF contended that shifting key departments to Lagos would exacerbate regional economic disparities, concentrating important positions in one region and potentially marginalizing other regions, especially Northern Nigeria. This, the organization warned, could lead to increased feelings of neglect or economic imbalance, creating social and political tensions. The NEF urged a reconsideration of the relocation plans to address these significant concerns.
