The Northern Elders Forum (NEF) has voiced its strong opposition to the reported intentions of the Central Bank of Nigeria (CBN) to move major departments from its Abuja headquarters to its former base in Lagos.
The NEF expressed its concerns, citing fears that such a move could potentially widen the economic gap between Northern and Southern Nigeria.
Abdul-Azeez Suleiman, the director of publicity and advocacy for NEF, issued a statement highlighting the critical nature of the departments in question, which include Banking Supervision (DBS), Other Financial Institutions Supervision (OFISD), Consumer Protection Department (CPD), Payment System Management Department (PSMD), and Financial Policy Regulations Department (FPRD).
Suleiman argued that relocating these vital components to Lagos would not only fortify the already dominant economic position of Lagos but also diminish the significance of Abuja.
While acknowledging the CBN’s aim to enhance efficiency and effectiveness, NEF expressed apprehension about the potential adverse impacts of relocating these essential departments on both the institution and the nation.
Suleiman outlined several potential consequences, emphasizing the financial burden and potential brain drain that the move could trigger.
The NEF highlighted the substantial financial investment required for establishing new offices, procuring or leasing properties, relocating employees, and meeting other infrastructural needs.
This, they argued, would strain the CBN’s budget and divert resources from other crucial functions and initiatives.
Suleiman also raised concerns about the loss of skilled employees, emphasizing that the CBN’s well-established workforce in Abuja includes professionals with significant knowledge and experience.
The relocation might lead to a significant brain drain, impacting the CBN’s performance and efficiency.
Additionally, the NEF contended that the move would cause temporary disruptions in the CBN’s operations.
Employees would need time to adjust to new surroundings, potentially causing delays in decision-making and implementation.
This transitional period could result in reduced productivity, inefficient processes, and decreased service levels, further impacting the CBN’s overall effectiveness.
Furthermore, the NEF highlighted the potential hindrance to effective coordination and communication with other government agencies in Abuja.
The physical separation, they argued, might lead to increased bureaucracy and slower response times, negatively affecting policy formulation and execution.
The NEF went on to express concerns about the exacerbation of regional economic disparities, stating that concentrating important positions and offices in Lagos could perpetuate the perception of it being the economic center, potentially marginalizing other regions, especially Northern Nigeria.
Such marginalization, they warned, could lead to increased feelings of neglect or economic imbalance, triggering social and political tensions.
In essence, the Northern Elders Forum stands firm in its rejection of the proposed relocation of key CBN departments to Lagos, underscoring the potential far-reaching consequences on both the institution’s functionality and the broader economic landscape of Nigeria.
