The Northern Elders Forum (NEF) has raised serious concerns over the reported plans of the Central Bank of Nigeria (CBN) to relocate significant departments from its Abuja headquarters to the former headquarters in Lagos. The NEF strongly opposes this move, alleging that it could widen the economic disparity between Northern and Southern Nigeria.
In a statement issued by Abdul-Azeez Suleiman, the director of publicity and advocacy for NEF, the organization acknowledged the importance of the affected departments—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.
The NEF emphasized that, as per the Banking and Other Financial Institutions Act (BOFIA Act), these departments are crucial for the functioning of the CBN. Relocating them to Lagos, according to NEF, would strengthen the dominant position of Lagos while potentially diminishing the significance and role of Abuja.
While recognizing the CBN’s intention to enhance efficiency and effectiveness, the NEF expressed worries about the potential negative impacts of relocating these essential departments on the institution and the nation. It raised concerns about increased costs, talent loss, operational disruptions, reduced coordination, regional economic disparities, impaired economic development in Northern Nigeria, and decreased investor confidence.
The NEF outlined potential consequences, including significant financial investment for setting up new offices, potential brain drain due to loss of skilled employees, temporary disruption in CBN’s operations, reduced productivity during the transition period, hindrance to effective coordination, and exacerbation of regional economic disparities, particularly favoring Lagos. The NEF cautioned that such concentration in one region may marginalize other areas, creating social and political tensions.
