Northern group opposes relocation of key CBN departments to Lagos

Northern group opposes relocation of key CBN departments to Lagos

The Northern Elders Forum (NEF), yesterday, faulted plans by the Central Bank of Nigeria (CBN) to relocate major departments from the Abuja headquarters to the former headquarters in Lagos.

The NEF recognizes the importance of the departments in question, 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, in a statement by its Director Publicity and Advocacy/Spokesperson, Abdul-Azeez Suleiman, said that the forum is worried about the potential negative impact of relocating these essential departments on both the institution itself and the nation as a whole.

He noted that the movement of some departments would involve increased costs, loss of talent, disruption in operations, reduced coordination, regional economic disparities, impaired economic development in northern Nigeria, and decreased investor confidence in the nation’s economy.

Suleiman said: “It would require significant financial investment as the CBN would need to allocate funds for setting up new offices, purchasing or leasing properties, relocating employees, and other infrastructural requirements. This would strain the CBN’s budget and divert resources away from other essential functions and initiatives.

“The CBN has a well-established workforce in Abuja, including professionals with significant knowledge and experience. Moving key departments to Lagos may lead to a loss of skilled employees who are unable or unwilling to relocate. This brain drain could negatively impact the CBN’s performance and efficiency.

“Relocation would lead to a temporary disruption in the CBN’s operations. Employees would need time to adjust to their new surroundings, potentially causing delays in decision-making and implementation. The transition period could result in reduced productivity, inefficient processes, and decreased service levels, further impacting the CBN’s effectiveness”