The Northern Elders Forum (NEF) has raised an alarm, cautioning against the Central Bank of Nigeria’s imminent decision to relocate key departments from Abuja to Lagos, predicting it may trigger a brain drain and disrupt operations.
MUK TV recalls that the apex bank, through an internal memo sanctioned by its governor, Yemi Cardoso, announced on Sunday plans to relocate some of its administrative offices and staff to Lagos, citing the decongestion of the Abuja headquarters.
In response to the CBN’s internal memo announcing the move, the Northern Elders Forum expressed concerns about the potential consequences, vehemently stating that such a shift could strain the apex bank’s performance and efficiency.
This was contained in a statement released on Thursday by Abdul-Azeez Suleiman, the Director of Publicity and Advocacy for NEF, which outlined the possible drawbacks, including increased costs, reduced coordination, regional economic disparities, and impaired economic development in Northern Nigeria.
Suleiman’s statement warned that “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.”
The statement further pointed out that the relocation would demand a significant financial investment, diverting resources from essential functions and initiatives.
The potential disruption in the CBN’s operations and the time required for employees to adjust to new surroundings were also emphasized as potential drawbacks.
“It would require a 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.
“Employees would need time to adjust to their new surroundings, potentially causing delays in decision-making and implementation,” the statement concluded.
