The Northern Elders Forum has expressed worry over the Central Bank of Nigeria’s decision to move crucial departments from Abuja to Lagos, citing potential brain drain and operational challenges.
In response to the apex bank’s internal memo on Sunday announcing the relocation, the Northern Elders Forum emphasized that such a move could strain the bank’s performance and efficiency, causing disruptions.
Abdul-Azeez Suleiman, the Director of Publicity and Advocacy for NEF, stated on Thursday that the shift might result in increased costs, reduced coordination, economic disparities between regions, and hindered development in northern Nigeria.
Suleiman explained, “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.”
Quest Times further reports that he highlighted the risk of losing skilled employees due to relocation, leading to a potential brain drain that could adversely impact the CBN’s overall performance.
The elders emphasized that the move would cause a temporary disruption in the bank’s operations, as employees adjust to their new environment, potentially causing delays in decision-making and implementation.