Northern Elders Forum Warns Against CBN’s Planned Relocation of Key Departments

The Northern Elders Forum (NEF) has raised concerns over the Central Bank of Nigeria’s (CBN) proposed relocation of some key departments from Abuja to Lagos State, cautioning that such a move could result in a brain drain.

NEF expressed apprehension that the relocation might disrupt the CBN’s operations, potentially impacting its overall performance and efficiency.

Abdul-Azeez Suleiman, the Director of Publicity and Advocacy of NEF, highlighted several potential consequences of the move.

Suleiman stated, “Relocating 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.”

He further emphasized the financial implications, noting that the relocation would require a significant investment from the CBN to set up new offices, acquire or lease properties, relocate employees, and address other infrastructural needs.

This, he argued, could strain the CBN’s budget and divert resources from essential functions and initiatives.

In addition, Suleiman highlighted the potential for a temporary disruption in the CBN’s operations as employees adjust to their new surroundings, which could lead to delays in decision-making and implementation.

The NEF also raised concerns about the broader economic impact, pointing out that the relocation could exacerbate regional economic disparities and hinder economic development in northern Nigeria.

The statement by Suleiman reflects the NEF’s stance against the proposed relocation, citing potential negative repercussions on the CBN’s operations and the broader economic landscape.