Northern Elders Forum Warns CBN Against Transferring Vital Departments to Lagos, Fearing Potential Brain Drain and Economic Disruptions

Northern Elders Forum Warns CBN Against Transferring Vital Departments to Lagos, Fearing Potential Brain Drain and Economic Disruptions

Northern Elders Forum Issues Advisory to CBN on Departmental Relocation

The Northern Elders Forum (NEF) has expressed strong reservations about the Central Bank of Nigeria (CBN) relocating crucial departments from Abuja to Lagos, emphasizing potential consequences such as brain drain and economic disruptions.

Concerns Over Operational Disruption and Economic Imbalances

NEF’s Director of Publicity and Advocacy, Abdul-Azeez Suleiman, raised concerns about the possible temporary disruption in the operations of the CBN.

He highlighted the adverse impact on the bank’s overall performance and efficiency, emphasizing the need for careful consideration before such a relocation.

Financial Implications and Budgetary Strain

Suleiman pointed out that the proposed move would necessitate significant financial investments for establishing new offices, acquiring or leasing properties, relocating employees, and addressing other infrastructural requirements. This, he warned, could strain the CBN’s budget, diverting resources from essential functions and initiatives.

Risk of Brain Drain and Employee Loss

The NEF spokesperson cautioned that moving key departments to Lagos might lead to a loss of skilled employees who may be reluctant or unable to relocate.

This potential brain drain, he argued, could have negative repercussions on the CBN’s performance and efficiency, urging a reconsideration of the decision.

Anticipated Delays in Decision-Making and Implementation

Suleiman highlighted that the relocation could result in employees needing time to adjust to their new surroundings, potentially causing delays in decision-making and implementation.

This, he suggested, could further contribute to disruptions in the CBN’s operations.

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