The Central Bank of Nigeria’s relocation of important departments from Abuja to Lagos State has prompted concerns from the Northern Elders Forum regarding potential brain drain.
The elders predicted that the development would impair the bank’s effectiveness and performance.
In an internal document published on Sunday, the apex bank said that certain departments would be relocating to Lagos.
The action is intended to clear out the head office of the apex bank, according to a CBN officer who spoke on the record.
In response to the news, NEF’s Director of Publicity and Advocacy, Abdul-Azeez Suleiman, issued a statement on Thursday pointing out that, among other things, the bank’s move would raise costs, decrease coordination, create regional economic gaps, and hinder the growth of the economy in northern Nigeria.
The statement read,
“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.
“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.”