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Northern elders kick against planned relocation of CBN staff to Lagos

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Northern elders under the umbrella of the Northern Elders Forum (NEF) have warned against the proposed movement of key departments of the Central Bank of Nigeria (CBN) from Abuja to Lagos State, noting that it may lead to brain drain.

The elders also argued that it would cause a strain and disruption on the bank’s performance and efficiency.

The CBN had in an internal memo on Sunday, said it was moving some of its departments to Lagos.

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The move, according to an official of the CBN who spoke on condition of anonymity, is to decongest the apex bank’s head office.

Reacting to the development, in a statement on Thursday, the Director of Publicity and Advocacy of NEF, Abdul-Azeez Suleiman, noted that the relocation of the bank would result in increased cost, reduced coordination, regional economic disparities, impaired economic development in northern Nigeria, among others.

“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,” the statement said.

“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.”

 

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