Posted by Amarachi on Thu 18th Jan, 2024 - tori.ng
NEF said such a movement would lead to a temporary disruption in CBN’s operations that could negatively impact the bank’s performance and efficiency.
The Northern Elders Forum (NEF) have expressed displeasure over the planned relocation of key Central Bank of Nigeria (CBN) departments to Lagos state.
It stated that this will only serve to further strengthen the already dominant position of Lagos, while potentially weakening the significance and role of Abuja.
NEF said such a movement would lead to a temporary disruption in CBN’s operations that could negatively impact the bank’s performance and efficiency.
The Director of Publicity and Advocacy of NEF, Abdul-Azeez Suleiman, said the relocation would lead to an increased cost, reduced coordination, regional economic disparities, impaired economic development in northern Nigeria, among others.
A statement by Suleiman reads partly: “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.”