Arewa group protests moving part of CBN operations to Lagos, says it will negatively  affect the North 

The Northern Elders Forum has warned that the movement of key departments of the Central Bank of Nigeria from Abuja to Lagos State may lead to brain drain.

The development, the elders said would cause a strain and disruption on the bank’s performance and efficiency.

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

The move, according to an official of the CBN was aimed at decongesting the apex bank’s head office.

 A former CBN deputy governor, Kingsley Moghalu also corroborated the position of the CBN staffer in a post on X. He said the plan was put in motion during the tenure of Sanusi Lamido Sanusi. 

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.

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.”