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 bankโs 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 who spoke on condition of anonymity, was to decongest the apex bankโs 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, and impaired economic development in northern Nigeria, among others.
The statement read: โIt 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.
โThis would strain the CBNโs budget and divert resources away from other essential functions and initiatives.
โMoving 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 CBNโs performance and efficiency.
โRelocation would lead to a temporary disruption in the CBNโs operations.
โEmployees would need time to adjust to their new surroundings, potentially causing delays in decision-making and implementation.โ