Just 14 months after former Central Bank of Nigeria (CBN) Governor Godwin Emefiele was suspended and faced ongoing prosecution for various financial crimes, the current leadership of the apex bank, led by Olayemi Michael Cardoso, may be entangled in its own web of breaches of official protocols and abuses of office.
In a scenario reminiscent of the investigation led by Jim Obazee, a special investigator hired by the federal government to uncover Emefiele’s activities while in office, multiple credible sources within the bank have now raised serious allegations against Governor Cardoso and his four deputy governors. They are accused of grossly misusing their offices to enrich themselves at the expense of the institution and the nation.
These allegations may have cast doubt on the administration’s mission to reform the CBN and restore its integrity in the wake of the Emefiele saga, leading many to question the sincerity of Cardoso’s promises of transparency and accountability just one year into his tenure.
Among the most egregious allegations is the reported upgrade of annual housing allowances for the governor and his deputies to nearly N1 billion each. This staggering sum may have surprised many because all five officials already live in luxurious residences in Abuja’s upscale Maitama district. Such an extravagant allocation is seen as indefensible, especially for the fact that the nation’s economy is struggling amid widespread poverty.
“What justification can there be for this level of indulgence?” asked a senior CBN official who requested anonymity for fear of reprisal. “The CBN’s leadership should exemplify modesty, not opulence.”
In another shocking revelation, it is alleged that Cardoso and his deputies upgraded their international travel privileges from business class to first class, even as the Nigerian economy is on life support, with the naira plummeting against major global currencies and inflation eroding the purchasing power of ordinary Nigerians. It is reported that a first-class ticket from Abuja to New York, costing upwards of $15,000, is now standard for the CBN’s top officials.
“How can they justify such luxury when the average Nigerian is struggling to afford necessities?” lamented another source within the bank.
Also, it was reported that the governor and his deputies increased their foreign travel allowances to more than $7,000 per night, meaning they could pocket over $50,000 for a week-long trip, excluding additional perks like entertainment and extra baggage allowances.
“This is a brazen display of greed,” a source close to the matter stated. “How can they justify such largesse when the Nigerian minimum wage is a mere 70,000 naira a month?”
Governor Cardoso is also accused of hiring consultants at over N30 million per month, an amount that dwarfs the combined monthly salaries of all CBN directors. These consultants, reportedly lacking experience in monetary policy institutions like the CBN or the International Monetary Fund (IMF), are ostensibly performing the same duties as the bank’s directors. For example, official documents showed that Mr. Cardoso hired one Nkiru Belonwu as his media consultant for a monthly salary of N30 million. Belonwu, who has been illegally promoted to the role of director of corporate communications and allowed to sit as an observer in the bank’s exalted Monetary Policy Committee (MPC) meetings, has no media contact base and has not engaged with the media since her appointment in 2023.
“This is nothing short of a financial scandal,” said a CBN insider. “Why is the CBN paying such astronomical fees for expertise that has yet to yield tangible results in improving the economy?”
There are also allegations of non-competitive and secretive hiring practices under Governor Cardoso’s leadership. Hundreds of CBN staff have reportedly been dismissed without due process under the guise of organizational restructuring, only to be replaced by new hires through covert means. In one particularly troubling case, retired police Assistant Inspector General (AIG) was reportedly appointed as a department director, in violation of public service rules.
Adding to the growing list of allegations, it was claimed that the governor and his deputies have been funneling their hefty allowances through the director of procurement and supply services department rather than the human resources department. This unusual arrangement has raised concerns about potential efforts to obscure these payments from auditors and conceal the true extent of their earnings.
Perhaps the most damning allegation is that Governor Cardoso and his deputies reportedly increased their allowances and benefits without the approval of the CBN board, which President Bola Tinubu had not yet constituted at the time these upgrades were implemented.
“This is a clear abuse of power,” said a CBN official familiar with the matter. “Without board approval, such actions are unethical and illegal.”
In light of these serious allegations, many within the CBN have called for Governor Cardoso and his deputies to either confirm or deny the claims. The atmosphere at the bank is reportedly tense, with staff morale at an all-time low following the wave of dismissals and what some describe as a “toxic” management style.
A senior staff member at the bank’s headquarters revealed that there is currently palpable apprehension over a rumored plan by the management to initiate another shakeup that could lead to mass dismissals or the redeployment of staff (especially from the head office) to various branches across the states.
Governor Cardoso, who has often portrayed himself as an enforcer of due process, now finds himself at the center of a storm that could have far-reaching implications for the CBN and the Nigerian economy, as the public eagerly awaits his response.
Efforts by this newspaper to obtain a reaction from CBN spokeswoman Sidi Ali were unsuccessful, as she refused to respond to questions sent to her phone, and her number was unreachable for calls.
Credit: Leadership & TheConclaveNG
