Just barely over one year, the current CBN leadership under Governor Olayemi Michael Cardoso is now facing serious allegations of misconduct. These accusations raise concerns about potential breaches of protocol and abuses of office, which could undermine efforts to restore the integrity of the apex bank.
The allegations against Governor Cardoso and his four deputy governors are troubling.
Leadership newspaper ŕeported that according to multiple credible sources within the bank, the officials are accused of using their positions to enrich themselves at the expense of the institution and the nation. These claims have sparked doubts about the administration’s commitment to reforming the CBN, especially after the Emefiele scandal.
One of the most alarming allegations involves the reported upgrade of annual housing allowances for the governor and his deputies to nearly N1 billion each. This lavish sum is particularly shocking given that all five officials already reside in luxurious homes in Abuja’s upscale Maitama district.
A senior CBN official, speaking anonymously, criticized the move, saying, “The CBN’s leadership should exemplify modesty, not opulence.”
In addition to the housing allowances, it is alleged that Governor Cardoso and his deputies upgraded their international travel privileges from business class to first class. This decision comes at a time when the Nigerian economy is struggling, with the naira weakening against major global currencies and inflation eroding the purchasing power of ordinary Nigerians. A first-class ticket from Abuja to New York can cost upwards of $15,000, a price now standard for CBN’s top officials.
Another source within the bank questioned the justification for such luxury, stating, “How can they justify such luxury when the average Nigerian is struggling to afford necessities?”
The officials are also accused of increasing their foreign travel allowances to over $7,000 per night, allowing them to pocket more than $50,000 for a week-long trip, not including additional perks like entertainment and extra baggage allowances.
A source close to the matter condemned this as “a brazen display of greed,” highlighting the stark contrast with the Nigerian minimum wage of just 70,000 naira a month.
Further allegations involve the hiring of consultants at exorbitant rates, with some reportedly earning over N30 million per month—an amount that far exceeds the combined monthly salaries of all CBN directors. One such consultant, Nkiru Belonwu, was reportedly hired as a media consultant for a monthly salary of N30 million.
Despite her lack of experience in monetary policy institutions like the CBN or the International Monetary Fund (IMF), Belonwu has allegedly been promoted to the role of director of corporate communications and allowed to participate in the bank’s Monetary Policy Committee (MPC) meetings as an observer.
A CBN insider described the situation as “nothing short of a financial scandal.”
There are also reports of non-competitive and secretive hiring practices under Governor Cardoso’s leadership. Hundreds of CBN staff have allegedly been dismissed without due process under the guise of organizational restructuring, only to be replaced through covert hiring processes. In one case, a retired police Assistant Inspector General (AIG) was reportedly appointed as a department director, in violation of public service rules.
Additionally, it is alleged 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 practice has raised concerns about potential efforts to hide these payments from auditors and conceal the true extent of their earnings.
Perhaps the most serious allegation is that Governor Cardoso and his deputies reportedly increased their allowances and benefits without the approval of the CBN board. This move is seen as a clear abuse of power, as the CBN board, which is supposed to oversee such decisions, had not yet been constituted by President Bola Tinubu at the time these upgrades were implemented.
A CBN official familiar with the matter stated, “Without board approval, such actions are unethical and illegal.”
In response to these allegations, many within the CBN are calling 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 growing apprehension over a rumored plan by the management to initiate another shakeup, which could lead to mass dismissals or the redeployment of staff, particularly from the head office, to various branches across the states.
Governor Cardoso, who has positioned himself as an enforcer of due process, now finds himself at the center of a storm that could have significant implications for the CBN and the Nigerian economy. The public is eagerly awaiting his response to these serious allegations.
Efforts to obtain a reaction from CBN spokeswoman Sidi Ali were unsuccessful, as she did not respond to questions sent to her phone, and her number was unreachable for calls, the Leadership reported.