The Central Bank of Nigeria (CBN) is currently embroiled in a scandal that has captured the attention of financial and political observers nationwide. Governor Olayemi Michael Cardoso and his four deputy governors face severe allegations of financial misconduct, sparking outrage among CBN staff and the broader public. The allegations suggest that the governor and his deputies have used their positions to enrich themselves, contrary to Governor Cardoso’s pledge to reform the bank and enhance transparency following the contentious tenure of his predecessor, Godwin Emefiele.
Among the most shocking claims are those regarding the drastic increase in annual housing allowances for the governor and his deputies to nearly N1 billion each. Critics argue that this sum is exorbitant, especially given that the officials already occupy luxurious residences in Abuja's upscale Maitama district. "What justification can there be for this level of indulgence?" asked a senior CBN official, speaking on condition of anonymity due to fear of reprisals. This revelation comes against the backdrop of Nigeria's ongoing economic struggles, raising questions about the CBN leadership's commitment to prudent financial management.
Additional accusations include the alleged upgrade of international travel privileges from business to first class for Governor Cardoso and his deputies, at a time when the Nigerian economy is battling severe inflation and currency devaluation. "How can they justify such luxury when the average Nigerian is struggling to afford basic necessities?" another source within the bank lamented.
Furthermore, it has been alleged that the governor and his deputies have increased their foreign travel allowances to over $7,000 per night, resulting in potential payouts exceeding $50,000 for week-long trips. Such expenditures, according to insiders, starkly contrast with the reality faced by most Nigerians, where the minimum wage remains at a mere 70,000 naira per month. In addition, Governor Cardoso is accused of employing consultants at rates exceeding N30 million per month, far outstripping the combined salaries of all CBN directors. These consultants, reportedly inexperienced in monetary policy, have yet to deliver tangible results that justify their hefty fees.
Compounding these allegations are claims of non-transparent hiring practices and an alleged abuse of power by dismissing hundreds of CBN staff under the guise of restructuring, only to replace them with new hires through covert means. There are also reports of a retired police Assistant Inspector General being appointed as a department director, a move said to contravene public service rules.
Another troubling development involves allegations that Governor Cardoso and his deputies have rerouted their substantial allowances through the director of procurement and supply services instead of the human resources department. This practice has raised suspicions about attempts to obscure these payments from auditors, thereby concealing the true extent of their earnings.
The most damning allegation is that the governor and his deputies reportedly increased their allowances and benefits without securing approval from the CBN board, a body that President Bola Tinubu had not yet constituted at the time. "This is a clear abuse of power," stated a CBN official. "Without board approval, such actions are not only unethical but also illegal."
As tension mounts within the CBN and staff morale reaches an all-time low, there is a growing demand for Governor Cardoso and his deputies to address these allegations publicly. With speculation rife about another potential round of layoffs or staff redeployments, the atmosphere at the bank is described as increasingly toxic.
Efforts to contact CBN spokesperson Sidi Ali for comments were unsuccessful, as she did not respond to inquiries or return calls. As the public and stakeholders await Governor Cardoso’s response, the unfolding scandal threatens to have significant repercussions for the CBN’s credibility and the Nigerian economy at large.
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