CBN Governor, Cardoso and Deputies Under Investigation for Alleged Misuse of Funds
The Central Bank of Nigeria (CBN) is currently facing significant scrutiny amid allegations of financial misconduct involving its governor, Olayemi Michael Cardoso, and his four deputy governors.
Sources within the CBN have accused Cardoso and his deputies of grossly abusing their positions for personal gain. These allegations contrast sharply with Cardoso’s initial promises of transparency and reform, which aimed to restore the institution’s credibility following the controversial tenure of his predecessor, Godwin Emefiele.
One major claim involves a reported increase in annual housing allowances for Cardoso and his deputies to nearly N1 billion each. This figure is particularly controversial given that these officials already reside in luxurious accommodations in Abuja’s Maitama district. Critics argue that such expenditures are unacceptable given Nigeria’s economic difficulties and widespread poverty.
In addition, it has been alleged that Cardoso and his deputies have upgraded their international travel from business class to first class, with a single ticket to New York costing upwards of $15,000. This move has drawn criticism as the Nigerian economy continues to struggle, with the naira depreciating and inflation affecting everyday citizens.
Further accusations include significant increases in foreign travel allowances to over $7,000 per night, which could result in over $50,000 in expenses for a week-long trip, excluding additional perks. There are also claims that Cardoso has hired consultants at a monthly rate of N30 million, surpassing the combined salaries of CBN directors. These consultants, allegedly lacking relevant experience, are reportedly performing tasks that should fall under the purview of the bank’s directors.
One such consultant, Nkiru Belonwu, has been hired at a substantial fee and controversially promoted to a position on the CBN’s Monetary Policy Committee (MPC), despite her lack of media experience.
Other allegations include non-transparent hiring practices and the firing of staff without due process, purportedly under the guise of restructuring. In one case, a retired police Assistant Inspector General was reportedly appointed as a department director, breaching public service regulations.
There are also concerns that the substantial allowances for Cardoso and his deputies have been processed through unconventional channels, raising suspicions about efforts to evade scrutiny and conceal the true extent of their earnings.
The most serious claim is that these financial adjustments were made without the necessary approval from the CBN board, which was not yet constituted by President Bola Tinubu at the time. This has led to accusations of power abuse.
In light of these allegations, there is mounting pressure on Governor Cardoso and his deputies to address and refute the claims. The atmosphere at the CBN is reportedly tense, with staff morale suffering due to recent sackings and perceived management issues.
Attempts to reach CBN spokesperson Sidi Ali for comment were unsuccessful, as her phone line was unresponsive.
