Fourteen 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 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 severe allegations against Governor Cardoso and his four deputy governors.
They are accusing the leadership under Cardoso of infractions that indicate weak systemic controls.
Among the allegations is the reported upgrade of annual housing allowances for the governor and his deputies to nearly N1 billion each. All five officials already live in luxurious residences in Abuja’s upscale Maitama district.
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 revelation, it is alleged that the governor and his deputies upgraded their international travel privileges from business to first class. A first-class ticket from Abuja to New York, which costs 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.
Credible sources also alleged that the travel allowances of the governor and his deputies may have been increased to $7,000 per night, meaning they could pocket over $50,000 for a week-long trip, excluding additional perks.
“This is a brazen,” 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?”
The bank is also accused of hiring consultants at over N30 million per month, “an amount that dwarfs the combined monthly salaries of all CBN directors”, one source said. For example, official documents showed that Mr Cardoso hired a media consultant for a monthly salary of N30 million.
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 organisational restructuring, only to be replaced by new hires through covert means.
A source mentioned the specific case of a retired police Assistant Inspector General (AIG) appointed to head a department in disregard of extant rules. Also, the Procurement and Supply Services department has allegedly undermined the bank’s Human Resources department.
A senior staff member at the bank’s headquarters revealed that these breaches have led to tension and suspicion.
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.
