NewStats: 3,261,968 , 8,175,680 topics. Date: Saturday, 31 May 2025 at 09:50 AM 5s6t8

The current leadership of the Central Bank of Nigeria (CBN) seems to be embroiled in a scandal that has sent shockwaves through financial and political circles.

Multiple credible sources within the bank have raised severe allegations against the governor, Olayemi Michael Cardoso, and his four deputy governors, accusing them of gross misuse of office to enrich themselves at the institution’s and the nation’s expense.

These allegations fly in the face of Governor Cardoso’s stated mission to reform the CBN and restore its integrity following the controversial tenure of his predecessor, Godwin Emefiele.

Almost a year into his leadership, the promise of transparency and ability appears absent, leaving many questioning whether the reforms were ever genuine.

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 is even more scandalous considering that all five officials already reside in opulent official residences in the upscale Maitama district of Abuja. Such an absurd allocation, sources say, is indefensible, especially when viewed against the backdrop of a struggling Nigerian economy and widespread poverty.

“What justification can there be for this level of indulgence?” asked a senior CBN official who requested anonymity for fear of incurring the wrath of the governor. “The CBN’s leadership should exemplify modesty, not opulence.”

In another shocking revelation, it has been alleged that Cardoso and his deputies upgraded their international travel privileges from business class to first class. This comes at a time when the Nigerian economy is on life , with the naira continuing its free fall against major global currencies and inflation eroding the purchasing power of ordinary Nigerians.

It is reported that a first-class ticket to New York from Abuja, which costs upwards of $15,000, is now standard for the CBN’s top brass.

“How can they justify such luxury when the average Nigerian is struggling to afford necessities?” another source within the bank lamented.

The allegations do not stop there. It is reported that the governor and his deputies have also upgraded their foreign travel allowances to more than $7,000 per night. These officials could pocket over $50,000 for a week-long trip, excluding additional perks such as 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 paltry 70,000 naira a month?”

The CBN governor is also accused of hiring consultants whom he pays over N30 million per month, an amount that dwarfs the combined monthly salaries of all CBN directors. These consultants, who reportedly lack 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 instance, official papers showed that Mr Cardoso hired one Nkiru Belonwu as his media consultant for a monthly pay of N30 million. Worse is that Belonwu has been illegally promoted to take the seat of the director of corporate communications as an observer in the bank’s exalted Monetary Policy Committee (MPC) meetings against the usual practice.

Belonwu, it was said, does not have a media base and has never related with the media since she resumed office with Mr Cardoso in 2023.

“This is nothing short of a financial scandal,” a CBN insider said. “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 sacked without due process under the guise of organisational restructuring, only to be replaced by new hires through covert means.

In one particularly troubling case, a retired police Assistant Inspector General (AIG) was reportedly appointed as a department director, contravening public service rules.

Added to the growing list of allegations, it is claimed that the governor and his deputies have been channelling 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 to conceal the true extent of their earnings.

Perhaps the most damning of the allegations 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 constituted at the time these upgrades were enforced.

“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 the light of these serious allegations, many within the CBN have called for Governor Cardoso and his deputies to either affirm or deny the claims. The atmosphere at the bank is reportedly tense, with staff morale at an all-time low following the wave of sackings and what some describe as a “toxic” management style.

A very senior staff member at the bank’s headquarters told this reporter that there is currently palpable apprehension over a rumoured plan by the management to engage in another shakeup that would result in massive sacking or redeployment of staff (especially from head office) to the various branches in the states.

Governor Cardoso, who has often touted himself as an enforcer of due process, now finds himself at the centre of a storm that could have far-reaching implications for the CBN and the Nigerian economy, as the public awaits his response.

Efforts by this newspaper to get the reaction of CBN spokeswoman Sidi Ali were abortive as she refused to respond to questions sent to her telephone line. Her number was also unreachable for calls.

https://leadership.ng/cardoso-deputies-under-scrutiny-over-alleged-generous-approvals/

I his brothers launching a full-fledged media campaign against Godwin Emefiele, and I also read that this Smeagol-like CBN governor was assaulting his predecessor....


But look at him today, man is swiftly becoming the worst CBN governor, a failure who uses his authority to boost his allowances and advantages.

Government of the more you, the less you see.

Okay nah

If Nigeria does not confuse you...then you definitely need help


This country can only outdo itself in corruption 💔

Ok

Tinubu and his Lagos Boys crew will liquidate Nigeria

n

And some fools here won't talk ...during d ethnic cleansing that targeted other tribes in CBN....most folks here claimed it was justified....now we have purely Yoruba governor n most Yoruba deputies....let's see who who will blame here....

COMRADES are speechless

Tinubu and his cohorts come to rob us of our hard earned happiness

Generous approval of the highest order.

Ikegwuru

Alright

And nothing will happen to them, they are tinubu's boys.
Corruption in Nigeria is now an institution.

This is probably small compared to what is happening in nnpc.

We can't stop them from embezzling public funds.
We can only plead with them to remain for the general public.
Sad!

Why does this read like a poorly constructed hatchet job. Why not attach proofs or na beer parlour gist you wan make we believe?

cjudy:


Government of the more you, the less you see.

sir with due respect,who to blame, because I wonder if Nigerians are alien,based on their ideology🦕🦕🦕🦕🦕

Agbadorians

They were accusing Godwin Emefiele whereas they are the worst criminals

Thieves and thieves everywhere

The Lagos team ruining things.

Bulaba bastards are nowhere to be found. I'm sure they're protesting in their WhatsApp groups, wondering why they'll be doing the dirty jobs of disgracing their families online in the course of doing their propaganda jobs for 30k while others are officially cashing out big time doing absolutely nothing.
Ps. If these people no empty the komkom, dem no go rest and me, I'm not surprised about any fûcking thing happening in the country right now

I expect Cardoso and the CBN directors officially debunk these allegations tomorrow because it doesn't look good especially with the way the country's economy looks now

Well... It's an allegation

Den of Thieves

Lol.

Crass mismanagement from the dullards called "Lagos boys"

Newyorkitis:
We can't stop them from embezzling public funds.
We can only plead with them to remain for the general public.
Sad!

SIR THE NIGERIAN CITIZEN HAVE TO LEARN THE HARD WAY,YOU KNOW WHY,THEY DON'T LISTEN TO ADVANCE VISIONS🦕🦕🦕🦕🦕🦕

PlayMaker14:
I his brothers launching a full-fledged media campaign against Godwin Emefiele, and I also read that this Smeagol-like CBN governor was assaulting his predecessor....


But look at him today, man is swiftly becoming the worst CBN governor, a failure who uses his authority to boost his allowances and advantages.

If you be judge eh...na the worst you go be. No shred of evidence yet you don condemn am.

That's the aim ☺️ steal and cover tracks

Islie:
https://leadership.ng/cardoso-deputies-under-scrutiny-over-alleged-generous-approvals/

Tinubu has set the pace for his Lagos boys in Abuja to follow in the looting spree and reckless lifestyle.
Datsall!!!