Mr Olayemi Cardoso, CBN Governor.
By Marie-Therese Nanlong
Jos – The Central Bank of Nigeria, CBN has been asked to clarify the allegations of gross misconduct, extravagant spending, and abuse of power leveled against the Bank’s top leadership as citizens may misinterpret the continued silence over the allegations.
Recall that since the Bank sacked some of its staff a few months ago, criticism has trailed the action at a time when citizens are facing economic hardship.
Addressing journalists in Jos on Sunday, the North Central Coordinator of the Conference of Autochthonous Ethnic Communities Development Association, CONECDA, (Youth Wing), Mr. Paul Dekete stated CBN should not keep silent in the face of such “scandalous allegations.”
He said, “It has become our duty to address this press conference having keenly followed the trend of activities at the country’s Apex Bank. It is a known fact that Nigeria is grappling with a worsening economic crisis marked by soaring inflation and a depreciating naira. The Central Bank of Nigeria (CBN) is facing a scandal that has only heightened public anxiety.
“Allegations of gross misconduct, extravagant spending, and abuse of power have been leveled against the CBN’s top leadership, yet the institution’s ongoing silence on these matters is perhaps the most troubling aspect of all.
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“The controversy on extravagant spending amid economic hardship centres around CBN Governor Olayemi Cardoso and his four Deputy Governors. Philip Ikeazor, Emem Usoro, Bala Bello, and Muhammad Abdullahi are accused of authorizing the purchase of six armoured Lexus LX 600 vehicles worth a staggering N10 billion.”
Dekete added, “The shocking aspect of this expenditure is not just the amount but the fact that the CBN already had similar armoured vehicles in its fleet, used by the previous administration. The public is left questioning why such an extravagant purchase was necessary when the bank already had these resources.
“This lavish spending is compounded by allegations that the officials have inflated their annual housing allowances to over N1 billion each, despite already living in luxurious official residences. These actions paint a picture of a leadership disconnected from the harsh realities facing everyday Nigerians, who are struggling under the weight of an increasingly tough economy.
“It has been reported that Governor Cardoso and his deputies have upgraded their international travel from business class to first class when the Nigerian economy is struggling. Their foreign travel allowances have been increased to over $7,000 per night, allowing them to pocket more than $50,000 during a week-long trip, excluding other perks like entertainment and extra baggage allowances.”
The Coordinator also mentioned the recent sacking of over 300 CBN employees, including Directors from 50% of its departments saying, “These departments are now being managed by Acting Directors who report directly to the accused officials. This wave of terminations has sparked outrage, with over 100 dismissed staff taking their grievances to the National Industrial Court.
“The dismissal of these staff members without due regard to the law that establishes the CBN, as well as the bank’s own Human Resource policies, raises serious concerns about the institution’s commitment to corporate governance…
“Despite the gravity of these allegations, the CBN has remained conspicuously silent. Days after the initial reports surfaced, the bank has offered no official statement, neither confirming nor denying the accusations, and there has been no communication on the CBN’s official channels.
“This silence is not just disappointing, it is deeply troubling. In the face of such serious accusations, the CBN’s refusal to address the public suggests a troubling disregard for accountability and transparency. For many Nigerians, the CBN’s silence may be interpreted as an implicit admission of guilt, further eroding trust in an institution that plays a crucial role in the nation’s economic stability.”
