The Conference of Autochthonous Ethnic Communities Development Association (CONECDA) has criticized the Central Bank of Nigeria (CBN) leadership for its lack of response to serious allegations of misappropriation, calling on the institution to publicly address the issues and clear its name......Read The Full Article>>.....Read The Full Article>>
During a press conference in Jos, Plateau State, the North Central Coordinator of CONECDA, Comrade Paul Joshua Dekete, expressed deep concern over the CBN’s lack of response to allegations of misconduct, extravagant expenditures, and abuse of power. He described this silence as “extremely troubling.”
He said: “It is a known fact that Nigeria currently grapples with a worsening economic crisis marked by the soaring inflation and a depreciating naira, and the CBN is facing a scandal that has only heightened public anxiety.
“The controversy on extravagant spending amid economic hardship centres on the CBN Governor, Olayemi Michael Cardoso and his four Deputy Governors. Philip Ikeazor, Emem Nnan Usoro, Bala Bello, and Muhammad Sani Abdullahi, who have been accused of authorising the purchase of six armoured Lexus LX 600 vehicles worth a staggering N10 billion.
“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 wondering the reason 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 also been reported that Governor Cardoso and his deputies have upgraded their international travel from business class to first class, at a time Nigeria’s economy is struggling.
“The cost of a first-class ticket to destinations like New York is over $15,000, and has become the standard for these officials. Additionally, their foreign travel allowances or estacodes 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.”
CONECDA also noted the recent termination of over 300 employees by the CBN, including directors from half of its departments. The new management now consists of acting directors reporting directly to the accused officials.
This wave of dismissals has led to public outrage, with more than 100 of the terminated employees seeking recourse in the National Industrial Court for compensation, claiming their terminations were conducted without due process.
Dekete cautioned that the dismissal of these staff members, disregarding the law that establishes the CBN and the bank’s Human Resource policies, raises significant concerns regarding the institution’s adherence to corporate governance.
“This governance culture, which has historically been a cornerstone of the CBN, seems to be eroding under the current leadership, undermining the institution’s credibility and stability,” he observed.
He said that under the previous leadership, the CBN was able to maintain inflation within single digits, a key policy goal that helped stabilize the cost of living unlike the current situation in which inflation has soared to 33.40 per cent, significantly impacting the purchasing power of ordinary Nigerians.
“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, but it’s also deeply troubling. The silence suggests a 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.” Dekete noted.
