A group known as ‘Conference of Autochthonous Ethnic Communities Development Association (CONECDA)’ has lambasted the leadership of the Central Bank of Nigeria (CBN) over what it has described as its silence in face of grave allegations of misappropriation, urging the apex bank to address Nigerians and clear itself of the said allegations.

In a press conference in Jos on Monday 9th September 2024, the Central Coordinator of CONECDA, Comrade Paul Joshua Dekete, said that the decision by the top leadership of the apex bank to remain silent in the face of allegations of gross misconduct, extravagant spending, and abuse of power is to say the least both troubling and disturbing.

In his own words, 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.”

The group recalled that only recently, the CBN sacked over 300 employees, including directors from 50 per cent of its departments, adding that the departments are now being manned by directors in acting capacity, who report directly to the accused officials.

According to him, the wave of terminations has sparked outrage and concerns, with over 100 of the dismissed staff now taking their grievances to the National Industrial Court to demand for compensation seeing that their appointments were terminated without due process.

Comrade Dekete further warned that the dismissal of these staff members without due process and regard to the law establishing the CBN, like other agencies of government, as well as the bank’s own Human Resource policies raises serious concerns about the institution’s commitment 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 noted.

According to him, under the previous leadership, the CBN was able to maintain the nation’s inflation rate within a single digit range, 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.

Dekete added thus, “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.”

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Leadership of Nigeria’s Apex Bank under fire over ostentatious spendings in the midst of biting economic challenges