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.

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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.

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Almost a year into his leadership, the promise of transparency and accountability 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.”

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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 support, 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 contact 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.