The Central Bank of Nigeria (CBN) is facing public scrutiny after reports emerged that its Governor, Olayemi Cardoso, and four Deputy Governors have acquired six bulletproof SUVs worth N10 billion. This significant expenditure comes at a time when many Nigerians are struggling with severe economic hardship, raising questions about the priorities of the nation’s top financial institution.
According to a report by the Daily Nigerian, published on August 30, 2024, Cardoso and his deputies—Philip Ikeazor, Emem Nnan Usoro, Bala Bello, and Muhammad Sani Abdullahi—purchased the luxury Lexus LX 600 2023 models. Cardoso reportedly acquired two of these high-end vehicles for himself, while each of the deputies received one. This move has been met with criticism, especially since the officials are already provided with SUVs as part of their official duties.
In addition to the controversial vehicle purchase, the report suggests that the governors have also increased their housing allowances to over N1 billion. These claims have intensified public outrage, highlighting a perceived disconnect between the officials’ spending habits and the economic challenges faced by the general populace.
Despite the gravity of these allegations, the CBN has yet to provide an official response. Sidi Hakama, the bank’s spokesperson, has not addressed the claims, and there has been no comment on the CBN’s official social media channels or website. This silence has only fueled further speculation and criticism.
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This situation follows nearly a year of Olayemi Cardoso’s tenure as CBN Governor, a role he assumed on September 15, 2023. During his time in office, Cardoso has overseen several stringent monetary policies, including a recent increase in the interest rate to 26.75 percent. This measure was part of an effort to address Nigeria’s inflation, which has seen a slight decrease from 34.19 percent in June 2023 to 33.40 percent in July 2024. Despite this reduction, the cost of living remains high, with the Naira’s exchange rate against the Dollar still reflecting significant depreciation.
The timing of the reported vehicle purchases, amidst ongoing economic difficulties and rising prices, has led many to question the CBN’s commitment to addressing the financial struggles of ordinary Nigerians. The silence from the bank regarding these allegations adds to the concerns about transparency and accountability within the institution.
Source: Daily Post
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