Two Mystery Women Are Calling The Shots At The CBN Earning N50M Monthly
The women’s presence, operation, and compensation have set tongues wagging across the Central Bank of Nigeria (CBN).
Senior staff members across the CBN’s 29 departments are fuming and grumbling over how the women, arbitrarily brought in by Governor Olayemi Cardoso as consultants, have amassed enormous powers enabling them to sometimes issue directives to departmental directors.
There is also widespread anger across the board over what some insiders describe as the “unbelievably high and obscene” compensation the consultants earn monthly.
Mr Cardoso assumed duties as CBN governor on 22 September 2023.
Some insiders said the women arrived with him that day at the bank.
The women at the centre of this raging controversy are Nkiru Balonwu, founder of The Africa Soft Power Group, and Daphne Dafinome, a chartered accountant and chief operating officer of Crowe Dafinone, a Nigerian accounting firm.
There is a third “technical consultant” called Shola Phillips who joined Mr Cardoso’s kitchen cabinet from Citibank.
Staff members also accuse Mr Cardoso of paying the women obscene salaries. For instance, Ms Balonwu, they said, pockets N50 million naira monthly, earning more than the governor and the deputy governors. Her salary also dwarfs the combined pay of 15 directors, who earn below N3 million monthly.
On her part, Ms Dafinone earns N35 million monthly, said to be higher than the combined salaries of 10 directors.
On the other hand, insiders said Ms Dafinone’s consultancy role is not clearly defined; she merely takes on any responsibility assigned to her by Mr Cardoso.
Only recently, the governor tasked her with designing and implementing a controversial early exit programme to pay off at least 1,000 staff members into voluntary retirements.
“Why do you abuse your office to engage family and friends and make them millionaires this way? a staff member lamented. “It is disturbing because even Emefiele, with all his weaknesses, did not act with this impunity.
Source: Premium Times
This revelation, if accurate, raises serious concerns about governance, transparency, and accountability at the Central Bank of Nigeria (CBN). The alleged hiring of two consultants with undefined roles but with extraordinary influence—and at salaries far exceeding even top CBN executives—raises red flags about due process, favoritism, and financial prudence.
Key Issues at Stake:
1. Lack of Transparency in Recruitment:
Were these consultants hired through a competitive and transparent process?
What criteria justified their appointments and extraordinary compensation?
2. Obscene Salaries Amid Economic Hardship:
With Nigeria grappling with economic instability, awarding N50M and N35M monthly salaries to consultants is tone-deaf and unjustifiable.
These figures dwarf the earnings of directors who have spent years in service.
3. Unconstitutional Delegation of Authority:
If consultants are issuing directives to CBN directors, it suggests an undue concentration of power in unelected and unconfirmed individuals.
This undermines the chain of command within the bank and raises governance concerns.
4. Mass Retrenchment While Consultants Cash Out:
Tasking a consultant with designing an “early exit” program to cut staff while splurging millions on select individuals is ironic and unfair.
It raises questions about priorities at the CBN under Mr. Cardoso’s leadership.
Public Reaction & Next Steps
The outrage among CBN staff is understandable, but this issue also warrants a national conversation. The Presidency, National Assembly, and relevant regulatory bodies should investigate:
The terms of engagement of these consultants,
Their job descriptions and deliverables,
The justification for their salaries,
Whether their influence breaches public service regulations.
If found guilty of abuse of office, favoritism, or financial recklessness, Mr. Cardoso and those involved should be held accountable.
This incident, if unchecked, could further erode trust in Nigeria’s financial institutions, especially as the CBN seeks to restore credibility after the controversial tenure of Godwin Emefiele.
Headlinenews.news Comment based on interviews with respondents on the topic.
Dr. Amiida
Headlinenews.news.
