Tension is brewing within the Central Bank of Nigeria (CBN) as staff express outrage over the enormous powers and staggering salaries of two female consultants allegedly handpicked by Governor Olayemi Cardoso.
The consultants, identified as Nkiru Balonwu and Daphne Dafinone, have reportedly been given sweeping authority, with the power to issue directives to departmental directors—a move that has sparked widespread discontent among senior staff across the bank’s 29 departments.
Who Are the Consultants?
- Nkiru Balonwu – Founder of The Africa Soft Power Group, allegedly earns a staggering ₦50 million per month, far exceeding the salaries of 15 CBN directors combined.
- Daphne Dafinone – Chief Operating Officer of Crowe Dafinone, reportedly earns ₦35 million monthly, more than the combined salaries of 10 directors.
- Shola Phillips – Another “technical consultant”, reportedly brought in from Citibank, also plays a key role in the governor’s inner circle.
CBN Staff Fume Over “Obscene” Pay and Influence
Governor Cardoso, who assumed office on September 22, 2023, allegedly arrived at the CBN accompanied by the two consultants—immediately raising concerns among staff.
Beyond their salaries, employees are angered by the women’s growing influence within the apex bank. Balonwu and Dafinone are said to dictate policies, sometimes overriding directors, despite their unclear official roles.
A source within the CBN described the situation as unprecedented:
“Even Emefiele, with all his weaknesses, did not act with this level of impunity.”
Controversial Role in Staff Exit Program
One of the most contentious issues linked to the consultants is the early exit program, which aims to force at least 1,000 employees into voluntary retirement. Staff members accuse Dafinone of designing and implementing the policy, despite her role at the CBN being vague and undefined.
“Why abuse your office to enrich family and friends while pushing experienced staff out?” a CBN official lamented.
With rising discontent, pressure is mounting on Governor Cardoso to address concerns over favoritism, excessive spending, and the growing influence of unelected consultants in Nigeria’s apex financial institution.
Headlinenews.news Comment based on interviews with respondents on the topic
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.
Dr. Amiida
Headlinenews.news.
