N10bn armored Lexus 600 scandal: Middle Belt group accuses CBN Governor, others

.Says ‘your silence is questionable’

Daniel Dauda, Jos

A North Central group known as Conference of Autochthonous Ethnic Communities Development Association (CONECDA) has queried Central Bank of Nigeria (CBN) Governor, Oluyemi Cardoso alongside four directors continue silence over accusation of authorizing the purchase of six armored Lexus LX 600 vehicles worth a staggering N10 billion.

The group said It is a known fact that Nigeria grapples with a worsening economic crisis marked by the soaring inflation and a depreciating naira and the Apex Bank is facing a scandal that has only heightened public anxiety.

Comrade Paul Dekete, North Central Coordinator, CONECDA youth wing made the assertion Sunday while speaking to newsmen in Jos the state capital.

Dekete stated that the controversy on extravagant spending amid economic hardship centers around CBN Governor Olayemi Michael Cardoso and his four deputy governors. Philip Ikeazor, Emem Nnan Usoro, Bala Bello, and Muhammad Sani Abdullahi who are accused of authorizing the purchase of six armored 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 armored vehicles in its fleet, used by the previous administration. The public is left questioning why 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”, the coordinator mentioned.

He further revealed the scandal does not stop at luxury vehicles and inflated housing allowances. “It has been reported that Governor Cardoso and his deputies have upgraded their international travel from business class to first class, at a time when the Nigerian economy is struggling.

“The cost of a first-class ticket to destinations like New York, exceeding $15,000, 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 scandal also extends to the recent sacking of over 300 CBN employees, including directors from 50% of its departments. These departments are now being managed by acting directors who report directly to the accused officials, likely in hopes of securing permanent positions. This wave of terminations has sparked outrage, with over 100 of the dismissed staff taking their grievances to the National Industrial Court.

“They are demanding billions in compensation, arguing that their appointments were terminated without due process, in direct violation of the CBN’s Human Resource manual and the Central Bank of Nigeria Act of 2007.

“The dismissal of these staff members without due regard to the law that establishes the CBN, 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.

“Under previous leadership, the CBN was able to maintain inflation within single digits a key policy goal that helped stabilize the cost of living. However, under Governor Cardoso’s tenure, inflation has soared to 33.40%, significantly impacting the purchasing power of ordinary Nigerians.”