A storm is brewing at the Central Bank of Nigeria (CBN) as senior directors and staff members raise alarm over what they describe as the unchecked influence and “obscene” salaries of consultants arbitrarily appointed by Governor Olayemi Cardoso.
The controversy, first reported by Premium Times, has sent shockwaves through the apex bank. At the heart of the matter are three consultants—Nkiru Balonwu, founder of The Africa Soft Power Group; Daphne Dafinone, a chartered accountant and COO of Crowe Dafinone; and Shola Phillips from Citibank. However, insiders claim the first two have become the de facto powerbrokers at the CBN, overshadowing even the deputy governors.
Discontent has spread across the bank’s 29 departments, with directors fuming over how the women, reportedly handpicked by Cardoso, have assumed immense authority—issuing directives, drafting memos on official CBN letterheads, and even bypassing deputy governors to communicate directly with directors.
“These women answer to no one but the governor,” a senior official said. “They don’t even operate within the bank’s organogram, yet they call the shots.”
Sources revealed that the consultants have secured plush offices on the prestigious 11th floor—the same level as the governor—while the four deputy governors operate a floor below. Some staff members now derisively refer to Balonwu and Dafinone as the “fifth and sixth deputy governors,” given their overwhelming influence.
The situation has led to whispers of a power shift at the CBN, with one director bluntly stating: “Cardoso has become a mere figurehead. These women are the ones truly running the bank.”
Beyond the power struggles, there is growing outrage over the staggering sums reportedly paid to these consultants. Multiple sources claim that Balonwu earns a whopping ₦50 million monthly, an amount that eclipses the combined salaries of 15 directors, each earning less than ₦3 million per month.
Similarly, Dafinone allegedly takes home ₦35 million monthly, which is higher than the combined salaries of 10 directors. These payments, which far exceed even what the governor and deputy governors earn, have fueled accusations of financial recklessness and favoritism.
“What exactly is their job description?” a director queried. “For instance, the CBN already has a fully functional Corporate Communications Department, so why hire Balonwu as a communications consultant? Likewise, Dafinone’s role is unclear, yet she was given the task of overseeing a controversial early exit program to retire over 1,000 staff—sidestepping the bank’s HR department.”
Frustration within the bank is at an all-time high. Some directors are reportedly considering raising a formal petition against what they view as the governor’s disregard for due process. Others fear potential retaliation, given the enormous power the consultants wield.
Meanwhile, staff members have mockingly dubbed them the “Cardoso Women”, a term shrouded in mystery but spoken with resentment. One insider even recalled overhearing a consultant boast, “If I draw a line in this bank, even the governor wouldn’t dare cross it.”
With murmurs of dissent growing louder, all eyes are now on the Presidency and other regulatory bodies. Will this scandal prompt an official investigation, or will the “Cardoso Women” continue to reign supreme at Nigeria’s apex bank?
Only time will tell.
PIONEER NEWS 