‘Allegations Of Extravagant Spending, Abuse Of Power: CBN’s Silence Unacceptable’

The North Central Conference of Autochthonous Ethnic Communities Development Association (CONECDA) has condemned the silence of the Central Bank of Nigeria (CBN) Governor Olayemi Cardoso and his four deputies over allegations of gross misconduct, extravagant spending, and abuse of power leveled against them.

They warned that the development is most troubling and totally unacceptable.

CONECDA Youth Wing Coordinator Comrade Paul Dekete stated this while addressing newsmen yesterday in Jos.

According to him, the CBN’s continued silence over the allegation that it authorised the purchase of six armored Lexus LX 600 vehicles worth a staggering N10 billion amid economic hardship did not go down well with the people of this country.

“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 vehicles.”

Dekete further argued that the lavish spending is also 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”.

CONECDA also disclosed that the scandal also extends to the recent sacking of over 300 employees, including directors from 50% of its departments adding that these departments are now being managed by acting directors who report directly to the accused officials, likely in hopes of securing permanent positions.

LEADERSHIP reports that this wave of terminations of employment has sparked outrage, with over 100 of the dismissed staff taking their grievances to the National Industrial Court demanding billions of naira as compensation.

He pointed out that despite the gravity of these allegations, the CBN has remained conspicuously silent, noting that days after the initial reports surfaced, the bank offered no official statement, neither confirming nor denying the accusations.

“This silence is not just disappointing it is deeply troubling. In the face of such serious accusations, the CBN’s refusal to address the public suggests a troubling disregard for accountability and transparency”.

He hinted that for many Nigerians, the CBN’s silence may be interpreted as an implicit admission of guilt, further eroding trust in an institution that plays a crucial role in the nation’s economic stability and undermines the institution’s credibility at a time when Nigeria can least afford it.