From Jude Dangwam, Jos 

Youth group has expressed concerns over the silence of the leadership of the Central Bank of Nigeria (CBN) over allegations of gross misconduct, extravagant spending, and alleged abuse of power with the recent purchase of six armored Lexus LX 600 vehicles worth a staggering N10 billion which the bank already have.

The North Central Coordinator of the Conference of Autochthonous Ethnic Communities Development Association (CONECDA) Youth Wing, Comrade Paul Joshua Dekete made the outcry while speaking with Journalists in Jos the Plateau State capital.

According to Dekete, “It has become duty bound on us to address this press conference having keenly followed trend of activities at the country’s Apex Bank in recent times.

“It is a known fact that Nigeria grapples with a worsening economic crisis marked by the soaring inflation and a depreciating naira and the Central Bank of Nigeria (CBN) is facing a scandal that has only heightened public anxiety.” He  stated 

He pointed that the controversy on extravagant spending amid economic hardship is said 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” is disturbing .

“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. ” Dekete expressed worried

He reiterated that the actions at the Apex Bank only 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 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.” He lamented bitterly

The regional Coordinator recalled that the same scandal was recently witnessed by the sacking of over 300 CBN employees, including directors from 50% of its departments now being managed by acting directors who report directly to the accused officials.

“This wave of terminations has sparked outrage, with over 100 of the dismissed staff taking their grievances to the National Industrial Court pressing demands and damages running into billions of naira. 

“In the face of such serious accusations, the CBN’s refusal to address the public suggests a troubling disregard for accountability and transparency. 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.

For Dekete, the lack of response from the CBN raises critical questions about governance within one of the country’s most important federal institutions.

“How can the public have confidence in the CBN’s ability to manage the economy when its leaders are accused of such flagrant misuse of resources? More importantly, why is the CBN refusing to engage with the public on these issues? Nigerians deserve transparency, especially from an institution as vital as the CBN. 

“The allegations against Governor Cardoso and his deputies strike at the heart of the bank’s integrity. If these claims are unfounded, the CBN must categorically refute them and provide evidence to the contrary. If there is truth to these allegations, the bank’s leadership must be held accountable for their actions.

“The CBN’s ongoing silence does more than just raise suspicions; it undermines the institution’s credibility at a time when Nigeria can least afford it. The economy is in shambles, with ordinary citizens bearing the brunt of the downturn. The public needs assurance that those in charge of managing the nation’s finances are acting with integrity and in the best interests of the country.

“As Nigerians continue to feel the effects of rising prices and a devalued currency, the actions or inactions of the CBN’s leadership will be closely scrutinized. The public deserves to know what is happening within the CBN, and they deserve leaders who are transparent and accountable. Silence, in this case is not just ungolden, but represents a flagrant and offensive disregard for public trust.” He emphasized 

The Coordinator called on the National Assembly to investigate the trend of events at the CBN while calling on President Bola Ahmed Tinubu to as a matter of urgency give attention to the happenings at the CBN which is aimed at rubbishing his administration by some few elements within the Bank.