CBN in turmoil as staff revolt against Cardoso’s controversial consultants

Tensions have reached a boiling point at the Central Bank of Nigeria (CBN) as senior staff members voice their outrage over the increasing influence of two female consultants, Nkiru Balonwu and Daphne Dafinone.

The duo, reportedly handpicked by Governor Olayemi Cardoso, has allegedly accumulated unprecedented power within the bank, issuing directives to directors across its 29 departments, a move that has sparked widespread discontent among employees.

According to reliable sources within the apex bank, Balonwu and Dafinone have not only secured high-level control over operations but also receive exorbitant monthly compensations that far exceed those of established senior officials.

Governor Cardoso, who assumed office on September 22, 2023, is now facing mounting criticism for his decision to appoint these consultants without adhering to due process.

Nkiru Balonwu, the founder of The Africa Soft Power Group, and Daphne Dafinone, a chartered accountant and COO of Crowe Dafinone, are at the center of the growing discontent.

Their level of influence has led staff to dub them the “fifth and sixth deputy governors”—a sarcastic reference to their outsized power despite not being officially recognized within the CBN hierarchy.

Additionally, another technical consultant, Shola Phillips, reportedly joined Cardoso’s inner circle from Citibank. However, sources note that Phillips’ role has been considerably less controversial compared to Balonwu and Dafinone, with fewer disruptions in the bank’s operations.

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A major point of contention among CBN staff is the manner in which Balonwu and Dafinone operate within the bank. Employees allege that the consultants have established permanent offices on the eleventh floor—on the same level as Governor Cardoso—while the officially recognized deputy governors are stationed on the tenth floor. Additionally, the consultants are accused of bypassing deputy governors and issuing instructions directly to directors, an action seen as a blatant disregard for the bank’s structured chain of command.

“They said they are consultants, but they have permanent offices in the bank, and their consultancies have no end dates,” a senior director disclosed. “I am tempted to say they are even more influential than the deputy governors.”

Another insider recounted an instance where one of the consultants allegedly boasted, “If I draw a line at the bank, even the governor dare not cross it.”

Exorbitant Salaries Raise Questions

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The controversy has been further inflamed by the alleged salaries paid to the consultants. According to sources, Nkiru Balonwu receives N50 million per month—an amount higher than the combined salaries of 15 CBN directors, each of whom earns less than N3 million monthly.

Similarly, Daphne Dafinone reportedly earns N35 million monthly, surpassing the combined earnings of 10 directors.

Staff members have raised concerns over the financial implications of these payments, questioning why external consultants should earn far more than experienced CBN directors and even the governor himself.

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“Why do you abuse your office to engage family and friends and make them millionaires this way?” a disgruntled staff member asked. “Even Emefiele, with all his weaknesses, did not act with this level of impunity. These women are doing nothing. They are not adding any value to the bank.”

CBN employees argue that the bank already has 29 directors, 170 deputy directors, and over 400 PhD holders who are fully capable of handling internal operations, making the employment of external consultants redundant.

Violation of Public Procurement Laws

Under Nigeria’s Public Procurement Act 2007, government agencies are required to follow transparent and competitive procedures when hiring consultants. The Act mandates that consultancy positions be publicly advertised in at least two national newspapers and the official procurement journal, with clear terms of reference and evaluation criteria.

However, sources allege that Governor Cardoso unilaterally appointed the consultants without due process, raising concerns about the legality of their engagement.

CBN insiders have also criticized the decision to hire Balonwu as a corporate communication consultant, despite the bank already having a well-staffed corporate communication department led by a director.

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“The directors are puzzled as to why external consultants are needed, especially when the existing department is equipped to handle these responsibilities,” one staff member noted.

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Daphne Dafinone Faces Legal Woes

Adding to the controversy, Daphne Dafinone is currently embroiled in legal troubles. She is set to appear before Justice Ibrahim Kala of the Federal High Court in Lagos on March 4 over allegations of a N100 million fraud.

According to court documents, Dafinone and her company, CEDDI Corporation Limited, allegedly conspired to defraud property developer Lukman Adeleke in a 2019 real estate transaction involving a property at 93 Broad Street, Lagos Island.

Despite her ongoing legal battles, Dafinone remains on the board of NIRSAL and continues to hold her contentious consultancy role at the CBN, further fueling suspicions about her influence within the bank.

Mounting Pressure on Governor Cardoso

As frustration grows within the CBN, pressure is mounting on Governor Cardoso to address the issue. Many senior staff members are calling for a reassessment of the consultants’ roles, questioning whether their presence is beneficial to the institution or merely a channel for financial mismanagement and favoritism.

The controversy surrounding these consultants has not only unsettled the CBN’s internal operations but has also raised broader concerns about governance and accountability under Governor Cardoso’s leadership.

With the ongoing backlash, industry watchers are keenly observing how the governor will navigate this crisis and whether he will heed the growing calls for transparency and reform within Nigeria’s apex bank.