CBN’s Hush over alleged Misconduct, abuse of Power, reflects leaders’ Disconnect with Harsh Economic Realities – CONAECDA

Our Correspondent

A youth group known as the Conference of Autochthonous Ethnic Communities Development Association (CONAECDA) has spoken out against the Central Bank of Nigeria (CBN) for its failure to respond to allegations of misconduct and abuse of power. These allegations involve excessive spending and the acquisition of costly vehicles during a period of economic hardship in the country.

The group also raised concerns about the dismissal of employees and the lack of transparency and urged the bank to address these allegations and uphold transparency and accountability.

They also called on the CBN management to confront these allegations and to adhere to principles of transparency and accountability.

Addressing newsmen in Jos over the weekend, North-Central Coordinator of CONAECDA, Comrade Paul Joshua Dekete, said it became necessary for the group to speak out having followed the 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 soaring inflation and a depreciating naira. The Central Bank of Nigeria (CBN) is facing a scandal that has only heightened public anxiety.

“Allegations of gross misconduct, extravagant spending, and abuse of power have been levelled against the CBN’s top leadership, yet the institution’s ongoing silence on these matters is perhaps the most troubling aspect of all.

“The controversy on extravagant spending amid economic hardship centres around CBN Governor Olayemi Michael Cardoso and his four deputy governors. Philip Ikeazor, Emem Nnan Usoro, Bala Bello, and Muhammad Sani Abdullahi are accused of authorizing the purchase of six armoured Lexus LX 600 vehicles worth a staggering N10 billion.”

The group explained that the shocking aspect of the expenditure was not just the amount but the fact that the CBN already had similar armoured vehicles used by the previous administration in its fleet, hence the public questioning why such an extravagant purchase was necessary when the bank already had these resources.

They accused the CBN management of “lavish spending” heightened by the alleged inflation of the annual housing allowances of the top management running into billions, despite already living in luxurious official residences.

These actions according to the group, “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 group added that the scandal does not stop at luxury vehicles and inflated housing allowances but also extends to the recent sacking of over 300 CBN employees, including directors from 50 per cent of its departments.

“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.”

Citing the CBN governance culture, which had historically been a cornerstone of the Apex bank, CONAECDA said such disregard for the CBN Law and policies was eroding under the current leadership thereby undermining the institution’s credibility and stability.

“Despite the gravity of these allegations, the CBN has remained conspicuously silent. Days after the initial reports surfaced, the bank has offered no official statement, neither confirming nor denying the accusations, and there has been no communication on the CBN’s official channels.”

This silence according to CONEACDA, was not just disappointing but “deeply troubling,” describing the Apex bank’s refusal to address the public in the face of such serious accusations as “a troubling disregard for accountability and transparency.”

“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.

“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 un-golden, but represents a flagrant and offensive disregard for public trust.”

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