CBN staff outraged over consultants’ influence, alleged excessive pay

CBN staff protest against consultants Nkiru Balonwu and Daphne Dafinone over alleged excessive influence and high salaries under Cardoso

[dropcap]T[/dropcap]ensions are escalating at the Central Bank of Nigeria (CBN) as senior staff members express outrage over the growing influence of consultants Nkiru Balonwu and Daphne Dafinone, appointed by Governor Olayemi Cardoso.

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Reports indicate that these consultants have been issuing directives to departmental directors across the bank’s 29 departments, bypassing established leadership structures.

Staff members are particularly incensed by the consultants’ reportedly exorbitant salaries, with claims that Nkiru Balonwu receives N50 million monthly, surpassing the combined pay of 15 directors, while Daphne Dafinone allegedly earns N35 million.

Concerns have also been raised about the legitimacy of their appointments, as Governor Cardoso allegedly bypassed standard hiring protocols by failing to provide clear terms of reference, deliverables, or engagement timelines.

This has led to discontent among bank officials, who argue that the CBN’s existing corporate communication department is well-equipped to handle tasks assigned to Balonwu.

Additionally, staff members have begun informally referring to the duo as the “fifth and sixth deputy governors” due to their perceived authority within the bank.

Adding to the controversy, a third consultant, Shola Phillips, also joined Governor Cardoso’s advisory team from Citibank, though her role appears less contentious.

However, Balonwu and Dafinone have been accused of operating from permanent offices within the bank, issuing memos on official CBN letterheads, and exerting influence beyond their consulting roles.

One director alleged that their offices, located on the same floor as the governor’s, positioned them above the deputy governors, enabling them to bypass senior leadership when giving orders.

The controversy deepens with reports that Daphne Dafinone is facing legal troubles.

She is set to appear before Justice Ibrahim Kala of the Federal High Court in Lagos on March 4, over an alleged N100 million fraud related to a disputed property transaction.

Despite her ongoing trial, she remains a consultant at CBN and holds a board position at NIRSAL.

Under Nigeria’s Public Procurement Act 2007, government agencies are required to follow transparent and competitive procedures when hiring consultants, ensuring fairness and accountability.

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Critics argue that the hiring of these consultants violates these regulations, raising concerns about transparency and due process.