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CBN directors kick as Cardoso’s iconsultants allegedely earn N50M per month as salaries

Published

7 months ago

February 11, 2025

BONA NAIJA

The women’s presence, operation, and compensation have set tongues wagging across the Central Bank of Nigeria (CBN). Senior staff members across the CBN’s 29 departments are fuming and grumbling over how the women, arbitrarily brought in by Governor Olayemi Cardoso as consultants, have amassed enormous powers enabling them to sometimes issue directives to departmental directors.

There is also widespread anger across the board over what some insiders describe as the “unbelievably high and obscene” compensation the consultants earn monthly.
Mr Cardoso assumed duties as CBN governor on 22 September 2023. Some insiders said the women arrived with him that day at the bank. But some sources said the women only joined days later and have remained at the regulatory institution ever since, sparking suspicion and debate about their relationship with the governor, value to the institution, and huge monthly pay.

The women at the centre of this raging controversy are Nkiru Balonwu, founder of The Africa Soft Power Group, and Daphne Dafinome, a chartered accountant and chief operating officer of Crowe Dafinone, a Nigerian accounting firm.

There is a third “technical consultant” called Shola Phillips who joined Mr Cardoso’s kitchen cabinet from Citibank. But our sources said Shola’s presence and activities have not been as disruptive and controversial as those of her two colleagues just as the terms of her engagement are not immediately clear.

The consultants are now mockingly called “Cardoso women” across the bank. One source giggled when our reporter requested a further explanation of the term. “You should be able to decode what that means yourself,” the official said.

Directors at the CBN said Mr Cardoso arbitrarily hired the women as consultants without following laid down rules, with no terms of reference, deliverables or timelines for the delivery of their consultancies.

For instance, they queried the hiring of Ms Balonwu as a corporate communication consultant when the CBN has an elaborate, efficient, and well-staffed corporate communication department led by a director and tasked with ensuring effective, timely and qualitative internal and external communication engagement and feedback.

The consultants are now mockingly called “Cardoso women” across the bank.
On the other hand, insiders said Ms Dafinone’s consultancy role is not clearly defined; she merely takes on any responsibility assigned to her by Mr Cardoso. Only recently, the governor tasked her with designing and implementing a controversial early exit programme to pay off at least 1,000 staff members into voluntary retirements. Mr Cardoso tapped her for this role while bypassing the bank’s human resources department, which is statutorily charged with developing and administering human capital management policies, functions and processes.
Ms Balonwu and Dafinone as Fifth and Sixth CBN Deputy Governors.

The CBN has four deputy governors: Emem Usoro (Corporate Services Directorate), Muhammad Dattijo (Economic Policy Directorate), Philip Ikeazor (Financial System Stability Directorate), and Bala Bello (Operations Directorate). However, staff members now derisively refer to Ms Balonwu and Dafinone as the fifth and sixth deputy governors of the bank, saying the two have amassed so much power to be so called.

Directors said the consultants now write memos on CBN letterheads, issuing directives even when they are unknown to the bank’s structure and organogram.
“They said they are consultants, but they have permanent offices in the bank, and their consultancies have no end dates,” one director said. “I am tempted to say they are even more influential than the deputy governors. Their offices are on the eleventh floor, just like the governor’s. The deputy governors are on the tenth floor, below the so-called consultants. They even bypass deputy governors to give direct instructions to directors.”
Another bank insider corroborated the director’s claim, saying he once overheard one of the women boasting that “if she draws a line at the bank, even the governor dare not cross it”.“I can tell you the women are the real people running the CBN. Cardoso has become a mere figurehead,” a third director said.

Consultant earning salary of 15 directors
Staff members also accuse Mr Cardoso of paying the women obscene salaries. For instance, Ms Balonwu, they said, pockets N50 million naira monthly, earning more than the governor and the deputy governors. Her salary also dwarfs the combined pay of 15 directors, who earn below N3 million monthly.
On her part, Ms Dafinone earns N35 million monthly, said to be higher than the combined salaries of 10 directors.
“Why do you abuse your office to engage family and friends and make them millionaires this way? a staff member lamented. “It is disturbing because even Emefiele, with all his weaknesses, did not act with this impunity.
“These women are doing nothing. They are not adding any value to the bank. The governor is just enriching them because they are his friends. There are 29 experienced directors, 170 deputy directors, and over 400 PhD holders in CBN. There is no need to domicile consultants in the bank.”

What the law says about hiring consultants
According to Nigeria’s Public Procurement Act 2007, government agencies are required to conduct transparent and competitive processes when hiring consultants.
The Act mandates that consultancy opportunities be publicly advertised—typically in at least two national newspapers and the official procurement journal—with clear submission guidelines, defined terms of reference, and detailed evaluation criteria.
Proposals must be assessed separately on technical merit and cost, ensuring that only qualified candidates are engaged and that the process remains fair and accountable.
In contrast, the apparent arbitrary appointment of the so-called “consultants” at the CBN—hired without defined deliverables or competitive process, and earning salaries that dwarf those of senior executives—raises serious questions.
Their hiring appears to violate the strict procedures outlined in the Act, which are designed to safeguard public funds and ensure value for money.

Consultant Dafinone for fraud trial
Meanwhile, one of the consultants, Ms Dafinone, is set to be arraigned on 4 March before Justice Ibrahim Kala of a Federal High Court in Lagos over an alleged N100 million fraud. Her company, CEDDI Corporation Limited, is also a defendant in the case.
She is accused of conspiring to defraud developer Lukman Adeleke in a 2019 property transaction.
According to court filings, Mr Adeleke paid N100 million for a property at 93 Broad Street, Lagos Island, but Ms Dafinone allegedly sold it to another buyer.
Efforts to resolve the dispute amicably failed, leading Mr Adeleke to seek legal redress.
According to the New Telegraph, Ms Dafinone was absent at the last court hearing, with her lawyer, Dapo Akinosun, informing the court that she was receiving medical treatment in London.
Ms Dafinone’s ongoing legal troubles add to the controversy surrounding her role at the CBN, where senior officials have raised concerns about her influence and high remuneration, questioning the necessity of her consultancy.
Meanwhile, Mr Cardoso, in September 2024, appointed Ms Dafinone to the board of the Nigerian Incentive-based Risk Sharing System of Agricultural Lending (NIRSAL), a non-bank financial institution owned by the CBN and charged with redefining measuring, re-pricing and sharing agribusiness-related credit risks in Nigeria.

Despite her ongoing trial, Ms Dafinone is combining her role on NIRSAL board with her controversial consultancy at the CBN.
Efforts to reach the consultants were unsuccessful. Ms Dafinone did not respond to telephone and WhatsApp calls. Neither did she reply to a text message.
Attempts to contact Ms Balonwu were also unfruitful; her direct telephone line did not connect while she did not answer or reply to a WhatsApp call. An iMessage sent to her was delivered but went unanswered.
Similarly, CBN spokesperson Hakama Ali’s known telephone line was unreachable, and she did not respond to a text message and an email sent to her.

Credit: Premium Times

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‘You’re Lucky’ – Wike Blasts Sowore Over Comment on Tinubu

Published

5 hours ago

September 19, 2025

Bona Naija

‘You’re Lucky’ – Wike Knocks Sowore for Calling Tinubu a Criminal

Minister of the Federal Capital Territory (FCT), Nyesom Wike, has strongly criticized activist and politician Omoyele Sowore for labeling President Bola Tinubu a “criminal.”

Speaking on Thursday during the flag-off of the construction of Arterial Road N1 from Wuye District to Ring Road II, Abuja, Wike said Sowore was “lucky” that Tinubu respects the rule of law, warning that not all leaders would tolerate such remarks.

“You Are Lucky,” Wike Tells Sowore

According to Wike:

“This is a country where somebody will go on social media and say Mr. President is a criminal and nothing will happen.

No matter how you see people criticize Trump, have you ever seen any Nigerian citizen on social media or in public say our president is a criminal? Have you ever heard that?

You are lucky you have a president that believes in the rule of law.

You are lucky, continue to be lucky because there are those you will meet and you won’t be lucky again.”

‘You’re Lucky’ – Wike Knocks Sowore for Calling Tinubu a Criminalpic.twitter.com/Dc6UOzW48w
— BONA NAIJA (@BonaNaija) September 18, 2025

Wike Cites Nigeria’s Freedom of Speech

The minister argued that the ability of citizens to openly criticize Tinubu demonstrates the level of freedom in Nigeria compared to other countries, including the United States.

His comments come amid growing political tensions, with Sowore and other critics frequently attacking the administration over governance, economy, and democracy.

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Business

Nigerians React as Shoprite Shuts Down Stores in Ibadan, Ilorin, and Shelves Empty in Lagos, Abuja

Published

6 hours ago

September 18, 2025

BONA NAIJA

Nigerians React as Shoprite Shuts Down Stores in Ibadan, Ilorin, and Shelves Empty in Lagos, Abuja

Shoprite shuts down outlets in Ibadan and Ilorin as shelves go empty in Lagos and Abuja. Nigerians react to the retail giant’s struggles amid inflation and rising competition.

Shoprite’s Struggles in Nigeria Deepen

Shoprite’s operations in Nigeria appear to be in crisis, four years after the South African retail giant exited the supermarket business.

Reports by Daily Trust confirm that outlets in Ibadan and Ilorin have closed, while stores still operating in Lagos, Abuja, and other major cities now have largely empty shelves.

From Expansion to Decline

Since opening its first Nigerian outlet in Lagos in 2005, Shoprite became a household name, growing into more than 25 stores across eight states and the Federal Capital Territory. At its peak, the chain directly employed over 2,000 workers and supported hundreds of local suppliers, particularly farmers.

But rising inflation, supply chain disruptions, and growing competition from local supermarkets have steadily weakened its dominance, pushing the brand into financial distress.

In 2021, Shoprite Holdings Limited sold its Nigerian business to local investors after retreating from several African markets including Ghana, Kenya, and Uganda—citing harsh operating conditions.

Nigerians React on Social Media

The closures have sparked a wave of reactions across social media, where Nigerians expressed a mix of nostalgia, disappointment, and calls for stronger homegrown supermarket chains.

On X (formerly Twitter), hashtags such as #ShopriteNigeria, #ShopriteClosure, and #NigerianRetail began trending:

“Shoprite shutting down is an end of an era. That place was our mini mall culture in the 2000s.” – @lagos_girl

“This should be a wake-up call. We need to support Nigerian-owned supermarkets like Justrite, Hubmart, and Ebeano.” – @naija_economist

“No more weekend hangouts at Shoprite. Sad, but not surprising with the way inflation is going.” – @femiwrites

“Shoprite was not just a supermarket, it was a social spot. I met my wife there in 2012. This hits different.” – @deji_lagos

“If Shoprite can’t survive here, it tells you everything about Nigeria’s business environment.” – @uchechukwu_onyi

What’s Next for Retail in Nigeria?

While many lament the decline of Shoprite, others see opportunity for local supermarkets to step into the gap. Brands like Justrite, Hubmart, Ebeano, and Spar could potentially take advantage of the vacuum.

With Shoprite’s uncertain future, the question remains: will Nigeria’s supermarket culture fade with its departure—or will indigenous brands reinvent it?

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Rivers Assembly Resumes After Six-Month Emergency Rule, Tasks Fubara on Commissioners and Budget

Published

12 hours ago

September 18, 2025

BONA NAIJA

Rivers Assembly Resumes After Emergency Rule, Tasks Fubara

The Rivers State House of Assembly on Thursday reconvened for plenary, marking its first session since the expiration of the six-month state of emergency imposed by President Bola Tinubu.

The sitting, presided over by Speaker Martins Amaewhule, held at the legislative quarters in Port Harcourt, comes just a day after Tinubu lifted emergency rule at midnight on September 17.

The emergency had been declared on March 18, 2025, following a constitutional impasse between Governor Siminalayi Fubara and the Assembly that crippled governance.

Before resumption, the outgone state administrator, Ibok-Ete Ibas, officially handed over to Governor Fubara and, in his farewell address, urged Rivers people to support the reinstated governor.

At Thursday’s plenary, the House passed two key resolutions: calling on Governor Fubara to immediately forward a list of Commissioner-nominees for screening and confirmation, and urging him to initiate the process of drafting an Appropriation Law for the remainder of the year.

Speaker Amaewhule stressed that these steps are vital for stabilising governance and ensuring effective service delivery. Lawmakers say the resolutions are aimed at normalising the state’s administration and addressing urgent citizen needs after months of political turbulence.

Meanwhile, former Vice President Atiku Abubakar criticised the suspension and reinstatement of Governor Fubara and the Assembly, describing Tinubu’s actions as “unconstitutional, illegal, and a clear sign of dictatorship.”

Governor Fubara is yet to respond publicly to the House’s resolutions.

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Business

Dangote Refinery Rejects DAPPMAN’s ₦1.5trn Subsidy Demand

Published

13 hours ago

September 18, 2025

BONA NAIJA

Dangote Refinery rejects DAPPMAN ₦1.505 trillion subsidy demand

Refinery insists it will not absorb logistics costs as marketers push for annual discount; warns subsidy practices defrauded Nigeria for years.

Dangote Refinery has dismissed claims by the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), insisting that it will not bow to pressure to fund a subsidy of more than ₦1.5 trillion annually.

In a statement issued yesterday, the refinery said the controversy with DAPPMAN stems from marketers’ demand for an annual subsidy of ₦1.505 trillion to cover coastal freight, Nigerian Maritime Administration and Safety Agency (NIMASA) charges, Nigerian Ports Authority (NPA) fees, and pumping costs. This, according to Dangote, would translate to an additional ₦75 per litre on petrol and diesel, which the marketers expect the refinery to absorb.

“We will not increase our gantry price to accommodate such demands, nor are we willing to pay a subsidy of over ₦1.5 trillion — a practice that historically defrauded the Federal Government,” the company said. “Marketers are free to lift products directly at our gantry and benefit from our logistics-free initiative.”

The refinery disclosed that it maintains a monthly closing stock of 500 million litres, adding that between June and September it exported 3.2 million metric tonnes of refined products. Over the same period, it alleged, marketers imported 3.6 million metric tonnes, describing the imports as “dumping” that undermines the economy and welfare of Nigerians.

Dangote Petroleum Refinery reaffirmed its support for President Bola Ahmed Tinubu’s reforms, noting that its operations are helping to stabilise the naira, cushion the effect of subsidy removal, strengthen Nigeria’s refining capacity, boost foreign exchange earnings, and create jobs.

The company stressed that it enjoys a strong working relationship with government agencies but will not hesitate to hold institutions accountable where necessary.

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Ohanaeze Ndigbo Warns Soludo, Ekwunife, Ukachukwu Over Toxic Anambra 2025 Campaigns

Published

19 hours ago

September 18, 2025

BONA NAIJA

Ohanaeze Ndigbo Warns Soludo, Ekwunife, Ukachukwu Over Toxic Anambra 2025 Campaigns

Ohanaeze Ndigbo, the apex Igbo socio-cultural organization, has issued a stern warning to leading candidates in the forthcoming Anambra governorship election over what it described as “shameful propaganda and divisive politicking.”

Anambra 2025 election

The group expressed deep concern at the conduct of Governor Chukwuma Soludo, his wife Mrs. Nnonye Soludo, APC candidate Evangelist Nicholas Ukachukwu, and his running mate Senator Uche Ekwunife, accusing them of dragging Anambra politics into “a pit of insults, hate speech, and public bickering.”

“Ohanaeze Ndigbo holds Governor Soludo especially responsible for setting this toxic tone,” the statement read. “The exchange of vulgar attacks, including the altercations between Mrs. Soludo and Senator Ekwunife, is unbecoming of leaders and an affront to womanhood.”

While stressing its neutrality, Ohanaeze warned it may be forced to support a neutral candidate if the attacks persist. “Enough is enough. If this disgraceful charade continues, we will question the moral and ethical fitness of these candidates to govern Ndi Anambra,” the statement declared.

The body urged all candidates to return to issue-based campaigns, focusing on policies, development, and the future of the state rather than personal insults.

READ FULL TEXT

ANAMBRA 2025; STOP WASHING YOUR DIRTY LILIES OUTSIDE AND DISGRACEFUL CONTENT CREATIONS – OHANAEZE NDIGBO WARNS SOLUDO, WIFE, EKWUNIFE, AND UKACHUKWU

The apex Igbo sociocultural organization, Ohanaeze Ndigbo, hereby issues a stern rebuke against the abhorrent politicking, divisive rhetoric, and shameless propaganda currently orchestrated by the Anambra gubernatorial candidates. We call for an immediate cessation of this disreputable conduct and demand a resumption of issue-based political campaigns as we approach the Anambra State Governorship Elections on November 9, 2025.

Ohanaeze Ndigbo feels compelled by its foundational mission to address the unsettling behavior exhibited by prominent political figures, specifically targeting the All Progressives Grand Alliance (APGA) gubernatorial candidate and current Anambra Governor, Professor Chukwuma Soludo; his wife, Nnonye Soludo; the All Progressives Congress (APC) deputy gubernatorial candidate, Iyom Uche Ekwunife; and the APC gubernatorial candidate, Evangelist Nicholas Ukachukwu. This distressing trend of engendering hate speech and broadcasting calumnies not only tarnishes the collective image of the Igbo Nation but also represents a significant departure from the hallmark of dignity and respect that our people are known for.

The indignation felt by our tribe is profound as these once-respected political figures stagger embarrassingly into the public sphere, engaged in a sordid display of politicking that is captivating for all the wrong reasons. Their continuous descent into the vile pit of vulgarities and vituperations—aimed at each other’s political opponents—is unbecoming of esteemed individuals and demonstrates a blatant disregard for the cultural tenets of integrity and decorum that the Igbo people hold dear.

Without hesitation, Ohanaeze Ndigbo firmly holds Governor Soludo accountable for instigating this repugnant campaign of slander against his political adversaries. It is our duty to urge him to refrain from resorting to derogatory slogans and mockery, which undermine the very fabric of decency that should underpin political discourse. We categorically condemn the egregious verbal attacks exchanged between Governor Soludo’s wife and Senator Uche Ekwunife; such disgraceful behavior constitutes a lamentable affront to both motherhood and womanhood, and, as leaders, they must rise above this pettiness.

While Ohanaeze Ndigbo remains politically neutral in the forthcoming elections and does not endorse any particular candidate, we must unequivocally state that should Governor Soludo, his wife Nnonye, APC candidate Ukachukwu, and his running mate Ekwunife persist in their unscrupulous campaign tactics, we will be compelled to reconsider our stance. We may have no choice but to advocate for a neutral gubernatorial candidate in the elections as a drastic measure to quell this shameful spectacle. It becomes evident that continued participation in such a disgraceful charade raises serious questions about the moral and ethical qualifications of these candidates to govern the people of Anambra State.

In closing, let it be said with unwavering clarity: enough is enough. We implore all involved to return to issue-based campaigns and preserve the dignity of Anambra politics.

**Mazi Okechukwu Isiguzoro**

Deputy President General

Ohanaeze Ndigbo

Chief Chinemeze Ohia

National Spokesman

Ohanaeze Ndigbo

17th September 2025

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