News
CBN directors kick as Cardoso’s iconsultants allegedely earn N50M per month as salaries
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
News
FEC: Tinubu Vows to Strengthen Global Partnerships, Defeat Terrorism
We’re Engaging the World Diplomatically, President Tinubu Tells Federal Executive Council
President Bola Ahmed Tinubu has reaffirmed that Nigeria remains on a steady path of growth, stability, and prosperity as his administration’s economic reforms continue to yield tangible results both domestically and internationally.
Speaking during Thursday’s Federal Executive Council (FEC) meeting at the State House, Abuja, the President said the Federal Government is deepening its diplomatic and economic engagements with global partners to sustain investor confidence and strengthen national security.
The meeting followed the swearing-in of two new ministers — Dr Bernard Mohammed Doro (Humanitarian Affairs and Poverty Reduction) and Dr Kingsley Tochukwu Udeh (SAN) (Innovation, Science and Technology).
President Tinubu noted that the successful $2.3 billion Eurobond issuance, which was oversubscribed by 400%, underscored global confidence in Nigeria’s economic direction.
“The most important thing is that despite the political headwinds and the fears of our people, we will continue to engage with partners,” the President said.
“The success of the Eurobond is most assuring. We are engaging the world diplomatically, and we assure all Nigerians that we will defeat terrorism and build a prosperous, inclusive, and resilient country.”
On security, Tinubu urged Nigerians not to succumb to despair, emphasizing his administration’s determination to end terrorism and insecurity nationwide.
“Do we have problems? Yes. Are we challenged by terrorism? Yes. But we will defeat terrorism. We will overcome the CPC designation. Nigeria is one happy family, and we shall spare no effort until we eliminate all criminals from our society,” he stated.
The President also directed ministers and top government officials to maintain consistent communication and avoid contradictory public statements that could undermine government messaging.
During the briefing, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, presented an encouraging overview of the economy, noting that Nigeria recorded its highest GDP growth in a decade outside the COVID-19 rebound.
According to Edun, the nation’s GDP grew by 4.23% in Q2 2025, while inflation dropped to 18.02% in September 2025. He added that foreign reserves have risen above $43 billion, and the trade surplus now stands at ₦7.4 trillion.
He also announced that Nigeria’s removal from the Financial Action Task Force (FATF) Grey List marked a major milestone for financial integrity and investor confidence.
Edun reiterated that the administration’s goal of achieving a $1 trillion economy by 2030 was realistic, provided Nigeria sustains 7% annual growth and intensifies reforms to attract investment, create jobs, and reduce poverty.
“Despite the political headwinds, the market has focused on Nigeria’s economic fundamentals,” he said, citing the oversubscription of the Eurobond as proof of global trust in the nation’s economic reforms.
The finance minister urged inter-ministerial collaboration, particularly in infrastructure, education, health, agriculture, and innovation sectors, to consolidate reforms and sustain investor confidence.
Follow BONA NAIJA for more
World News
US Military Submits Contingency Plan for Action in Nigeria
The United States military has reportedly submitted contingency plans for potential military action in Nigeria, according to a report by The New York Times.
The development follows President Donald Trump’s directive to the U.S. Department of War to prepare options for possible intervention over allegations of widespread persecution of Christians in Nigeria.
According to the report, the U.S. Africa Command (AFRICOM) has drawn up and forwarded a set of contingency options to the Department of War at the request of Secretary Pete Hegseth.
The plans reportedly outline three levels of military response “heavy,” “medium,” and “light” each designed to allow for controlled escalation depending on the situation.
Officials cited in the report said the “heavy option” represents the most forceful response, involving the deployment of an aircraft carrier group to the Gulf of Guinea and potential airstrikes using fighter jets or long-range bombers on targets inside northern Nigeria.
The “medium option” focuses on the use of drone strikes against militant camps, convoys, and vehicles, while the “light option” would center on intelligence operations and limited advisory support.
Retired U.S. Army Major General Paul D. Eaton, a veteran of the Iraq War, warned that such an operation would be “a fiasco,” noting that the American public has little appetite for another large-scale military campaign reminiscent of Iraq or Afghanistan.
The report added that Trump has shown particular interest in airstrike-based strategies, though officials cautioned that such an approach would likely deliver “shock and awe” without resolving underlying conflicts.
President Trump recently designated Nigeria as a “Country of Particular Concern”, citing what he described as ongoing violence against Christians and the alleged failure of the Nigerian government to protect religious minorities.
The Nigerian government, however, has strongly denied allegations of religious persecution, insisting that the country remains committed to protecting all faith communities.
READ MORE HERE
Follow BONA NAIJA for more
Politics
Five Things to Know About New York’s New Mayor, Zohran Mamdani
Democratic socialist Zohran Mamdani has made history as the newly elected Mayor of New York City, winning by a landslide and setting the stage for a political showdown with U.S. President Donald Trump, who has repeatedly attacked him as a “little Communist.”
Mamdani, 34, will take office on January 1, becoming one of the most left-leaning figures ever to lead America’s largest city. Here are five things to know about his victory and what lies ahead for his administration.
1. Landslide Victory
Mamdani secured over one million votes, winning 50 percent of ballots cast compared to his closest rival, former New York Governor Andrew Cuomo, who earned just under 42 percent. The election saw the highest voter turnout since 1969.
His campaign’s vast grassroots network of 100,000 volunteers reached every borough and community, running on a message of economic equality, affordable housing, and public welfare.
“We have toppled a political dynasty,” Mamdani said, referencing the end of the Cuomo family’s decades-long influence in New York politics.
2. Trump on the Horizon
Mamdani’s outspoken criticism of President Trump’s policies has already drawn sharp rebukes from the White House. The president has threatened to cut off federal funding to New York and labeled Mamdani “a little Communist.”
Mamdani previously urged Americans to “reject Trump’s fascism”, signaling that his tenure could bring renewed political tension between City Hall and Washington.
3. Time to Prepare
With less than two months before taking office, Mamdani must assemble a capable team to deliver on his ambitious progressive agenda including city-run supermarkets, free daycare, and fare-free bus routes.
He has already appointed five women to co-chair his transition team, including Maria Torres-Springer, who resigned as deputy mayor under outgoing Mayor Eric Adams due to his engagement with Trump.
Political analysts say he will need a savvy cabinet capable of navigating both City Hall and Albany, especially as the city faces threats of federal funding cuts and a possible loss of food assistance for 1.8 million residents amid a government shutdown.
“His vision for New York is not crazy,” said Lincoln Mitchell, a Columbia University politics professor. “It’s filling in the gaps in our tattered social safety net.”
4. Jewish Outreach
New York, home to the largest Jewish community outside Israel, has seen a surge in antisemitic incidents, with 57 percent of hate crimes in the city targeting Jewish people, according to outgoing Mayor Adams.
Mamdani faced criticism from pro-Israel groups over his support for Palestinian rights and his condemnation of Israel’s actions in Gaza, which he described as “a genocide.” The Anti-Defamation League (ADL) has announced plans to monitor his policies closely.
In his victory speech, Mamdani pledged to stand “steadfast alongside Jewish New Yorkers” and confront antisemitism head-on, while insisting the ADL’s scrutiny must be “honest and fair.”
5. End of an Era
Mamdani’s triumph marks the end of an era in New York politics, sidelining both Andrew Cuomo and Eric Adams, and signaling a leftward shift for the Democratic Party.
Backed by Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez, Mamdani’s insurgent campaign energized young voters and working-class communities, promising a fresh, inclusive approach to governance.
“This is not just a political win,” he said. “It’s a mandate for a fairer, freer New York.”
Follow BONA NAIJA for more
News
Court Stops Police From Declaring Sowore Wanted
The Federal High Court in Lagos has issued an order restraining the Lagos State Commissioner of Police and other security agencies from arresting, intimidating, or declaring human rights activist Omoyele Sowore wanted.
Justice Musa Kakaki granted the interim injunction following an application filed by Sowore, who approached the court after reports surfaced that the Lagos State Police Command had allegedly declared him wanted over unspecified allegations.
In the ruling, the court barred the respondents—particularly the Commissioner of Police—from “harassing, intimidating, threatening with arrest, or declaring the applicant wanted pending the determination of the substantive suit.”
Reacting to the judgment, Sowore who was the 2023 presidential candidate of the African Action Congress (AAC) hailed the ruling as a reaffirmation of faith in the Nigerian judiciary, despite public skepticism about the justice system.
“Many people say they don’t trust the judiciary, but trust in the judiciary depends on citizens showing up to demand justice,” Sowore said. “I thank the court for having the courage to take up this matter late in the day and for granting this important order.”
The activist alleged that the move to declare him wanted was politically motivated, describing it as a “drunken declaration” lacking legal basis or due process.
“Under the law, the police cannot just wake up and label someone wanted without any investigation or invitation,” he said. “It shows how far institutions have strayed from legality.”
Flanked by his legal team and supporters, Sowore emphasized that the ruling was a reminder that the rule of law remains vital in Nigeria despite growing cases of political intimidation.
“This struggle is not about me—it’s about justice and freedom for all Nigerians. Authorities must understand that dissent cannot be silenced through intimidation,” he added.
Sowore, who has faced multiple arrests and prosecutions in recent years, said the latest development fits a pattern of harassment against voices of dissent, but vowed to continue his activism peacefully and within the law.
“When the state acts outside the law, it breeds fear and injustice. We must resist that peacefully. Nigeria can only progress when law enforcement operates within constitutional limits,” he said.
He also praised his legal team for their “dogged commitment to justice” and commended Justice Kakaki for hearing the case “even as the last matter of the day.”
The court’s order specifically restrains the police from enforcing or giving effect to any declaration made by the Lagos State Commissioner of Police on November 3, 2025, which purported to label Sowore as a wanted person.
The injunction will remain in force pending the determination of the substantive suit challenging the legality of the police declaration.
As of press time, the Lagos State Police Command had not issued an official response to the court order.
Follow BONA NAIJA for more
News
Osimhen’s Hat-Trick Powers Galatasaray to 3-0 Champions League Win Over Ajax
Victor Osimhen delivered a masterclass performance on Wednesday night, scoring a second-half hat-trick to hand Galatasaray a commanding 3-0 victory over Ajax in their UEFA Champions League Group H clash at the Johan Cruyff Arena.
The Nigerian striker opened the scoring in the 21st minute, capitalizing on a defensive lapse before confidently converting two penalties in the 52nd and 67th minutes to complete his first-ever Champions League hat-trick.
Osimhen’s heroics lifted him to the top of the 2025/26 Champions League scoring chart with six goals in three matches, underscoring his status as one of Europe’s most clinical forwards.
The victory pushes Galatasaray into second place in Group H, strengthening their hopes of advancing to the knockout stage, while Ajax remain winless in the group after four games.
Follow BONA NAIJA for more
-
Business3 weeks agoUnity Bank Corpreneurship Challenge Empowers 578 Young Entrepreneurs, Awards ₦16 Million to 30 New Winners
-
Abuja2 weeks agoIPOB Leader Nnamdi Kanu Declines to Enter Defence, Insists “No Case” Against Him
-
News3 weeks ago16 Nigerian Military Officers Arrested Over Alleged Coup Plot to Oust President Tinubu
-
Music News2 weeks agoFlavour Unveils ‘Afroculture’ Single Featuring Baaba Maal, Directed by TG Omori
-
Lifestyle2 weeks agoNed Nwoko Drops Bombshell, Says ‘Men Marrying Multiple Wives Are Helping Women’
-
World News2 weeks agoTwo Killed, Two Injured as Plane Bursts Into Flames After Takeoff Crash in Venezuela
-
Travel2 weeks agoFRSC Flags Off 2025 Ember Months Campaign, Unveils Contactless Biometric Driver’s Licence System
-
News3 weeks agoNed Nwoko Gives Reason for Clash with Regina Daniels
-
Music3 weeks agoAyra Starr & Rema’s “Who’s Dat Girl” Debuts at #1 on Spotify Nigeria
-
Entertainment3 weeks agoRema and Ayra Starr Dance to Wizkid Tracks at Lagos Club After ‘Who’s Dat Girl’ Release



