CBN Governor and Deputies Under Fire for N10 Billion Luxury Vehicle Purchases Amid Economic Struggles

In a time of intense economic hardship and rising inflation in Nigeria, the Central Bank of Nigeria (CBN) governor, Yemi Cardoso, along with his four deputies, have come under scrutiny for their lavish expenditures. Reports indicate that the CBN governor’s luxury expenditures, including the acquisition of bulletproof SUVs valued at over N10 billion, have sparked widespread criticism.

According to sources, the CBN officials have not only invested in ultra-modern armored vehicles but have also significantly increased their allowances, despite the economic challenges faced by the average Nigerian. Governor Yemi Cardoso reportedly procured six armored Lexus LX 600 2023 models, costing over N10 billion. The luxury vehicles were distributed among himself and his deputies—Emem Usoro, Philip Ikeazor, Bala Bello, and Sani Abdullahi. Cardoso is said to have acquired two SUVs for his personal use in Lagos and Abuja, while the deputies received one each.

Moreover, it is revealed that these officials already possessed armored vehicles before making these recent purchases, raising further concerns about the necessity and timing of such expenses. In addition to the high-cost SUVs, the CBN reportedly bought about 20 Toyota Camry cars, each valued at approximately N85 million, for use by its management and board members.

Beyond vehicle expenditures, allegations have surfaced regarding a significant increase in the CBN governor’s luxury expenditures, including a hike in annual housing allowances to nearly N1 billion. This is despite the fact that they reside in official accommodations in the prestigious Maitama area of Abuja. Furthermore, the governor and his deputies have allegedly upgraded their travel privileges from business class to first class on international flights. A first-class ticket from Abuja to New York, for instance, costs around $15,000.

The CBN governor’s luxury expenditures also extend to their foreign travel allowances, which have reportedly been increased to $7,000 per night during international trips. These revelations have sparked outrage, with many Nigerians questioning the appropriateness of such lavish spending in the face of widespread poverty and economic hardship.

As the economic situation in Nigeria remains precarious, the public’s scrutiny of the CBN governor’s luxury expenditures is likely to intensify, raising important questions about accountability and the priorities of those in power.