Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), faces mounting criticism due to allegations of preferential treatment towards two female consultants. These consultants reportedly receive substantial monthly payments, totaling N85 million combined, and wield influence exceeding that of the bank’s deputy governors. Cardoso took the helm at the CBN in September 2023, succeeding Godwin Emefiele.

Insiders at the CBN have revealed that the two women, Nkiru Balonwu and Daphne Dafinone, joined the bank shortly after Cardoso’s arrival. Balonwu is the founder of The Africa Soft Power Group, while Dafinone is a chartered accountant and chief operating officer at Crowe Dafinone. A third consultant, Shola Phillips, also works with Cardoso, though her role has generated less controversy. Within the bank, these consultants are now derisively known as “Cardoso women.”

CBN directors allege that Cardoso bypassed established hiring procedures when bringing on these consultants. They claim the appointments lack clear definitions of responsibilities, performance targets, or set durations. The directors question the rationale behind hiring Balonwu as a communications consultant, given the CBN’s existing and well-resourced communications department. Dafinone’s role appears similarly undefined, with sources indicating she handles a variety of tasks assigned by Cardoso, including recently overseeing a controversial staff early retirement program, a function typically managed by the human resources department.

Sources within the bank suggest that Balonwu and Dafinone have amassed considerable power, surpassing even the deputy governors. “They’re called consultants, but they have permanent offices and no end date to their consultancy,” a director commented. “They’re even more influential than the deputy governors, whose offices are on a lower floor. They bypass the deputy governors and give direct instructions to directors.” Another insider stated, “These women are the ones really running the CBN. Cardoso is just a figurehead.”

The consultants’ compensation packages have also drawn sharp criticism. Balonwu’s monthly salary is reportedly N50 million, exceeding the governor’s and the combined salaries of 15 bank directors. Dafinone is said to earn N35 million monthly, surpassing the combined earnings of 10 directors. A staff member expressed frustration, saying, “Why abuse your position to enrich friends and family like this? Even Emefiele didn’t act with such impunity. These women add no value; the governor is simply rewarding them for their connections. The CBN has highly qualified staff; there’s no need for these consultants.”

The manner of the consultants’ appointments seems to violate the Public Procurement Act 2007, which mandates open and competitive bidding for government consultancies. The act requires public advertisement of opportunities, clearly defined roles, and transparent evaluation criteria – procedures that were apparently not followed in these cases.