CBN Directors Protest Against Governor Cardoso’s Controversial Consultants

A storm is brewing at the Central Bank of Nigeria (CBN) over the appointment of three consultants by Governor Olayemi Cardoso. Senior staff members are protesting what they describe as arbitrary hiring and “obscene” salaries for these consultants, particularly Nkiru Balonwu and Daphne Dafinone, who reportedly wield significant power within the bank.

Nicknamed the “Cardoso women,” Balonwu and Dafinone are accused of issuing directives to directors, bypassing the bank’s official chain of command. Reports claim Balonwu earns ₦50 million monthly—more than the CBN governor—while Dafinone receives ₦35 million, far exceeding the salaries of senior officials. Critics argue their roles are redundant, given the bank’s existing corporate communication and human resources departments.

Further controversy surrounds Dafinone, who is set to stand trial in March over an alleged ₦100 million fraud case. Despite this, she continues to serve both as a consultant and a board member of the CBN-owned NIRSAL.

The appointments appear to violate Nigeria’s Public Procurement Act, which mandates a transparent selection process for consultants. With widespread discontent among CBN staff, Cardoso faces mounting pressure to address concerns over governance and accountability at the nation’s apex bank.