Special Reports

Cardoso, Deputies Under Scrutiny Over Alleged ‘Generous’ Approvals

Published

7 months ago

August 30, 2024

The current leadership of the Central Bank of Nigeria (CBN) seems to be embroiled in a scandal that has sent shockwaves through financial and political circles.

Multiple credible sources within the bank have raised severe allegations against the governor, Olayemi Michael Cardoso, and his four deputy governors, accusing them of gross misuse of office to enrich themselves at the institution’s and the nation’s expense.

These allegations fly in the face of Governor Cardoso’s stated mission to reform the CBN and restore its integrity following the controversial tenure of his predecessor, Godwin Emefiele.

Almost a year into his leadership, the promise of transparency and accountability appears absent, leaving many questioning whether the reforms were ever genuine.

Among the most egregious allegations is the reported upgrade of annual housing allowances for the governor and his deputies to nearly N1 billion each. This staggering sum is even more scandalous considering that all five officials already reside in opulent official residences in the upscale Maitama district of Abuja. Such an absurd allocation, sources say, is indefensible, especially when viewed against the backdrop of a struggling Nigerian economy and widespread poverty.

“What justification can there be for this level of indulgence?” asked a senior CBN official who requested anonymity for fear of incurring the wrath of the governor. “The CBN’s leadership should exemplify modesty, not opulence.”

In another shocking revelation, it has been alleged that Cardoso and his deputies upgraded their international travel privileges from business class to first class. This comes at a time when the Nigerian economy is on life support, with the naira continuing its free fall against major global currencies and inflation eroding the purchasing power of ordinary Nigerians.

It is reported that a first-class ticket to New York from Abuja, which costs upwards of $15,000, is now standard for the CBN’s top brass.

“How can they justify such luxury when the average Nigerian is struggling to afford necessities?” another source within the bank lamented.

The allegations do not stop there. It is reported that the governor and his deputies have also upgraded their foreign travel allowances to more than $7,000 per night. These officials could pocket over $50,000 for a week-long trip, excluding additional perks such as entertainment and extra baggage allowances.

“This is a brazen display of greed,” a source close to the matter stated. “How can they justify such largesse when the Nigerian minimum wage is a paltry 70,000 naira a month?”

The CBN governor is also accused of hiring consultants whom he pays over N30 million per month, an amount that dwarfs the combined monthly salaries of all CBN directors. These consultants, who reportedly lack experience in monetary policy institutions like the CBN or the International Monetary Fund (IMF), are ostensibly performing the same duties as the bank’s directors.

For instance, official papers showed that Mr Cardoso hired one Nkiru Belonwu as his media consultant for a monthly pay of N30 million. Worse is that Belonwu has been illegally promoted to take the seat of the director of corporate communications as an observer in the bank’s exalted Monetary Policy Committee (MPC) meetings against the usual practice.

Belonwu, it was said, does not have a media contact base and has never related with the media since she resumed office with Mr Cardoso in 2023.

“This is nothing short of a financial scandal,” a CBN insider said. “Why is the CBN paying such astronomical fees for expertise that has yet to yield tangible results in improving the economy?”

There are also allegations of non-competitive and secretive hiring practices under Governor Cardoso’s leadership. Hundreds of CBN staff have reportedly been sacked without due process under the guise of organisational restructuring, only to be replaced by new hires through covert means.

In one particularly troubling case, a retired police Assistant Inspector General (AIG) was reportedly appointed as a department director, contravening public service rules.

Added to the growing list of allegations, it is claimed that the governor and his deputies have been channelling their hefty allowances through the director of procurement and supply services department rather than the human resources department. This unusual arrangement has raised concerns about potential efforts to obscure these payments from auditors and to conceal the true extent of their earnings.

Perhaps the most damning of the allegations is that Governor Cardoso and his deputies reportedly increased their allowances and benefits without the approval of the CBN board, which President Bola Tinubu had not constituted at the time these upgrades were enforced.

“This is a clear abuse of power,” said a CBN official familiar with the matter. “Without board approval, such actions are unethical and illegal.”

In the light of these serious allegations, many within the CBN have called for Governor Cardoso and his deputies to either affirm or deny the claims. The atmosphere at the bank is reportedly tense, with staff morale at an all-time low following the wave of sackings and what some describe as a “toxic” management style.

A very senior staff member at the bank’s headquarters told this reporter that there is currently palpable apprehension over a rumoured plan by the management to engage in another shakeup that would result in massive sacking or redeployment of staff (especially from head office) to the various branches in the states.

Governor Cardoso, who has often touted himself as an enforcer of due process, now finds himself at the centre of a storm that could have far-reaching implications for the CBN and the Nigerian economy, as the public awaits his response.

Efforts by this newspaper to get the reaction of CBN spokeswoman Sidi Ali were abortive as she refused to respond to questions sent to her telephone line. Her number was also unreachable for calls.

Original Source; Leadership.ng

Special Reports

Damilola Ogunbiyi Named to TIME100 Climate Champions List

Published

4 months ago

November 13, 2024

Online Editor

Damilola Ogunbiyi, CEO of Sustainable Energy for All (SEforALL) and UN Secretary-General’s Special Representative, has been named to TIME magazine’s 2024 TIME100 Climate list, which recognizes global leaders advancing climate action. TIME praised Ogunbiyi for her commitment to sustainable energy, particularly her efforts to support a fair and inclusive energy transition for the Global South.

Ogunbiyi’s leadership at SEforALL has led to significant achievements, including expanding the agency’s support to over 90 countries and securing over $1.3 trillion in energy financing. Her recognition follows other prestigious awards, including the UAE’s First Class Order of Zayed II and the Global Female Leadership Impact Award.

Francesco Starace, Chair of SEforALL’s Governance Board, commended Ogunbiyi’s impact on sustainable energy, noting her role in driving climate solutions. Ogunbiyi acknowledged the honor as a reflection of her team’s collective efforts to combat climate change and energy poverty.

News

Surveyor General Speaks On Climate Change, Calls for Urgent Funding to Mitigate Devastating Impacts

Published

6 months ago

September 29, 2024

Amarachi Evangel

The Surveyor General of the Federation, Mr. Adebomeyin Abdulganiyu, has called for increased funding to tackle the pressing challenges posed by climate change in Nigeria, emphasizing the need for urgent action to protect vulnerable communities.

Speaking at the launch and induction of Ambassadors of SDGs and Ecosystem Preservation Initiative, a Climate Change Education and Awareness held in Abuja on Thursday, Abdulganiyu stressed that climate change is a harsh reality affecting millions of Nigerians daily, from coastal erosion in Lagos to desertification in the North.

“The impacts of climate change are real, and it’s our responsibility to provide communities with the data they need to adapt and thrive,” he said.

Abdulganiyu highlighted the crucial role of surveying, understanding and mitigating climate change impacts, citing the importance of accurate land measurements and geospatial data for effective urban planning, disaster management and environmental conservation.

“We need to know where we stand to make informed decisions about where we’re going, there is a need for government prioritization of surveying initiatives.” Abdulganiyu urged.

He further advocated for a dedicated Climate Resilience Fund to allocate resources for research and community-based projects aimed at mitigating climate impacts.

“This fund should empower local communities to take ownership of their futures,” he emphasized.

Also speaking, Comrade Dominic Ogakwu, founder of the Initiative and President of a foremost civil right group, Civil Society Groups for Good Governance, CSGGG, reiterated the importance of educating the public on climate change mitigation, global best practices, and associated risks.

Ogakwu noted that improved education and awareness could prevent disasters like the recent floods in Borno state.

The initiative plans to launch a seven-month campaign covering all 774 local government areas in Nigeria, employing a comprehensive education strategy.

Reports has it that Nigeria ranks 160th out of 180 countries vulnerable to climate change, with climate change threatening key sectors like agriculture, health, and hydropower.

Meanwhile the Surveyor General’s call for urgent funding and action, comes as Nigeria faces a critical moment in its climate change response and the need to protect the Nigerian people and planet.

Economy

Revolutionizing Nigeria’s Seed Sector: NASC Unveils Groundbreaking Portal

Published

6 months ago

September 5, 2024

Amarachi Evangel

Begins training for farmers, seed companies, others

In a bold move to transform Nigeria’s agricultural landscape, the National Agricultural Seeds Council (NASC), has disclosed plans to launch a cutting-edge Seed Information Management Portal. This innovative digital solution promises to revolutionize the seed sector, enhancing efficiency, transparency, and productivity for farmers, seed companies, and regulatory bodies.

The development came to light at a recent capacity-building workshop held in Abuja, convened by the council to train key stakeholders ahead of the launch. The workshop tagged “Training on the Operationalization and Management of the NASC Seed Information Management Portal (NSIMP)”, brought together about 70 participants, comprising seed industry professionals, companies, seed council staffs, and farmers from different states and zones, to be trained on how to explore the portal’s vast potential.

Streamlining Seed Sector Operations, Dr. Ishiak Khalid, NASC’s Director General, represented by Towolawi Oluwole, Director of Seed Information, Data Management, and Capacity Building, emphasized the portal’s critical role in managing the council’s information system. “The portal enables us to collate, and coordinate data from partners, agencies, seed companies, and farmers, providing valuable insights for more informed and harmonized decision-making,” he explained.

The portal’s integrated platform harmonizes disparate data sources, including seed trackers, codex, and other systems. This centralized approach facilitates real-time feedback from stakeholders, empowering the Seed Council to track industry trends, identify challenges, and respond effectively, according to Oluwole.

Also, Dr. Folarin Sunday Okelola, Ag Registrar of Plant Variety Protection (PVP) and Project Manager for the Agra grant, underscored the workshop’s significance.

He said; “Our goal is to build capacity for planning and coordinating the seed system, ensuring we meet Nigeria’s seed demand and harmonizing the whole process.”

“To effectively plan and coordinate our seed sector activities, we require accurate and timely data. This necessitates the integration of technology and electronic systems to enhance our traditional information gathering methods.

“Today, we proudly putting out our Seed Information Management Portal, a comprehensive platform that consolidates our existing tools, including the Seed Tracker and Seed Codex, into a single, user-friendly management information system.

“This innovative portal, accessible via web or Android, enables us to reach all stakeholders, regardless of category, and provides a streamlined approach to seed sector management.” He added.

The NASC Seed Portal is designed to benefit all stakeholders ranging from farmers, granting them an access to quality seeds, improved crop yields, and enhanced livelihoods, seed companies, ensuring efficient production, distribution, and sales tracking, regulatory bodies through an enhanced oversight, real-time monitoring, and informed decision-making.

By integrating comprehensive data management, analytics, and support tools, the portal aligns with the Critical Components of a Functional Seed System, as defined by CESSA. This ensures quality, accessibility, and sustainability in agricultural sector.

Please note that CESSA’s Critical Components of a Functional Seed System are quality seeds, seed availability, quality control, information management, policy & regulation, research & development, production & distribution, marketing & Sales.

Perhaps this will herald a new era for Nigeria’s Agriculture. NASC as a council, embracing digital innovation, through this groundbreaking portal will boost agricultural productivity, enhance food security, and support economic growth.

As the management training concludes Friday, participants are equipped to leverage the portal’s potential, ensuring a brighter future for Nigeria’s farmers, seed companies, and agricultural sector.

“This portal is a game-changer,” Dr. Okelola further opined. He reiterated that the council is committed to revolutionizing Nigeria’s seed sector, and the recent development is just the beginning.

Optimism high up, that with NASC’s Seed Information Management Portal, Nigeria’s agricultural landscape is set to flourish, harnessing technology to drive growth, productivity, and prosperity.