CBN Governor Cardoso, Deputies Reportedly Acquire N10bn in Bulletproof SUVs Amid Economic Hardship

As Nigeria faces severe economic challenges, including widespread hunger and inflation, the governor and deputies of the Central Bank of Nigeria (CBN) have drawn public attention with their recent purchase of luxury armored vehicles. Governor Yemi Cardoso and his four deputies have acquired six high-end armored Lexus LX 600 2023 models, with a total cost exceeding N10 billion.

The CBN officials, who were confirmed by the Senate in September 2023, are each receiving one of these ultra-modern SUVs. Governor Cardoso is reported to have obtained two of the vehicles, designated for use in both Lagos and Abuja.

This purchase comes despite the fact that the CBN officials already had armored vehicles in their convoys. In addition to the SUVs, it is alleged that Governor Cardoso has also bought around 20 new Toyota Camry cars, each costing N85 million, for CBN management and board members.

Sources indicate that the CBN executives have increased their annual housing allowances to approximately N1 billion, despite residing in official residences in Abuja. They have also upgraded their international travel privileges from business to first class, with first-class tickets from Abuja to New York priced around $15,000. Their foreign travel allowances have been raised to $7,000 per night.

Efforts to obtain a comment from CBN spokesperson Hakama Sidi-Ali were unsuccessful.

The Lexus LX 600 is renowned for its extensive armor protection, capable of withstanding 7.62mm rifle fire and simultaneous explosions from two hand grenades. The standard model starts at $88,245, but the armored version is priced at over $200,000, depending on its configuration.