Report: Who Really Runs the CBN? Staff Say Consultants Have More Power Than Deputy Governors

A wave of discontent is sweeping through the Central Bank of Nigeria (CBN) as senior staff members protest the presence, influence, and massive salaries of consultants brought in by Governor Olayemi Cardoso. The consultants, now mockingly referred to as “Cardoso women” within the bank, have reportedly amassed significant power, sometimes issuing directives to departmental directors, despite having no official terms of reference or clear deliverables.

At the center of the controversy are Nkiru Balonwu, founder of The Africa Soft Power Group, and Daphne Dafinone, chief operating officer of Crowe Dafinone. A third consultant, Shola Phillips, from Citibank, is also part of the team but has drawn less scrutiny. Sources indicate that these women were introduced to the CBN shortly after Mr. Cardoso assumed office on September 22, 2023, and have since maintained a strong presence at the institution, raising questions about their relationship with the governor and the justification for their high salaries.

The consultants reportedly enjoy salaries that far exceed those of senior CBN officials. Ms. Balonwu is said to earn ₦50 million monthly—more than the governor and deputy governors—while Ms. Dafinone takes home ₦35 million. In contrast, a director at the CBN earns below ₦3 million monthly, making Ms. Balonwu’s earnings equivalent to those of 15 directors combined.

CBN insiders claim that Ms. Balonwu was appointed as a corporate communication consultant despite the bank having a fully staffed communication department. Meanwhile, Ms. Dafinone’s role is described as vague, with her duties seemingly assigned at the governor’s discretion. One of her recent tasks included implementing an early exit program to push at least 1,000 staff members into voluntary retirement—an assignment traditionally handled by the bank’s human resources department.

Frustration among senior officials has grown as the consultants continue to operate with no defined contracts, official responsibilities, or end dates for their engagement. Staff members derisively refer to Ms. Balonwu and Ms. Dafinone as the “fifth and sixth deputy governors” due to their level of influence. Their offices are reportedly located on the eleventh floor alongside the governor, while official deputy governors occupy the tenth floor. Some sources allege that the consultants issue memos on CBN letterheads and bypass deputy governors to give direct instructions to directors.

Beyond internal discontent, legal concerns have also emerged regarding their hiring process. Nigeria’s Public Procurement Act of 2007 mandates that government agencies follow transparent, competitive procedures when recruiting consultants. These guidelines require public advertisements, clear terms of reference, and defined evaluation criteria to ensure fair selection and value for money. The engagement of these consultants, however, appears to have sidestepped these rules entirely.

The controversy surrounding Ms. Dafinone extends beyond the CBN. She is scheduled to appear before a Federal High Court in Lagos on March 4 over an alleged ₦100 million fraud case involving her company, CEDDI Corporation Limited. Court documents claim that in 2019, she conspired to defraud developer Lukman Adeleke by selling a Lagos Island property to another buyer after receiving payment from Mr. Adeleke. Efforts to resolve the dispute amicably failed, leading to legal action.

Despite her legal troubles, Mr. Cardoso appointed Ms. Dafinone to the board of the Nigerian Incentive-Based Risk Sharing System of Agricultural Lending (NIRSAL), a CBN-owned financial institution. She continues to serve in this role while maintaining her lucrative consultancy position at the bank.

Efforts to obtain comments from Ms. Balonwu and Ms. Dafinone were unsuccessful, as calls and messages went unanswered. Similarly, CBN spokesperson Hakama Ali was unreachable and did not respond to inquiries.