A crisis may be brewing at the Central Bank of Nigeria (CBN) as senior staff members have expressed outrage over the influence being wielded as well as the amount earned by two consultants, Nkiru Balonwu and Daphne Dafinome who the CBN Governor Olayemi Cardoso brought in.
Top-level staff members across CBN’s 29 departments who allege that the consultants’ salaries far surpass theirs describe earnings as obscene.
The consultants who are primarily two women, reportedly issue directives to departmental directors, raising concerns about their authority and the legitimacy of their roles.
Nkiru Balonwu, founder of The Africa Soft Power Group, and Daphne Dafinome, a chartered accountant and chief operating officer of Crowe Dafinone, are at the centre of this controversy, according to the report.
In addition to Nkiru Balonwu and Daphne Dafinone, a third technical consultant, Shola Phillips, joined Governor Cardoso’s inner circle from Citibank. However, sources told PREMIUM TIMES that Shola’s role and activities have been less disruptive and contentious compared to her two colleagues. The terms of her engagement also remain unclear.
Meanwhile, the trio has become a subject of ridicule among bank staff, who have dubbed them the “Cardoso women.”
According to CBN directors, Governor Cardoso unilaterally appointed the consultants without adhering to established protocols, and failing to provide clear terms of reference, deliverables, or timelines for their work.
Specifically, they questioned the hiring of Nkiru Balonwu as a corporate communication consultant, given that the CBN already has a robust and well-staffed corporate communication department. This department, led by a director, is responsible for ensuring effective and timely internal and external communication.
The directors are puzzled as to why external consultants are needed, especially when the existing department is equipped to handle these responsibilities.
The CBN has four officially recognised deputy governors: Emem Usoro (Corporate Services Directorate), Muhammad Dattijo (Economic Policy Directorate), Philip Ikeazor (Financial System Stability Directorate), and Bala Bello (Operations Directorate).
However, according to the report, staff members have begun informally referring to Nkiru Balonwu and Daphne Dafinone as the fifth and sixth deputy governors due to the significant influence they’ve amassed.
These two consultants, hired by Governor Olayemi Cardoso, have reportedly started issuing directives and writing memos on official CBN letterheads, despite not being part of the bank’s established structure or organogram.
“They said they are consultants, but they have permanent offices in the bank, and their consultancies have no end dates,” one director said. “I am tempted to say they are even more influential than the deputy governors.
“Their offices are on the eleventh floor, just like the governor’s. The deputy governors are on the tenth floor, below the so-called consultants. They even bypass deputy governors to give direct instructions to directors.”
Another bank insider supported the director’s claim, revealing that he once overheard one of the women confidently stating that “if she draws a line at the bank, even the governor dare not cross it.”
Consultant earning salary of 15 directors
Staff members allege that Governor Cardoso is paying Balonwu and Dafinone excessively high salaries. Specifically, they claim that Ms. Balonwu receives N50 million naira monthly, surpassing the governor’s and deputy governors’ salaries, as well as the combined pay of 15 directors, who earn less than N3 million monthly.
Meanwhile, Ms. Dafinone allegedly earns N35 million monthly, exceeding the combined salaries of 10 directors.
“Why do you abuse your office to engage family and friends and make them millionaires this way? a staff member was quoted as saying. “It is disturbing because even Emefiele, with all his weaknesses, did not act with this impunity.
“These women are doing nothing. They are not adding any value to the bank. The governor is just enriching them because they are his friends. There are 29 experienced directors, 170 deputy directors, and over 400 PhD holders in CBN. There is no need to domicile consultants in the bank.”
What the law says about hiring consultants
Under Nigeria’s Public Procurement Act 2007, government agencies must follow transparent and competitive procedures when hiring consultants.
The Act requires that consultancy opportunities be publicly advertised—usually in at least two national newspapers and the official procurement journal—outlining submission guidelines, terms of reference, and evaluation criteria.
Proposals must be evaluated separately based on technical merit and cost, ensuring that only qualified candidates are selected while maintaining fairness and accountability.
Daphne Dafinone, one of the CBN consultants, is facing legal troubles. According to New Telegraph, she is scheduled to appear before Justice Ibrahim Kala of the Federal High Court in Lagos on March 4 to answer charges related to an alleged N100 million fraud.
Dafinone’s company, CEDDI Corporation Limited, is also named as a defendant in the case.
According to court documents, Dafinone allegedly conspired to defraud a property developer, Lukman Adeleke, in a 2019 transaction. Adeleke had paid N100 million for a property located at 93 Broad Street, Lagos Island, but Dafinone allegedly sold the property to another buyer.
Efforts to resolve the dispute amicably were unsuccessful, leading Adeleke to seek legal action. During the last court hearing, Dafinone was absent, with her lawyer, Dapo Akinosun, stating that she was undergoing medical treatment in London.
Despite her ongoing trial, Ms. Dafinone continues to serve on the NIRSAL board while maintaining her contentious consultancy position at the CBN.
