The Central Bank of Nigeria (CBN) has kept mum days after a report emerged that its Governor, Olayemi Cardoso, and four Deputy Governors, Mr Philip Ikeazor, Emem Nnan Usoro, Bala Bello and Muhammad Sani Abdullahi, acquired six ultra-modern armoured SUVs despite the hardship Nigerians are facing.

An online news medium, Daily Nigerian, on August 30, 2024, reported that the governor and deputy governors bought six armoured Lexus LX 600 2023.

Daily Nigerian reported that Cardoso got two for himself while the four deputies received one each despite having SUVs in their convoys.

CISLAC condemns extravagant spending, demands cost of governance reduction

Following the report, the Civil Society Legislative Advocacy Centre (CISLAC) condemned the “extravagant spending” by the leadership of the CBN.

Mallam Auwal Musa Rafsanjani, Executive Director of CISLAC/Transparency International Nigeria, who made the condemnation on Sunday in a statement, demanded that the federal and other tiers of government should take urgent measures to reduce the high cost of governance and ensure greater accountability in government operations.

Rafsanjani said: “Additionally, it has been alleged that Mr Cardoso purchased about 20 new Toyota Camry cars at the rate of N85m each for CBN management and board members. Further reports indicate that the governor and his deputies have significantly increased their annual housing allowances to nearly N1bn despite residing in official palatial residences in Maitama, Abuja.”

While expressing concern over the government’s continued extravagant spending amid the country’s economic challenges, he said that such expenditures were irresponsible, particularly when the nation faced severe socio-economic difficulties, including rising poverty, growing insecurity, a failing healthcare system and an underfunded educational sector.

He further said, “We must hold ourselves accountable and take responsibility for the betterment of our nation. It is crucial that our government operates efficiently and effectively, serving the needs of the people and fostering sustainable development.”

Daily Trust’s findings

While Daily Trust was not able to independently verify the claim of Daily Nigerian, findings by our reporter revealed that the armoured Lexus LX 600 2023 costs far less than the amount claimed in the report.

The finding revealed that there are five variants of the armoured Lexus LX 600 2023. The Base costs $92,160; the Premium costs $100,110; F Sport Handling (most popular) costs $106,370; Luxury costs $108,110 and Ultra Luxury costs $132,250.

The amounts above do not include the 2024 Nigeria Customs Service (NCS) import duty, fixed at 20 per cent, accompanied by a 15 per cent levy.

Further findings by Daily Trust showed that the armoured Lexus LX 600 2023 costs about N260,000,000 in Nigeria. The alleged six vehicles would have cost about N1.5bn.

Similarly, findings by Daily Trust revealed that the CBN maintained residents for the governor and deputy governors under previous dispensations and that the houses are still maintained by the apex bank. The governor also has an official residence in Ikoyi, Lagos.

Our reporter was unable to verify the payment of housing allowances of over N1bn for the governor and the deputy governors.

The spokesman of CBN, Sidi Hakama, was yet to comment on the issue. (Daily Trust)

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