The Central Bank of Nigeria (CBN) is facing scrutiny following reports that its Governor, Olayemi Cardoso, and four deputy governors acquired six armored Lexus LX 600 2023 vehicles valued at N10 billion.
These luxury vehicles were reportedly added to their existing fleets, even though they already had SUVs. Additionally, there are allegations of a significant increase in their housing allowances to over N1 billion.

The report, published by Daily Nigerian on August 30, 2024, suggests that Cardoso received two of the vehicles, with each deputy receiving one. Despite the gravity of these claims, CBN spokesperson Sidi Hakama has not confirmed or denied the allegations, and the bank has not addressed the issue publicly through its communication channels.

This controversy comes nearly a year into Cardoso’s tenure, which has been marked by stringent monetary policies, including a recent hike in the interest rate to 26.75 percent.

Meanwhile, Nigeria continues to grapple with high inflation and a depreciating Naira, contributing to public concern over the CBN’s transparency and accountability during these economic challenges.