As Nigeria grapples with hunger, inflation, and a weakening naira, the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, and his four deputies have come under scrutiny for their extravagant spending on ultra-modern armored vehicles and high allowances, while neglecting to support locally made cars.
Appointed and confirmed by the Senate in September 2023, Mr. Cardoso and his deputies — Emem Usoro, Philip Ikeazor, Bala Bello, and Sani Abdullahi — recently acquired six armored Lexus LX 600 2023 models, costing over N10 billion, according to sources. Reports suggest that while each deputy received one of the luxury SUVs, the governor obtained two, one for use in Lagos and another in Abuja. This purchase comes despite their existing armored vehicles in the official convoy.
In addition to the SUVs, Mr. Cardoso is said to have purchased about 20 new Toyota Camry cars at approximately N85 million each for CBN management and board members.
Further allegations from CBN insiders reveal that the governor and his deputies have increased their annual housing allowances to around N1 billion, despite residing in official luxury residences in Maitama, Abuja. Their international travel benefits have also been upgraded from business class to first class, with first-class tickets from Abuja to New York costing about $15,000. Moreover, their foreign travel allowances have reportedly been elevated to $7,000 per night during overseas trips.
Attempts to obtain a response from CBN spokesperson Hakama Sidi-Ali were unsuccessful, as she did not answer calls or reply to text messages.
The armored Lexus LX 600 vehicles, based on the Toyota Land Cruiser platform, are marketed towards wealthy clients seeking protection. They feature advanced armor capable of withstanding shots from a 7.62mm rifle and simultaneous blasts from two hand grenades. The standard model starts at $88,245, while armored versions exceed $200,000 depending on the configuration, including features like night vision cameras, fire suppression systems, and escape hatches.
