CBN Governor Reportedly Acquire N10bn Bulletproof SUVs Amid Economic crisis

This alleged spending spree by the CBN leadership comes at a time when many Nigerians are struggling to make ends meet amidst rising costs and economic instability.

Abuja, Nigeria — As Nigeria grapples with severe economic challenges and soaring inflation, the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, and his four deputies have reportedly purchased bulletproof SUVs worth over N10 billion.

According to sources cited by Daily Nigerian, these high-ranking CBN officials have been engaging in lavish spending, including the acquisition of ultra-modern armored vehicles and the significant increase of their allowances, at a time when many Nigerians are facing economic difficulties.

The report alleges that Governor Cardoso recently acquired six armored Lexus LX 600 2023 models—two for himself and four for his deputies: Emem Usoro, Philip Ikeazor, Bala Bello, and Sani Abdullahi.

The total cost of these vehicles is said to exceed N10 billion. Cardoso reportedly took possession of two SUVs for his personal use in Lagos and Abuja, while each of the four deputies received one vehicle.

Additionally, the CBN officials were reported to have already had armored vehicles in their convoys prior to this new acquisition. In a further display of extravagance, the CBN is also said to have purchased about 20 Toyota Camry cars, each valued at approximately N85 million, for the use of management and board members.

In a related development, the report claims that the CBN governor and his deputies have substantially increased their annual housing allowances to nearly N1 billion, despite residing in official quarters in the upscale Maitama district of Abuja.

Moreover, the officials have allegedly upgraded their international travel privileges from business class to first class, with the cost of a first-class ticket from Abuja to New York currently around $15,000. Their foreign travel allowances have also reportedly risen, with each official receiving $7,000 per night during overseas trips.

This alleged spending spree by the CBN leadership comes at a time when many Nigerians are struggling to make ends meet amidst rising costs and economic instability.