₦airaland Forum

Umarnuhu1990:
I understand the concerns raised regarding the recent appointments at the Central Bank of Nigeria (CBN). Let’s address each point systematically:
1. Appointment Process and Best Practices: The necessity for transparent and merit-based hiring is paramount. The consultants in question bring specialized expertise that complements the existing team. While their appointments may not have followed traditional procedures, it’s essential to recognize that in times of significant reform, unconventional methods can be employed to address unique challenges effectively.
2. Qualifications and Necessity: The addition of these consultants, who hold advanced degrees and possess extensive international experience, aims to infuse fresh perspectives into the CBN. Their roles are not redundant but are designed to tackle specific issues that require their unique skill sets. Investing in such talent, even during economic constraints, can lead to long-term benefits that outweigh the initial costs.
3. Remuneration Concerns: The reported salaries of the consultants have raised eyebrows, especially in comparison to existing directors. However, it’s crucial to consider the global market rates for such expertise. Attracting top-tier talent often necessitates competitive compensation. Moreover, their contributions are expected to drive reforms that could significantly enhance the nation’s economic standing, potentially justifying their remuneration.
4. Comparison to Foreign Consultants: Engaging local experts with global experience, as opposed to foreign consultants, not only retains funds within the country but also ensures that the solutions are tailored to Nigeria’s unique context. While the costs are substantial, they are competitive when compared to international consultancy fees, and the cultural relevance they bring is invaluable.

In summary, while the concerns about process and remuneration are valid, it’s essential to balance them against the potential benefits these consultants bring. Their specialized skills and experiences are assets aimed at navigating the CBN through complex reforms. Transparency and clear communication about their roles and the expected outcomes can help in aligning our perceptions shaa

You are the world's biggest comedian for tagging me to this AI crap

I wish I can get the link to the Premium Times column too

The more noise they make, the more you know the reforms are working. If Cardoso wasn’t stepping on the right toes, we wouldn’t be seeing this coordinated smear campaign. They miss the days when they could manipulate the FX market and make billions overnight!!

Wallade:
Why didn't you start by addressing the legality of the employment of Consultants by CBN.

Are those appointments legal?
Are the remunerations payable to the consultants legal, justified and approved by the board.?
What are the consultants job description and are those jobs duplication of director's jobs?

Don't come telling us about international remuneration of consultants. Are those consultants not working in Nigeria? Is the salary scale in the USA or Britain the same with the scale in Nigeria across profession?

Don't tell about their degrees and certificates because I believe that the legality of their employment comes first.

Since you're so deeply concerned about legalities, I assume you’ve read the CBN Act and its provisions on hiring consultants? No? Alright, let’ me break it down for you.

1. Legality of Appointments? Absolutely legal. The CBN, like every institution, has the right to engage consultants for specialized work.

2. Are these roles duplicating directors’ jobs? That’s an easy one. No. Directors oversee departments, while consultants bring in external expertise to execute reforms at a strategic level. But let’s be honest, the real issue here isn’t duplication, it’s that these reforms are working, and some people don’t like that.... might i add I suspect you are one of the poor attack dogs they are paying to run faster than common sense.

3. Degrees and certificates don’t matter? Oh, but they do, especially when critics imply these women were picked out of thin air. If we’re going to debate the necessity of hiring, let’s at least acknowledge the credentials that make them worth hiring in the first place.

4. Why compare to foreign consulting firms when Nigeria is not the US or UK? Oh, I see. So when Nigeria hires PwC, KPMG, and McKinsey to advise on economic policy, nobody asks if their fees match "Nigeria’s salary scale”? But now, because these are highly qualified Nigerians, suddenly, we must earn “Nigeria-level wages” despite providing global expertise. I am getting you... However, I suspect you are not getting yourself

Wallade:
That Premium News or this article are sponsored or hatched jobs are not our usiness. That is not the crux of the matter.

We are not exactly bothered about who benefits from the articles or newspaper posts. We don't see it as discrediting any one, we are rather focusing on the possible need of employment of the consultants or otherwise

We don't care about the gender of the consultants or the motive of the person that hired them.

1. Why hire them?
2. Js their employment legal?
3. Why are they on such extraordinary remuneration package?
4. Why do you need consultants when there are directors that can do such jobs?

Ah Oga , so you don’t care about the motives behind the smear campaign, yet you are here repeating the attack points verbatim? Na wa for you oh!

Since you’re laser-focused on consultants, let’s be clear:

Why hire them? Because cleaning up years of financial mismanagement requires expertise beyond the old guard.
Is their employment legal? Yes, the CBN Act allows it. No law have ben broken.
Why the remuneration? Because quality expertise isn’t cheap, and the results are showing, stronger remittance inflows, naira stabilization, and better financial oversight.... If you truly care about the real issues, these facts don't lie
Why not just use directors? Because the same directors were there when the CBN was bleeding.. spending over 8 trillion naira in interventions and yet the economy entered gutter. Fresh expertise is how you break the cycle of failure.

So lets be honest here... do you actually want answers, or just a reason to be upset?

ejunkie:
Since you're so deeply concerned about legalities, I assume you’ve read the CBN Act and its provisions on hiring consultants? No? Alright, let’ me break it down for you.

1. Legality of Appointments? Absolutely legal. The CBN, like every institution, has the right to engage consultants for specialized work.

2. Are these roles duplicating directors’ jobs? That’s an easy one. No. Directors oversee departments, while consultants bring in external expertise to execute reforms at a strategic level. But let’s be honest, the real issue here isn’t duplication, it’s that these reforms are working, and some people don’t like that.... might i add I suspect you are one of the poor attack dogs they are paying to run faster than common sense.

3. Degrees and certificates don’t matter? Oh, but they do, especially when critics imply these women were picked out of thin air. If we’re going to debate the necessity of hiring, let’s at least acknowledge the credentials that make them worth hiring in the first place.

4. Why compare to foreign consulting firms when Nigeria is not the US or UK? Oh, I see. So when Nigeria hires PwC, KPMG, and McKinsey to advise on economic policy, nobody asks if their fees match "Nigeria’s salary scale”? But now, because these are highly qualified Nigerians, suddenly, we must earn “Nigeria-level wages” despite providing global expertise. I am getting you... However, I suspect you are not getting yourself

1. I am not certain that their employment conforms with the requirements of the CBN act in respect of employing consultants - non direct staff. The special nature of the consultants jobs, in this case, has not been proven beyond reasonable doubt.

2. How can you say these roles are not duplication? Directors don't just oversee departments, those are simply a middle management level responsibilities. Do you even know who and what a director is in an organization? I bet you have never worked in a highly structured organization otherwise you will not reduce Directors to middle level management staff. Do you know that the directors are almost at par with the governors(includong the deputy governors) in CBN. In a standard organization, directors are on board of the organization, they also include executive directors who actively engage in running the business affairs of the organization. Are you the one trying to reduce the directors to limited roles to create the need to employ consultants to do the works that directors, deputy governors can or should do. What then are those directors and Deputy governors being paid to do? I honestly think you are the one without sense of what a corporate organization should be, rather you are used to the limiteds that run as one-man-business.

3. Yes! Degree and certificates matter to the extent that it is essential to recruitment of staff, along with some other skills set, in the first place. If Cardoso must work with those ladies, why not recruit them as directors in CBN. That way, their remuneration will be in line with the HR policy of CBN and not draw this kind of attention. Why must they be recruited as consultants? Consultants to do what? I am telling you again that a critical look at their roles and responsibilities will be exactly what directors and deputy governors can do in CBN.

4. You mentioned PwC, KPMG, and McKinsey, those are firms that can be employed as consultants and they will come with a team of staff to do their job within a defined(temporary) period and leave. The current consultants in CBN are recruited in personal capacity (as individual) on such exorbitant and outrageous remuneration. Even these PwC, KPMG, and McKinsey that you mentioned would not bill clients in Nigeria the way they would bill in other climes. The pay scale in every country varies and this is applicable to all employments. In my opinion and perhaps general opinion, their remuneration is extremely high and unrealistic with the Nigerian wage structure. I also don't think such remuneration is justifiable in CBN considering staff remuneration structure in CBN and wage structure in the Nigerian business environment.

Finally, I think you are the one who needs to be more realistic, objective and critical in decision making. You will make a poor business manager, administrator or Chief Executive Officer or Director eventually. You are the type that runs organization into loss and bankruptcy by satisfying your greedy desires to live large on the resources of the organization, make poor risk management decisions and spend the resources of the organization carelessly.

We should put your Curriculum Vitae on red flag🚩

ejunkie:
Ah Oga , so you don’t care about the motives behind the smear campaign, yet you are here repeating the attack points verbatim? Na wa for you oh!

Since you’re laser-focused on consultants, let’s be clear:

Why hire them? Because cleaning up years of financial mismanagement requires expertise beyond the old guard.
Is their employment legal? Yes, the CBN Act allows it. No law have ben broken.
Why the remuneration? Because quality expertise isn’t cheap, and the results are showing, stronger remittance inflows, naira stabilization, and better financial oversight.... If you truly care about the real issues, these facts don't lie
Why not just use directors? Because the same directors were there when the CBN was bleeding.. spending over 8 trillion naira in interventions and yet the economy entered gutter. Fresh expertise is how you break the cycle of failure.

So lets be honest here... do you actually want answers, or just a reason to be upset?

You are nobody to get me upset; you are only speaking based on your understanding of management and business administration so I am only reading your skills set.

1. If you must hire them to do your "assumed and subjective" cleanup of financial mismanagement, why not employ them as staff?

2. I am not completely certain about the legality of their employment however, if it is completely legal, then why the noise about it?

3. What do you mean by the statement - expertise isn't cheap? The salary structure of CBN is not cheap either. Why should CBN employ individuals as consultants and pay them outrageous and exorbitantly, even beyond the remuneration of deputy governors. They are temporary staff for business sake and I think if their role and responsibility is defined and advertised for willing consultants to apply, we would see highly and more skilled and qualified consultants offer to take the jobs at highly reduced remuneration.

4. Are you saying that directors can't be replaced? If you feel you can't trust the old directors to do their jobs, you can employ new directors, promote new directors and head hunt new directors to have them drive your policies or culture or strategies that you desire in the organization.

You are just out to defend without reasoning critically, objectively and properly.

Wallade:
1. I am not certain that their employment conforms with the requirements of the CBN act in respect of employing consultants - non direct staff. The special nature of the consultants jobs, in this case, has not been proven beyond reasonable doubt.

2. How can you say these roles are not duplication? Directors don't just oversee departments, those are simply a middle management level responsibilities. Do you even know who and what a director is in an organization? I bet you have never worked in a highly structured organization otherwise you will not reduce Directors to middle level management staff. Do you know that the directors are almost at par with the governors(includong the deputy governors) in CBN. In a standard organization, directors are on board of the organization, they also include executive directors who actively engage in running the business affairs of the organization. Are you the one trying to reduce the directors to limited roles to create the need to employ consultants to do the works that directors, deputy governors can or should do. What then are those directors and Deputy governors being paid to do? I honestly think you are the one without sense of what a corporate organization should be, rather you are used to the limiteds that run as oon-man-business.

3. Yes! Degree and certificates matter to the extent that it is essential to recruitment of staff, along with some other skills set, in the first place. If Cardoso must work with those ladies, why not recruit then as directors in CBN. That way, their remuneration will be in line with the HR policy of CBN and not draw this kind of attention. Why must they be recruited as consultants? Consultants to do what? I am telling you again that a critical look at their roles and responsibilities will be exactly what directors and deputy governors can do in CBN.

4. You mentioned PwC, KPMG, and McKinsey, those are firms that can be employed as consultants and they will come with a team of staff to do their job within a defined(temporary) period and leave. The current consultants in CBN are recruited in personal capacity (as individual) on such exorbitant and outrageous remuneration. Even these PwC, KPMG, and McKinsey that you mentioned would not bill clients in Nigeria the way they would bill in other climes. The pay scale in every country varies and this is applicable to all employments. In my opinion and perhaps general opinion, their remuneration is extremely high and unrealistic with the Nigerian wage structure. I also don't think such remuneration is justifiable in CBN considering staff remuneration structure in CBN and wage structure in the Nigerian business environment.

Finally, I think you are the one who needs to be more realistic, objective and critical in decision making. You will make a poor business manager, administrator or Chief Executive Officer or Director eventually. You are the type that runs organization into loss and bankruptcy by satisfying your greedy desires to live large on the resources of the organization, make poor risk management decisions and spend the resources of the organization carelessly.

We should put your Curriculum Vitae on red flag

Ah yes, our self-appointed Wailer of CBN Affairs has returned with another TED Talk on governance. It must be exhausting carrying all your righteous pride on your shoulders. Let me address your very deep concerns again..

1. “I am not completely certain about the legality…” Oh, you are not certain anymore? Fantastic! So you are leading this parade of outrage with vibes and assumptions? Maybe next time, you should try knowing before shouting. Just some common sense advise.

2. “Why not just make them staff?” Because the CBN needed actual reformers, not permanent salary collectors playing office politics. Consultants are brought in to fix, execute, and leave.

3. “What do you mean expertise isn’t cheap?” So you want A-list expertise to advise on monetary policy for a $362.81 billion on a roadside corn seller’s budget Meanwhile, the Naira is actually stabilizing and foreign investment is picking up, but I guess real results don’t hit as hard as anonymous online tantrums Oh!

4. “You’d make a terrible CEO”....and you my Oga, would make an excellent head of the Ministry of Bitterness & Complain Without Facts. I am sure you are a premium candidate.

5. “We should put your CV on red flag” Please do. Maybe print it out and use it to wipe away your tears while watching the Naira hit below ₦1,600. Must be painful seeing reforms actually working.

what does the law, in this case, the CBN act and public sector regulations say about their appointment, tenure of stay and remuneration? If these do not conform with the extant laws, then, they are illegalities. Gender, academic qualifications and work experience cannot make them legal..

ogugwa1992:
It’s interesting how some people are quick to scream “paid article” without questioning whether the initial hit piece itself was a well-orchestrated smear campaign. Let’s take a step back.

The Premium Times article wasn’t an investigative report, it was an attack piece designed to discredit specific individuals while conveniently ignoring the broader context. It selectively targeted female consultants, completely sidestepping the appointment of male consultants in similar roles. That’s not journalism; that’s an agenda.

The real question we should be asking is: Who benefits from discrediting this administration’s reforms? Who stands to gain from derailing policies that are already restoring investor confidence and stabilizing the economy?

What has CBN done other than imposing levies here and there on the transactions of hard working citizens? How has CBN better the life of Nigerians? How has CBN ease the harsh business climate in Nigeria? Cadoso or whatever the Bleep his name is, is just another drain pipe for Tunibu.

Umarnuhu1990:
When CBN be like mafia den under EmfieleWEREY, una no talk. Now wey dem dey try clean am up, una wan dey do investigative journalism. Mscheew!

Clean up BUHARI own and steal your own abi?

I love Nigeria no be small.


😂😂😂😂😂😂😂

If you have an iota of brain in this country please just japa because your fellow citizen have sworn not to progress and will drag you down with them.

An article was released on how consultants were hired without following due process and paid extravagant fees. One APC apologist has released defense to call it sexism citing their qualifications and saying they are cleaning house at CBN to justify it.

Wonders shall never end. So if he is cleaning house he shouldn’t follow due process? What service do they bring to justify their exorbitant fees? How much does KPMG collect for annual audit that someone will collect 35m a month. Defend all you want, after Cardoso’s tenure we will hear the one he has done. If truly you are cleaning house you lead by example. Corruption cannot cancel corruption.

ejunkie:
Ah yes, our self-appointed Wailer of CBN Affairs has returned with another TED Talk on governance. It must be exhausting carrying all your righteous pride on your shoulders. Let me address your very deep concerns again..

1. “I am not completely certain about the legality…” Oh, you are not certain anymore? Fantastic! So you are leading this parade of outrage with vibes and assumptions? Maybe next time, you should try knowing before shouting. Just some common sense advise.

2. “Why not just make them staff?” Because the CBN needed actual reformers, not permanent salary collectors playing office politics. Consultants are brought in to fix, execute, and leave.

3. “What do you mean expertise isn’t cheap?” So you want A-list expertise to advise on monetary policy for a $362.81 billion on a roadside corn seller’s budget Meanwhile, the Naira is actually stabilizing and foreign investment is picking up, but I guess real results don’t hit as hard as anonymous online tantrums Oh!

4. “You’d make a terrible CEO”....and you my Oga, would make an excellent head of the Ministry of Bitterness & Complain Without Facts. I am sure you are a premium candidate.

5. “We should put your CV on red flag” Please do. Maybe print it out and use it to wipe away your tears while watching the Naira hit below ₦1,600. Must be painful seeing reforms actually working.

All your responses are petty and sentimental, though expected, but I will respond to your number 2 and 3. Kindly excuse me for ignoring the rest, I don't have time for petty banters.

2. Have you ever read a book - "Good to Great" written by Jim Collins or "Built to Last" by the same author? I doubt it so I want to recommend it to you.
Anyway, since we have an understanding that consultants are not permanent, as you said - "brought to fix, execute and leave".Then would you agree with me that CBN os a going concern, it will exist into the foreseeable and perhaps unforeseeable future. Don't you think the human resources that would provide solutions to the challenges, businesses and affairs of CBN should be permanent staff. Why do you think the case study companies selected for the research in "Good to Great" we're companies that have had minimum of 3 generations of Chief Executive Officers? It was generally accepted by the team of researchers that a great organization is such that has built a system powered, driven and operated by persons who come into the organization and fit into the system to keep the greatness running. They distinguished between organizations that were led by great leaders and great organizations that were driven by a system and preferred the later as criteria for greatness.
This is to tell you that you can only build, operate and sustain greatness in an organization when you recruit human resources with necessary qualification, skills set(including soft skills), attitude and intelligence and train the human resources on the organization's policies, strategies, culture, values, standard operating procedures and plans to enable them key into your mission and vision effectively. All I have explained is to tell you that recruiting and training permanent staff will help the management of CBN build a lasting greatness in the organization than engaging temporary consultants or staff that will come and go within a short period of time and definitely not focused on building a sustainable success because their deliverables and terms of employment are in the short term. CBN needs more of permanent staff and train them to succeed and be great. Who dares to say staff can't be reformers - you only need to start with a few in the right positions and the reforms will trickle down.

3. Every A-list experts must understand that the organization you apply to work. Infact, before you go for interview or when contacted by headhunters, you should do more research on the organization you would like to offer your services. You can put a price to your skills and quality but it is still the organization that will determine what remuneration to offer you and it is up to you to accept or reject it. That is the tradition in the employment market except for a few exceptions which often turn out to be poor recruitment strategies.
The CBN can put my position to test by advertising the position of the consultants and give fair and equal opportunity to all and let us see the lots of skilled, excellently qualified, experienced and equipped consultants that will offer to take those jobs at highly reduced remuneration.

Meanwhile, which naira is stabilizing, you call what we have witnessed in the exchange rate market since 2024 "stabilising"?

You said foreign investment is picking up but it has not translated into employment, improved personal income, standard of living and development of the people in Nigeria. If I have to discuss the economy with respect to the monetary policies of the CBN so far, you would assume that I am anti Federal Government or CBN so let's not go there.

And you - stop being delusional!.

Thank you for providing the necessary balance.

One would think there were only 3 consultants in CBN and all were women. I felt this was unlikely being aware of the tendency for a lot of our men folk to presume that our women are less intelligent and a damsel in distress needing a knight in shiny harmour to come and rescue her.

African women are indeed one of the smartest species in a general sense. See as other races are snapping them up all over the world.

A good African woman is worth more than her weight in gold and if she agrees to marry you then you have won the jackpot.

.

Josepholome:
https://guardian.ng/opinion/letters/the-high-price-of-excellence-an-exclusive-on-the-cbn-by-afusat-kassim/

Crap!

The women should return the excess salary the took from the federal government and leave the apex Bank. If necessary, Cardoso should be investigated.

They should learn from emefailure

Sponsored post I guess.. Next pls

Josepholome:
https://guardian.ng/opinion/letters/the-high-price-of-excellence-an-exclusive-on-the-cbn-by-afusat-kassim/

The main thrust of the Premium Times report is the incomparable humongous compensation for the "Cardoso Women" and their unprecedented influence on affairs in CBN. Surprisingly or unsurprisingly,
this responder carefully avoided those two key issues to focus on the qualifications and pedigree of the women. She should address the key issues and stop beating about the bush.

How can a single consultant at the level of a Deputy Director be earning 15 times the official remuneration of Depufy Directors? What was the yard stick used to determine such compensation? Furthermore the Premium Times piece talked about lack of compliance with regulations in the engagement and compensation of the "Cardoso Women" and this responder against carefully avoided that issue. Who is she trying to fool?