A former Acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, revealed that he became aware of the intrigues and politics surrounding the naira redesign initiative carried out in 2022. Shonubi, who served as Deputy Governor (Operations) before becoming Acting CBN Governor, stated that the former CBN Governor, Godwin Emefiele, informed him and others about the political dynamics involved in the process.
Shonubi, now retired and serving as the third witness for the prosecution, made this statement during the ongoing trial of Emefiele, who is facing charges from the Economic and Financial Crimes Commission (EFCC) in the High Court of the Federal Capital Territory (FCT) for alleged disobedience to legal directives and actions causing public harm regarding the naira redesign.
In response to a question from Emefiele’s attorney, Olalekan Ojo, about whether he, as an experienced CBN banker, was aware of the political intrigues, Shonubi indicated that he initially did not know but learned from Emefiele during a meeting that such intrigues existed. However, he did not specify what these intrigues entailed.
When asked if there was presidential approval for the naira redesign, Shonubi confirmed that Emefiele had presented a document bearing the president’s signature during a meeting of the CBN’s Committee of Governors (COG). Nevertheless, he noted that the redesigned naira notes produced by the CBN under Emefiele differed from what President Bola Buhari had approved. Shonubi added that while President Buhari launched the redesigned notes, he was unaware of any letter from the president expressing dissatisfaction with the redesign process.
Shonubi also mentioned that he did not encounter any letters from either the COG or the CBN board protesting the president’s approval for the currency redesign. He stated that he was not privy to the discussions between President Buhari and Emefiele regarding the redesign, emphasizing that only Emefiele engaged directly with the president on the matter.
He confirmed that he had been approached by the EFCC once regarding the case and had provided statements but clarified that there had been no direct confrontation between him and Emefiele about the content of those statements.
Earlier, while giving evidence led by prosecuting attorney Rotimi Oyedepo, Shonubi reiterated that the naira notes produced by the CBN under Emefiele did not match the president’s approved designs. He stated that the memorandum for the redesign was prepared solely by Emefiele and submitted to the president.
Shonubi explained that the CBN, under Emefiele, did not adhere to its established procedures for currency redesign, which typically involve the Currency Management Department making recommendations that are then considered by the COG before being presented to the CBN Board and ultimately to the President of Nigeria. He noted that after receiving the president’s approval, an internal committee would be formed to carry out the redesign.
As a Deputy Governor, Shonubi was a member of both the COG and the CBN Board and indicated that Emefiele had bypassed a recommendation made by the Currency Department in early 2021.
Justice Maryanne Anenih subsequently adjourned the case until October 9 for further proceedings.
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