A former acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, testified in the trial of ex-CBN Governor Godwin Emefiele at the Federal Capital Territory High Court in Abuja. Shonubi, who served as Deputy Governor of Operations before becoming acting CBN Governor, stated that the 2022 naira redesign exercise was influenced by politics and intrigues.
“The currency redesign of 2022 was the only one I was part of. When we had meetings with the defendant (Emefiele), he said there were politics and intrigues around the whole exercise,” Shonubi said.
He revealed that the redesigned naira notes produced by the CBN under Emefiele differed from President Muhammadu Buhari’s approved design.
“The CBN, under Emefiele, produced something different from what former President Muhammadu Buhari approved,” Shonubi stated.
Shonubi confirmed that Emefiele presented a document with Buhari’s signature during a Committee of Governors’ meeting, but noted that standard procedures were not followed. The typical process involves:
1. Recommendation from the Currency Management Department
2. Submission to the Committee of Governors
3. Approval from the CBN Board
4. Recommendation to the President
Emefiele allegedly bypassed these procedures, preparing and sending the memo directly to the President.
Shonubi also disclosed that he was invited by the Economic and Financial Crimes Commission (EFCC) regarding the redesign case and made statements, but no face-to-face confrontation occurred.
As Deputy Governor, Shonubi was part of the Committee of Governors and CBN Board. He claimed Emefiele disregarded a 2021 recommendation from the Currency Department for a naira redesign.
“In early 2021, the Currency Department recommended the redesign of the currency notes. A paper was presented to me, but on the instruction of the Governor (CBN), it was stepped down,” Shonubi explained.
In October 2022, Emefiele informed Deputy Governors of presidential approval for the redesign, showing them the memo and Buhari’s signature.
The court adjourned the case until October 9 for further hearing.
Shonubi’s testimony raises questions about Emefiele’s actions and potential political motivations behind the naira redesign exercise.
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