In a recent court hearing, former acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, disclosed that the controversial 2022 naira redesign exercise involved significant “politics and intrigues.” Shonubi made this revelation while testifying in the ongoing trial of former CBN Governor Godwin Emefiele at the Federal Capital Territory High Court in Maitama, Abuja.
Shonubi, who also served as the Deputy Governor of Operations at the CBN, explained that the redesigned naira notes released under Emefiele’s leadership differed from what former President Muhammadu Buhari had initially approved.
Intrigues and Politics Surrounding the Redesign
During his testimony before Justice Maryann Anenih, Shonubi revealed that Emefiele had informed senior officials that the naira redesign was influenced by political factors.
“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 stated.
However, he did not elaborate on the specific political factors or individuals involved.
Discrepancy Between Approved and Released Notes
Shonubi further testified that the redesigned currency produced by the CBN under Emefiele did not align with the version approved by President Buhari.
He stated, “The CBN, under Emefiele, produced something different from what former President Muhammadu Buhari approved.”
In response to questions from Emefiele’s lawyer, Olalekan Ojo (SAN), Shonubi explained that Emefiele presented a document bearing the President’s signature during a Committee of Governors meeting at the CBN. However, the notes that were ultimately released to the public were not in line with this approval.
Lack of CBN Internal Procedures
Shonubi also disclosed that Emefiele bypassed the standard procedures typically followed for currency redesigns at the CBN. Normally, the process begins with the Currency Management Department making a formal recommendation, followed by approval from the Committee of Governors and the CBN Board before the President’s endorsement is sought.
“The CBN did not follow the procedures for redesigning the currency. I was a member of the CBN Board as Deputy Governor, and the Chairman of both the COG and Board was the Governor,” Shonubi explained.
He also claimed that in 2021, the Currency Department had recommended a redesign of the naira, but Emefiele instructed that the proposal be delayed. This proposal resurfaced in 2022, but again, it was put on hold. Later that year, Emefiele informed the Deputy Governors that he had already received presidential approval for the redesign, bypassing the normal internal approval processes.
Interaction With the EFCC
Shonubi also mentioned that he had been questioned by the Economic and Financial Crimes Commission (EFCC) in connection with the redesign case. However, he clarified that no direct confrontation had occurred between him and Emefiele regarding his statements to the EFCC.
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Emefiele’s Sole Interaction With the President
When asked if he was privy to all the discussions between President Buhari and Emefiele regarding the currency redesign, Shonubi responded that Emefiele handled those interactions exclusively.
“I did not know everything that transpired between Emefiele and the President during the naira redesign,” Shonubi said.