A former acting Governor of the Central Bank of Nigeria, Folashodun Shonubi, on Wednesday, told Justice Maryann Anenih of the Federal Capital Territory High Court in Maitama, Abuja, that intrigues and politics were involved in the naira redesign exercise carried out in 2022.
Shonubi, who served as the Deputy Governor of Operations before his appointment as acting CBN Governor and is now retired, appeared in court as a witness in the trial of ex-CBN Governor, Godwin Emefiele.
He claimed that the redesigned naira notes released by the CBN under Emefiele were different from what ex-President Muhammadu Buhari approved.
While responding to questions from Emefiele’s lawyer, Olalekan Ojo (SAN), Shonubi said the late 2022 naira redesign exercise, ahead of the 2023 general elections, was fraught with politics.
“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 what the intrigues and politics entailed.
When asked if there was indeed presidential approval for the naira redesign, the witness said Emefiele presented a document during one of the CBN’s Committee of Governors’ meetings, which contained the signature of the President.
He also revealed that the redesigned naira notes produced by the CBN under Emefiele were not the same as what was approved by the President.
“The CBN, under Emefiele, produced something different from what former President Muhammadu Buhari approved,” he stated.
Shonubi added that he did not come across any letter from either the Committee of Governors or the CBN board protesting or condemning the President’s approval for the currency redesign.
When asked if he knew everything that transpired between President Buhari and Emefiele during the naira redesign exercise, he replied in the negative.
He explained that Emefiele alone interacted with the President on the issue.
Shonubi also disclosed that he was once invited by the Economic and Financial Crimes Commission in connection with the redesign case and made statements to the commission.
However, he said the EFCC did not conduct a face-to-face confrontation between him and Emefiele regarding the statements related to Emefiele.
The witness further stated that the memo presented to the President for the naira redesign was solely prepared by Emefiele and sent to the President without following the laid down procedures of the CBN.
He explained that the standard procedures require the Currency Management Department of the CBN to make a recommendation for the redesign.
“After that, a proposal would be submitted to the Committee of Governors for consideration. Upon the COG’s approval, the matter would be forwarded to the CBN Board, which, in turn, would make a recommendation to the President. After receiving the President’s approval, the bank would then set up an internal committee to execute the currency redesign exercise,” Shonubi explained.
As a Deputy Governor of the apex bank, Shonubi said he was a member of both the COG and CBN Board.
He alleged that Emefiele disregarded a recommendation made in early 2021 by the Currency Department for a naira redesign.
“While serving as Deputy Governor, there was a time when the naira was redesigned — that was in 2022. 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.
“Prior to 2022, 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. In 2022, we again presented the paper and were asked to hold on,” Shonubi explained.
“In mid-October 2022, the Deputy Governors of the bank were invited to a meeting in the Governor’s office, where he informed us that he had received presidential approval for the currency redesign.
“He showed us the memo, Mr. President’s signature, and the instructions on the last page,” Shonubi added.
Following his testimony, the court adjourned the case until October 9 for further hearing.
Madukwe B. Nwabuisi is an accomplished journalist renown for his fearless reporting style and extensive expertise in the field. He is an investigative journalist, who has established himself as a kamikaze reporter.
