Folashodun Shonubi, a former Acting Governor of the Central Bank of Nigeria (CBN), has revealed that he discovered politics and intrigues were involved in the 2022 naira redesign project.
Politics Affected the Naira Redesign, Emefiele Admitted, Says Former Acting Governor Of CBN
FILE PHOTO: Embattled former CBN Governor, Godwin Emefiele, in court in Abuja on Thursday, March 7, 2024
Prior to his appointment as Acting CBN Governor, Shonubi served as Deputy Governor (Operations). He claimed that Godwin Emefiele, the previous CBN Governor, had informed him and other individuals that the entire process involved political gamesmanship and intrigues.
At the resumption of the trial of the former governor of the CBN, Shonubi—who is now retired and the third witness for the prosecution—made this assertion in response to a query from Olalekan Ojo, the attorney for Emefiele.
The Federal Capital Territory (FCT) High Court is hearing a case against Emefiele from the Economic and Financial Crimes Commission (EFCC) regarding four charges that involve violating the law and causing harm to the public regarding the naira redesign exercise.
As an experienced CBN banker, Ojo had questioned Shonubi about his knowledge of the politics and machinations involved in the naira redesign project.
The witness stated that although he usually was unaware of it, he did learn that there were politics and intrigues involved in the exercise from Emefiele during one of their meetings.
Whether Emefiele informed them of the politics and intrigues, however, was not mentioned by the witness.
In response to the question of whether the president had approved the redesign of the naira, the witness stated that the defendant had produced a document bearing the president’s signature at a CBN Committee of Governors (COG) meeting.
However, Shonubi claimed that what President Bola Buhari had approved was not the same as what the CBN under Emefiele had produced following the naira redesign exercise.
He claimed that President Buhari was the one who introduced the redesigned naira notes, and he was not aware of any correspondence the president had voiced disapproval of the redesign.
The witness further stated that he had not seen any correspondence from the COG or the CBN board opposing or denouncing the president’s approval of the currency redesign.
The witness denied knowing everything that happened between President Buhari and Emefiele during the naira redesign exercise.
According to Shonubi, he was not present during the defendant’s oral discussions with the then-president regarding the naira redesign exercise.
He claimed that the defendant was the only one speaking with the president about this matter.
Shonubi acknowledged that he made statements and that the EFCC had once invited him to discuss the case.
He did, however, clarify that there was no physical altercation between the EFCC and the defendant regarding the contents of the defendant’s statements pertaining to him.
The witness stated that the redesigned naira notes that were produced by the CBN under Emefiele were not the same as those that the President had approved when they were being led into evidence earlier by Rotimi Oyedepo, the prosecuting attorney.
According to him, Emefiele wrote the memo that was sent to the president regarding the redesign of the naira.
Shonubi claimed that the CBN did not adhere to its established protocols for currency redesign while Emefiele was in charge.
According to him, the standard process was for the CBN’s Currency Management Department to recommend that the currency be redesigned, and then a paper would be sent to the bank’s Committee of Governors (COG) for review.
The witness further stated that the CBN Board would recommend something to the President of the Federal Republic of Nigeria after receiving approval from the COG.
He stated that an internal committee would be formed by the bank to carry out the currency redesign exercise following receipt of the President’s approval.
Deputy Governor Shonubi informed the court that Emefiele resigned following a recommendation from the bank’s Currency Department made in early 2021. Shonubi claimed to be a member of both the COG and CBN Board.
After that, Judge Maryanne Anenih postponed the case until October 9 in order to hold additional hearings.
