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 carried out in 2022.
Shonubi, who was the Deputy Governor of Operations before he was appointed Acting CBN Governor but is now retired, in his response to the question of defence counsel, Olalekan Ojo (SAN), at the continuation of hearing in the trial of a former CBN governor, Godwin Emefiele, told the court that the former apex bank chief told him and others that there were intrigues and politics in the naira redesign.
Emefiele, before Justice Anenih’s court, is facing a four-count charge bordering on disobedience to the direction of law and illegal act causing injury to the public about the naira redesign brought against him by the Economic and Financial Crimes Commission.
Shonubi, led in evidence by prosecuting counsel, Rotimi Oyedepo (SAN), said, “The currency redesign of 2022 was the only one that I was part of. When we had meetings with the defendant (Emefiele), he said there were politics and intrigues around the whole exercise.”
Shonubi’s answer was to the question Ojo asked him if, as a seasoned CBN banker, he was aware of the intrigues and politics in the naira redesign.
Shonubi further explained that he initially wasn’t in the know about the politics and intrigues, but was told by Emefiele, during one of their meetings, that there were indeed intrigues and politics in the exercise.
He however did not further explain what the intrigues and politics were about.
When asked if indeed there was presidential approval for the naira redesign, the witness said the defendant presented a document during one of the meetings of the CBN’s Committee of Governors containing the signature of the president.
He also said what was produced by the CBN under Emefiele, as the redesigned naira notes were not the same as what was approved by the President.
Folashodun Shonubi, former Acting Governor of the Central Bank of Nigeria (CBN), testified before Justice Maryann Anenih at the Federal Capital Territory High Court in Maitama, Abuja, revealing that intrigues and politics played a role in the 2022 naira redesign.
This was disclosed during the trial of former CBN Governor Godwin Emefiele, who is facing a four-count charge filed by the Economic and Financial Crimes Commission (EFCC), including disobedience to law and acts causing public injury.
Shonubi, who served as the Deputy Governor of Operations at the time, stated that Emefiele had informed him and others about the political influences surrounding the currency redesign during one of their meetings.
He admitted that he was initially unaware of the underlying politics but was made aware by Emefiele.
In response to a question about presidential approval for the redesign, Shonubi confirmed that Emefiele had presented a document with the president’s signature during a Committee of Governors meeting.
However, he noted that the naira notes eventually produced were not the same as those initially approved by the President.
He said what the CBN under Emefiele produced after the naira redesign was different from what the former President, Muhammadu Buhari approved.
He also said the redesigned notes were launched by Buhari, and he wasn’t aware of a letter from the president complaining about the naira redesign.
The witness also said he did not come across any letter from either the Committee of Governors or the board of the CBN protesting against or condemning the approval of the president for currency redesign.
When asked if he knew all that transpired between Buhari and Emefiele in the course of the naira redesign, he answered no.
He said it was only Emefiele who was interacting with the president on the issue.
He said he was once invited by the EFCC in connection to the redesign case and that he made statements.
He however said the EFCC did not have a physical confrontation between him and the defendant concerning what was contained in his statements that related to Emefiele.
He said the memo presented to the president for the naira redesign was solely prepared by Emefiele and sent to the president.
He added that the CBN, under Emefiele, did not follow its laid down procedures for the currency redesign.
The witness explained that the normal procedures involved the Currency Management Department of the CBN making recommendations for currency redesign. After this, a paper would be submitted to the Committee of Governors of the bank for consideration.
He added that upon the COG’s approval, the CBN Board would make recommendations to the President. After receiving the President’s approval, the bank would then set up an internal committee to execute the currency redesign exercise.
The witness, who served as a Deputy Governor of the apex bank and was a member of both the COG and CBN Board, stated that Emefiele disregarded the recommendation made in early 2021 by the apex bank’s Currency Department.
He said, “While serving as Deputy Governor, there was a currency redesign in 2022. The CBN did not follow the procedures for redesigning the currency. I was a member of the CBN Board as Deputy Governor. The Chairman of both the COG and board was the Governor. Before 2022, in early 2021, the Currency Department recommended the redesign of the currency notes.
“A paper was presented to me, and on the instruction of the Governor (CBN), it was disregarded. In 2022, we again presented the paper and were asked to hold on.
“In mid-October 2022, the Deputy Governors of the bank were invited to a meeting in the office of the Governor, where he informed us that he had presidential approval for currency redesign.
“He showed us the memo, Mr. President’s signature, and instructions on the last page.”
The court subsequently adjourned till October 9
for further hearing after the witness finished with his testimony.
