A key witness testifies that the Naira notes released under the leadership of former CBN Governor Emefiele were not in line with the approval given by ex-President Buhari, raising questions about the currency redesign process.
Folashodun Shonubi, a former acting Governor of the Central Bank of Nigeria, testified on Wednesday before Justice Maryann Anenih at the Federal Capital Territory High Court in Maitama, Abuja. He stated that there were intrigues and politics involved in the naira redesign exercise conducted in 2022.
Shonubi, who previously served as the Deputy Governor of Operations and later became the acting CBN Governor before retiring, appeared in court to testify in the trial against former CBN Governor Godwin Emefiele.
He asserted that the redesigned naira notes issued by the CBN under Emefiele differed from what former President Muhammadu Buhari had approved.
While answering questions from Emefiele’s lawyer, Olalekan Ojo (SAN), Shonubi mentioned that the naira redesign initiative in late 2022, prior to the 2023 general elections, was heavily influenced by politics.
Shonubi stated, “The 2022 currency redesign was the only one I participated in. During our meetings with the defendant (Emefiele), he mentioned that politics and intrigues surrounded the entire process.”
However, he did not provide further details on the specifics of the intrigues and politics involved.
When questioned about whether the President had approved the naira redesign, the witness stated that Emefiele shared a document at one of the CBN’s Committee of Governors’ meetings. This document included the President’s signature.
He also disclosed that the redesigned naira notes produced by the CBN under Emefiele did not match what was approved by the President.
He stated, “Under Emefiele’s leadership, the CBN produced something different from what former President Muhammadu Buhari had approved.”
Shonubi mentioned that he did not encounter any letters from the Committee of Governors or the CBN board expressing protest or condemnation regarding the President’s approval for the currency redesign.
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When questioned about whether he was aware of all the details between President Buhari and Emefiele regarding the naira redesign exercise, he responded no.
He mentioned that Emefiele was the only one who discussed the issue with the President.
Shonubi revealed that he had previously been summoned by the Economic and Financial Crimes Commission regarding the redesign case, where he provided statements to them.
However, he mentioned that the EFCC did not facilitate a direct meeting between him and Emefiele to address the statements concerning Emefiele.
The witness additionally mentioned that Emefiele independently prepared the memo regarding the naira redesign and sent it to the President, bypassing the established procedures of the CBN.
He clarified that the usual protocols necessitate a recommendation for redesign to be made by the Currency Management Department of the CBN.
Shonubi explained that following these steps, a proposal would be sent to the Committee of Governors for review. If approved by the COG, it would advance to the CBN Board. The board then would recommend action to the President. Once presidential approval was obtained, an internal committee at the bank would be established to carry out the currency redesign process.
Deputy Governor Shonubi stated that he served as a member of both the COG and the CBN Board.
He claimed that Emefiele ignored a suggestion from the Currency Department in early 2021 to redesign the naira.
During my tenure as Deputy Governor, the naira was redesigned in 2022. However, the CBN did not adhere to the proper procedures for this process. At that time, I served on the CBN Board alongside other members with authority from our Chairman: The Governor; who also chaired both of these sections within Central banking operations known commonly around here simply “COG.”
Shonubi explained that in early 2021, before 2022, the Currency Department suggested redesigning the currency notes. A proposal was submitted to him; however, it was postponed at the Governor’s (CBN) direction. In 2022, they resubmitted the proposal and were instructed to wait once more.
In mid-October 2022, the bank’s Deputy Governors were summoned to a meeting in the Governor’s office, where he announced that he had obtained presidential approval for the currency redesign.
“He showed us the memo, the president’s signature, and the instructions on the last page,” Shonubi added.
After his testimony, the court postponed the case until October 9 for further hearing.
