Former Central Bank of Nigeria (CBN) acting Governor, Folashodun Shonubi, testified in court that the naira redesign exercise carried out in 2022 was influenced by politics and intrigues.
He claimed that the redesigned naira notes released by the CBN under Godwin Emefiele’s leadership differed from what ex-President Muhammadu Buhari approved.
Shonubi, who served as Deputy Governor of Operations before becoming acting CBN Governor, is now retired. He appeared as a witness in Emefiele’s trial, stating that Emefiele informed him and others about the politics and intrigues surrounding the naira redesign.
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,” he stated.
During the 2022 naira redesign, Shonubi confirmed that Emefiele presented a document with President Buhari’s signature, indicating presidential approval.
“The CBN, under Emefiele, produced something different from what former President Muhammadu Buhari approved,” he stated.
Nonetheless, Shonubi asserted that the actual redesigned naira notes deviated from the approved design.
He also mentioned that Emefiele alone interacted with President Buhari regarding the redesign, and he wasn’t aware of the details discussed.
The standard procedures for currency redesign, as explained by Shonubi, involve the Currency Management Department making a recommendation, followed by submission to the Committee of Governors, CBN Board, and finally, presidential approval.
“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. However, Emefiele allegedly bypassed these procedures by directly sending the memo to the President without proper approvals.
Shonubi’s testimony also revealed that the Economic and Financial Crimes Commission (EFCC) had invited him regarding the redesign case, but no face-to-face confrontation occurred between him and Emefiele.
The court has adjourned the case until October 9 for further hearing.
