Abuja – A former acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, testified on Wednesday before Justice Maryann Anenih of the Federal Capital Territory High Court in Abuja, revealing that the naira redesign executed by the CBN in 2022 was not in line with what former President Muhammadu Buhari had approved.
Shonubi, who served as the Deputy Governor of Operations and later as acting CBN Governor, stated that politics and intrigue played a significant role in the currency redesign, which took place ahead of the 2023 general elections. He disclosed this while testifying in the trial of former CBN Governor Godwin Emefiele.
According to Shonubi, during meetings with Emefiele, it was mentioned that the redesign process was influenced by political factors. However, he did not provide specific details about these political dynamics.
Responding to questions from Emefiele’s lawyer, Olalekan Ojo (SAN), Shonubi confirmed that a document with the signature of President Buhari approving the redesign was presented during a Committee of Governors meeting at the CBN. However, he claimed that the notes produced by the CBN differed from what was approved by the President.
“The CBN, under Emefiele, produced something different from what former President Muhammadu Buhari approved,” Shonubi asserted.
He added that no formal protest was lodged by the CBN’s Committee of Governors or its board regarding the redesign decision. Shonubi also clarified that Emefiele alone handled interactions with the President on the matter.
Shonubi further explained that Emefiele bypassed established procedures for currency redesign, which typically involve recommendations from the CBN’s Currency Management Department, approval from the Committee of Governors, and a final recommendation to the CBN Board and the President. Emefiele allegedly ignored a 2021 recommendation for the redesign and only proceeded with the 2022 initiative under different circumstances.
Shonubi confirmed that he had been invited by the Economic and Financial Crimes Commission (EFCC) in connection with the naira redesign case, but noted that no confrontation was held between him and Emefiele during the investigation.
Leave a Reply