Politics Influenced Naira Redesign — Ex-CBN Acting Governor, Emefiele Tells Court

Folashodun Shonubi, a witness in the trial of Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN), told a federal capital territory (FCT) high court that the naira redesign policy did not follow standard procedure.

Shonubi, who was acting governor of the CBN from June 9 to September 15, 2023, said Emefiele admitted to “intrigues and politics around the 2022 redesign policy.”

“When we had meetings with the defendant (Emefiele), he said there were “politics and intrigues aro myund the whole exercise,” Shonubi said while being led in evidence by Rotimi Oyedepo, prosecution counsel.

The witness, who was the former deputy governor of operations of the apex bank, said the redesigned naira notes produced by the CBN under Emefiele were not the same as those approved by former President Muhammadu Buhari.

He said the memo presented to the president for the redesign was solely prepared by Emefiele.

Shonubi said the normal procedure was for the currency management department to recommend a redesign, after which a paper would be submitted to the committee of governors (COG) for consideration. Upon the COG’s approval, the CBN board would make a recommendation to the president.

‘CBN Didn’t Follow Procedures’

Shonubi, a member of the COG and CBN board, told the court that Emefiele killed the recommendation for a redesign as made by the currency management department in early 2021.

“The CBN did not follow the procedures (for redesigning the currency). I was a member of the CBN board as deputy governor,” he said.

“The chairman of both the COG and board was the governor. 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 (Emefiele), it was stepped down.

“In 2022, we again represented the paper and were asked to hold on.

“In mid-October 2022, the deputy governors were invited to a meeting in the office of the governor where he (Emefiele) informed us that he had presidential approval for the currency redesign.

“He showed us the memo, “Mr president’s signature and instruction on the last page.”

Under cross-examination by Olalekan Ojo, defendant counsel, Shonubi said he was not aware of the discussions between Emefiele and the former president over the redesign policy.

The Economic and Financial Crimes Commission (EFCC) is prosecuting Emefiele on a four-count charge bordering on “illegal acts that caused public injury.”