In a significant development in the trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele, a former acting CBN Governor, Folashodun Shonubi, testified that the redesigned naira notes released in 2022 did not align with what ex-President Muhammadu Buhari had approved.
Appearing before Justice Maryann Anenih at the Federal Capital Territory High Court in Maitama, Abuja, Shonubi, who previously served as Deputy Governor of Operations and is now retired, disclosed that the naira redesign exercise was influenced by political intrigues.
“The currency redesign of 2022 was the only one I was part of. During meetings with Emefiele, he indicated that there were politics and intrigues surrounding the exercise,” Shonubi stated, although he refrained from elaborating on the specifics of these intrigues.
When questioned about presidential approval for the redesign, Shonubi confirmed that Emefiele had presented a document bearing the President’s signature at a meeting of the CBN’s Committee of Governors. However, he stressed that the notes produced under Emefiele’s leadership were different from those initially approved by Buhari.
“The CBN, under Emefiele, produced something different from what former President Muhammadu Buhari approved,” he affirmed. He also noted that he had not seen any objections from the CBN board or Committee of Governors regarding the President’s approval for the currency redesign.
Shonubi admitted he was not privy to all discussions between Emefiele and Buhari, indicating that Emefiele was the sole representative in these interactions.
Additionally, Shonubi revealed that he had been previously invited by the Economic and Financial Crimes Commission (EFCC) concerning the redesign case, although there was no direct confrontation with Emefiele during the investigation.
He explained that the memo proposing the naira redesign was solely drafted by Emefiele and bypassed the established procedures of the CBN. He outlined the correct process: recommendations should originate from the Currency Management Department, be approved by the Committee of Governors, and subsequently forwarded to the CBN board before seeking presidential approval.
“As a Deputy Governor, I was a member of both the Committee of Governors and the CBN Board. In early 2021, the Currency Department had recommended a redesign, but the governor instructed us to halt the process,” Shonubi recalled. He added that a meeting in mid-October 2022 revealed Emefiele had received presidential approval for the redesign, evidenced by a memo shown to the Deputy Governors.
The court has adjourned the case until October 9 for further proceedings.
