Emefiele Admitted Politics Influenced Naira Redesign, Says Ex-CBN Acting Gov

A former Acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, has said he learnt that there were intrigues and politics in the naira redesign exercise carried out in 2022.

Shonubi, then Deputy Governor (Operations) before his appointment as Acting CBN Governor, said the former Governor of the CBN, Godwin Emefiele, told him and others that there were intrigues and politics in the whole exercise.

Shonubi, now retired, who is the Prosecution’s third witness, made this claim in reaction to a question from Emefiele’s lawyer, Olalekan Ojo, at the resumed hearing in the trial of the ex-governor of the CBN.

Emefiele is being prosecuted by the Economic and Financial Crimes Commission (EFCC) before the High Court of the Federal Capital Territory FCT (FCT) on four counts bordering on disobedience to the direction of law and illegal act causing injury to the public about the naira redesign exercise.

Ojo had asked Shonubi if, as a seasoned CBN banker, he was aware of the intrigues and politics in the naira redesign exercise.

The witness said he ordinarily did not know, but learnt from Emefiele, during one of their meetings, that there were indeed intrigues and politics in the exercise.

The witness however did not say if Emefiele told them what the intrigues and politics were.

When asked if indeed there was presidential approval for the naira redesign, the witness said the defendant presented a document during one of the meetings of the CBN’s Committee of Governors (COG) containing the signature of the president.

Shonubi, however, said what the CBN under Emefiele produced after the naira redesign exercise was different from what President Bola Buhari approved.

He said the redesigned naira notes were launched by President Buhari, adding that he was not aware of a letter from the president complaining about the naira redesign.

The witness also said he did not come across any letter from either the COG or the board of the CBN protesting against or condemning the approval of the president for currency redesign.

On whether he knew all that transpired between President Buhari and Emefiele in the course of the naira redesign exercise, the witness said no.

Shonubi said he is not aware of the oral discussions between the defendant and the then-president about the naira redesign exercise.

He said it was only the defendant who was interacting with the president on this issue.

Shonubi confirmed that he was invited once by the EFCC about the case and that he made statements.

He however said the EFCC did not have a physical confrontation between him and the defendant in respect of what was contained in his statements that related to him (the defendant).

While being led in evidence by prosecuting lawyer, Rotimi Oyedepo, earlier, the witness said what was produced by the CBN under Emefiele as the redesigned naira notes were not the same as approved by the President.

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

Shonubi said the CBN, under Emefiele, did not follow its laid down procedures for currency redesign.

He stated that the normal procedures were for the Currency Management Department of the CBN to make recommendations on the need to redesign the currency, after which a paper would be submitted to the Committee of Governors (COG) of the bank for consideration.

The witness added that upon the COG’s approval to the CBN Board, it would, in turn, make a recommendation to the President of the Federal Republic of Nigeria.

He said after the President’s approval was received, the bank would then set up an internal committee to execute the currency redesign exercise.

Shonubi, who said, as a Deputy Governor, he was a member of both the COG and CBN Board, told the court that Emefiele stepped down the recommendation made in early 2021 by the bank’s Currency Department.

Justice Maryanne Anenih subsequently adjourned the case to October 9 for further hearing.