"Solely Prepared By Him": Witness Finally Opens Up on Secrecies Behind Emefiele's Naira Redesigned
- Former acting CBN governor Folashodun Shonubi testified that politics and intrigues played a key role in the controversial 2022 naira redesign
- Shonubi confirmed that Emefiele presented a document with the President’s signature approving the redesign
- Shonubi testified that the CBN, under Emefiele, bypassed its standard procedures for currency redesign
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In a startling testimony before Justice Maryann Anenih at the Federal Capital Territory High Court in Maitama, Abuja, former acting governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, disclosed that politics and intrigues played a significant role in the controversial 2022 naira redesign.
Shonubi made this revelation while testifying in the ongoing trial of former CBN Governor, Godwin Emefiele, who is facing a four-count charge filed by the Economic and Financial Crimes Commission (EFCC), including disobedience to law and acts causing public injury.
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Shonubi, who served as the CBN's Deputy Governor of Operations at the time, stated that Emefiele informed him and other officials about the political influences behind the currency redesign during a meeting, Nigerian Tribune reported.
Shonubi explained:
"The currency redesign of 2022 was the only one that I was part of. When we had meetings with the defendant (Emefiele), he said there were politics and intrigues around the whole exercise."
Presidential approval for redesign
When questioned about whether there was presidential approval for the naira redesign, Shonubi confirmed that Emefiele presented a document bearing the President's signature during a Committee of Governors (COG) meeting.
However, he revealed that the naira notes eventually produced were not the same as those initially approved by former President Muhammadu Buhari, Vanguard reported.
Shonubi noted:
"The memo presented to the President for the naira redesign was solely prepared by Emefiele."
He added that the redesigned currency launched by Buhari differed from what was initially approved.
He further stated that he had no knowledge of any letter from the President complaining about the redesign or any protests from the CBN’s board.
CBN's Procedures Not Followed in Redesign Process
Shonubi also testified that the CBN, under Emefiele’s leadership, did not follow the institution’s established procedures for currency redesign.
According to him:
"The normal process involves the Currency Management Department making recommendations, followed by consideration from the COG and the CBN Board."
"Upon the board’s approval, the final recommendations are sent to the President for approval."
In his testimony, Shonubi revealed that the Currency Department had recommended a redesign in early 2021, but the proposal was disregarded at Emefiele’s instruction.
Shonubi recounted:
"While serving as Deputy Governor, there was a currency redesign in 2022. The CBN did not follow the procedures for redesigning the currency. I was a member of the CBN Board as Deputy Governor...
"In mid-October 2022, the Deputy Governors of the bank were invited to a meeting in the office of the Governor, where he informed us that he had presidential approval for currency redesign."
Tinubu’s ally speaks on when President will dissolve cabinet
In another development, Legit.ng reported that Barrister Daniel Bwala, an ally of President Bola Tinubu, had said the Nigerian leader’s speculated cabinet reshuffle “is not a matter of if but when”.
Bwala said President Tinubu would do it in his own time and expected patience from Nigerians.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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