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 stated that he learned of the political intrigues surrounding the naira redesign initiative implemented in 2022.

Shonubi, who was the Deputy Governor (Operations) before becoming Acting CBN Governor, recalled that the former CBN Governor, Godwin Emefiele, informed him and others about the political machinations involved in the process.

Now retired, Shonubi, who is serving as the prosecution’s third witness, made this assertion in response to a question from Emefiele’s attorney, Olalekan Ojo, during the ongoing trial of the former CBN governor.

Emefiele is currently facing prosecution by the Economic and Financial Crimes Commission (EFCC) in the High Court of the Federal Capital Territory on four counts related to disregarding legal directives and engaging in actions that caused public harm concerning the naira redesign initiative.

Ojo had inquired if, as an experienced CBN banker, Shonubi was aware of the intrigues and politics involved in the naira redesign process.

Shonubi responded that he was not initially aware but had learned from Emefiele in a meeting that there were indeed such intrigues and politics at play. However, he did not specify what those intrigues and politics entailed.

When asked whether there was presidential approval for the naira redesign, Shonubi confirmed that Emefiele presented a document during a meeting of the CBN’s Committee of Governors (COG) that bore the president’s signature.

However, he noted that what the CBN produced after the naira redesign was different from what President Bola Buhari had approved.

He mentioned that the redesigned naira notes were launched by President Buhari and stated he was unaware of any letter from the president expressing dissatisfaction with the redesign.

Shonubi also clarified that he did not encounter any letters from the COG or the CBN board protesting or condemning the president’s approval of the currency redesign.

Regarding his knowledge of interactions between President Buhari and Emefiele during the naira redesign process, Shonubi indicated that he was not informed of any oral discussions and asserted that only Emefiele was directly engaging with the president on this matter.

Shonubi confirmed that he had been invited once by the EFCC regarding the case and that he provided statements. However, he noted that there was no direct confrontation between him and the defendant concerning the contents of his statements related to the defendant.

While testifying earlier with prosecuting lawyer Rotimi Oyedepo leading the evidence, the witness stated that the redesigned naira notes produced by the CBN under Emefiele were not the same as those approved by the President.

He explained that the memo submitted to the president for the naira redesign was solely prepared by Emefiele and sent directly to the president.

Shonubi indicated that the CBN, under Emefiele’s leadership, did not adhere to its established procedures for currency redesign.

He explained that the standard procedure involved the Currency Management Department of the CBN making recommendations for a currency redesign, followed by the submission of a proposal to the Committee of Governors (COG) for consideration.

He added that after the COG’s approval, the CBN Board would then recommend the redesign to the President of the Federal Republic of Nigeria.

Following the President’s approval, the bank would establish an internal committee to carry out the currency redesign initiative.

Shonubi, who served as a Deputy Governor and was a member of both the COG and CBN Board, informed the court that Emefiele disregarded a recommendation made by the bank’s Currency Department in early 2021.

Justice Maryanne Anenih then adjourned the case to October 9 for further proceedings.