Former CBN Governor’s Deputy Blows Whistle on Politics and Intrigue in Naira Redesign Exercise
A shocking revelation has emerged in the trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele, as his former deputy, Folashodun Shonubi, testified that politics and intrigue played a significant role in the 2022 naira redesign exercise.
Shonubi, who served as the Deputy Governor of Operations before his appointment as acting CBN Governor and is now retired, appeared in court as a witness in Emefiele’s trial. He claimed that the redesigned naira notes released by the CBN under Emefiele were different from what former President Muhammadu Buhari approved.
The former CBN official stated that the currency redesign exercise, which took place ahead of the 2023 general elections, was fraught with politics. He revealed that Emefiele presented a document containing the President’s signature during a Committee of Governors’ meeting, which showed that the President had approved the currency redesign.
However, Shonubi added that the redesigned naira notes produced by the CBN under Emefiele were not the same as what was approved by the President. He claimed that the CBN disregarded standard procedures for the redesign exercise, which normally involves a recommendation from the Currency Management Department, submission to the Committee of Governors, and then to the CBN Board before reaching the President.
Shonubi alleged that Emefiele had disregarded a recommendation made by the Currency Department in early 2021 for a naira redesign. He claimed that Emefiele had prepared a memo without following the standard procedures and presented it to the President, who signed it without protest.
The witness also revealed that he was once invited by the Economic and Financial Crimes Commission (EFCC) in connection with the redesign case and made statements to the commission. However, he stated that the EFCC did not conduct a face-to-face confrontation between him and Emefiele regarding the statements related to Emefiele.
The court has adjourned the case until October 9 for further hearing.
