Naira Redesign Scandal: Ex-CBN Governor’s Ally Reveals Intrigue and Politics
A former Acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, has shed light on the controversial naira redesign exercise carried out in 2022. Shonubi, who served as Deputy Governor (Operations) before his appointment as Acting CBN Governor, revealed that there were indeed intrigues and politics involved in the exercise.
Speaking during a recent trial at the High Court of the Federal Capital Territory (FCT), Shonubi testified that former CBN Governor Godwin Emefiele told him and others about the existence of politics and intrigue in the naira redesign exercise. However, Shonubi did not disclose what Emefiele told him about the specific intrigues and politics involved.
When asked about presidential approval for the naira redesign, Shonubi stated that Emefiele presented a document containing the signature of President Bola Buhari during a meeting of the CBN’s Committee of Governors (COG). Nevertheless, Shonubi emphasized that what the CBN produced after the exercise was different from what President Buhari approved. He added that the redesigned naira notes were launched by President Buhari, and he was unaware of any letter from the president complaining about the naira redesign.
Shonubi further testified that he did not come across any letter from the COG or the CBN Board protesting or condemning the approval of the president for currency redesign. When asked about his knowledge of oral discussions between President Buhari and Emefiele, Shonubi replied that he was not aware of any such discussions.
Shonubi’s testimony comes as part of the ongoing trial of Emefiele, who is being prosecuted by the Economic and Financial Crimes Commission (EFCC) on four counts bordering on disobedience to the direction of law and illegal act causing injury to the public about the naira redesign exercise.
The witness confirmed that he was invited once by the EFCC about the case and made statements, but he denied any physical confrontation with Emefiele regarding his statements. Shonubi also revealed that the CBN, under Emefiele, did not follow its laid-down procedures for currency redesign. He stated that the normal procedures involved the Currency Management Department making recommendations, followed by submission to the COG and the CBN Board, and then to the President of the Federal Republic of Nigeria.
Shonubi’s testimony has sparked further controversy around the naira redesign exercise, with many calling for transparency and accountability in the country’s financial institutions. The trial is set to continue on October 9.
