In the ongoing trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele, Folashodun Shonubi, a former Acting Governor of the CBN, revealed that there were political intrigues surrounding the controversial naira redesign exercise of 2022.
Shonubi, who served as Deputy Governor (Operations) prior to his acting role, made these statements during his testimony as the prosecution’s third witness.
Emefiele is facing charges from the Economic and Financial Crimes Commission (EFCC) on four counts related to alleged disobedience of lawful directions and actions causing public harm during the naira redesign process.
During cross-examination by Emefiele’s lawyer, Olalekan Ojo, Shonubi indicated that he learned about these political elements from Emefiele during internal meetings but did not elaborate on the specifics of these intrigues.
When questioned about the approval for the naira redesign, Shonubi confirmed that Emefiele had presented a document with the president’s signature at a meeting of the CBN’s Committee of Governors. However, he clarified that the redesigned naira notes launched by President Muhammadu Buhari differed from what was initially approved, stating he was unaware of any complaints from the president regarding the redesign.
Shonubi also stated he had no knowledge of discussions between Emefiele and Buhari regarding the redesign, asserting that Emefiele was the sole contact with the president on this matter. He noted that he had been invited once by the EFCC regarding the case, but there had been no confrontation with Emefiele about the statements he provided.
Earlier in his testimony, Shonubi outlined that the normal procedures for currency redesign were not followed under Emefiele’s leadership. He explained that the Currency Management Department typically prepares recommendations, which are then reviewed by the COG and submitted to the president for approval. He pointed out that Emefiele had overlooked a previous recommendation from early 2021 concerning the currency redesign.
Justice Maryanne Anenih has adjourned the trial to October 9 for further proceedings.
