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Ex-CBN Acting Gov Testifies on Politics Behind 2022 Naira Redesign

Kehinde Fajobi

Folashodun Shonubi, the former acting Governor of the Central Bank of Nigeria (CBN), testified in court on Wednesday, revealing that the naira redesign exercise conducted in late 2022 was entangled in political intrigue.

Shonubi, who served as Deputy Governor of Operations before briefly becoming the acting CBN governor, made these statements while appearing as a witness in the trial of the former CBN governor, Godwin Emefiele, at the Federal Capital Territory High Court in Maitama, Abuja.

During his testimony before Justice Maryann Anenih, Shonubi disclosed that the redesigned naira notes introduced under Emefiele’s leadership differed from what had been approved by then-President Muhammadu Buhari.

Shonubi, in response to questions from Emefiele’s lawyer, Olalekan Ojo (SAN), said, “The currency redesign of 2022 was the only one I was part of. When we had meetings with the defendant (Emefiele), he said there were politics and intrigues around the whole exercise.”

However, he declined to provide further details about the political influences.

Shonubi confirmed that Emefiele had presented a document during a CBN Committee of Governors’ meeting that contained the President’s signature, signifying presidential approval for the redesign.

However, he revealed that what the CBN eventually produced was not what the President had signed off on.

“The CBN, under Emefiele, produced something different from what former President Muhammadu Buhari approved,” Shonubi stated.

When asked about any formal protests from the CBN or the Committee of Governors regarding the President’s approval, Shonubi said he had seen no such correspondence. He admitted he was not privy to all interactions between Emefiele and President Buhari on the issue, explaining that Emefiele handled those discussions personally.

In a significant revelation, Shonubi stated that the CBN failed to follow its own procedures for the redesign process. He explained that standard practice required the Currency Management Department to make an initial recommendation, which would be reviewed by the Committee of Governors and later approved by the CBN Board before being forwarded to the President. However, in this case, Emefiele bypassed those steps, preparing the memo to the President on his own.

“While serving as Deputy Governor, there was a time when the naira was redesigned — that was in 2022. The CBN did not follow the procedures for redesigning the currency,” Shonubi said.

He further revealed that a proposal for the naira redesign had been presented by the Currency Department in early 2021 but was shelved on Emefiele’s instructions.

“In 2022, we again presented the paper and were asked to hold on,” Shonubi added.

It wasn’t until October 2022 that Shonubi and other Deputy Governors were informed that Emefiele had secured the President’s approval for the redesign.

“He showed us the memo, Mr. President’s signature, and the instructions on the last page,” Shonubi said.

Shonubi also disclosed that he had been invited by the Economic and Financial Crimes Commission (EFCC) in connection with the naira redesign case, although there had been no direct confrontation between him and Emefiele at the time.

Following Shonubi’s testimony, the court adjourned the case until October 9 for further hearings.

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