Former acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, testified on Wednesday before the Federal Capital Territory High Court in Abuja, revealing that political intrigues influenced the 2022 naira redesign exercise.
Shonubi, who was Deputy Governor of Operations before becoming acting CBN Governor, appeared as a witness in the trial of ex-CBN Governor Godwin Emefiele, News About Nigeria reports.
During his testimony before Justice Maryann Anenih, Shonubi disclosed that the redesigned Naira notes released under Emefiele’s leadership differed from what former President Muhammadu Buhari had approved.
He said that politics played a huge role in the process leading up to the 2023 general elections.
“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,” Shonubi stated, though he did not provide further details on the political dynamics involved.
When questioned by Emefiele’s lawyer, Olalekan Ojo (SAN), Shonubi confirmed that Emefiele had presented a document bearing President Buhari’s signature during one of the CBN’s Committee of Governors (COG) meetings.
However, Shonubi revealed that the actual notes produced were not in line with what the President had approved.
Shonubi explained that while the CBN had procedures in place for currency redesigns, these were not followed under Emefiele’s leadership.
He stated that the Currency Management Department typically makes a recommendation, which is then approved by the COG and forwarded to the CBN Board before being sent to the President.
Shonubi claimed this process was bypassed, with Emefiele preparing and sending the redesign memo directly to the President.
Shonubi also testified that he had been questioned by the Economic and Financial Crimes Commission (EFCC) about the redesigned case but was never confronted directly with Emefiele regarding his statements to the commission.
Following Shonubi’s testimony, the court adjourned the case until October 9 for further proceedings.
