‘Politics involved in naira redesign under Emefiele,’ Ex-CBN deputy governor tells court

A former Deputy Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, on Wednesday, told the Federal Capital Territory High (FCT) Court in Maitama, Abuja, that the naira redesign was influenced by politics.

Shonubi stated this at the resumed trial of the former CBN Governor, Godwin Emefiele, for alleged abuse of office.

The Economic and Financial Crimes Commission (EFCC) arraigned the former CBN governor on a four-count charge of disobedience to the law and other criminal acts.

President Bola Tinubu appointed Shonubi as acting CBN governor following Emefiele’s suspension in June last year.

The witness, who was led in evidence by EFCC counsel, Rotimi Oyedepo (SAN), said the ex-CBN governor confided in him that there were intrigues and politics in the naira redesign.

He added that the template produced by the CBN as the redesigned naira notes differed from the one approved by former President Muhammadu Buhari.

READ ALSO: Emefiele fights back, challenges forfeiture of over $2m assets

Shonubi said: “The currency redesign of 2022 was the only one that I was part of. When we had meetings with the defendant he said there were politics and intrigues around the whole exercise.

“The CBN did not follow the procedures for redesigning the currency. I was a member of the CBN Board as Deputy Governor. The Chairman of both the COG and board was the Governor. Before 2022, in early 2021, the Currency Department recommended the redesign of the currency notes.

“A paper was presented to me and on the instruction of the Governor (CBN) it was stepped down. In 2022, we again represented the paper and were asked to hold on.

“In mid-October, 2022 the Deputy Governors of the bank were invited to a meeting in the office of the Governor whereby he informed us that he has presidential approval for currency redesign.

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

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now