A former acting Governor of the Central Bank of Nigeria, Folashodun Shonubi, testified on Wednesday before Justice Maryann Anenih of the Federal Capital Territory High Court, revealing significant political undertones surrounding the 2022 naira redesign initiative.
Shonubi, who previously served as the Deputy Governor of Operations before his temporary role as acting CBN Governor, provided key insights during the proceedings against ex-CBN Governor Godwin Emefiele. He asserted that the newly designed naira notes showcased by the CBN under Emefiele differed markedly from what had been authorized by former President Muhammadu Buhari.
In his testimony, Shonubi indicated that the late 2022 currency redesign, which coincided with the lead-up to the 2023 general elections, was heavily influenced by political factors. “During our discussions, Emefiele expressed that there were numerous political intrigues surrounding the redesign exercise,” he stated, although he refrained from detailing the specific political dynamics involved.
When questioned about presidential approval for the redesign, Shonubi noted that Emefiele had presented a document bearing the President’s signature during a meeting of the CBN’s Committee of Governors. However, he highlighted a crucial discrepancy— the redesigned notes issued by the CBN did not align with the original specifications approved by the President.
Shonubi confirmed that there had been no formal protests or condemnations from either the Committee of Governors or the CBN board regarding the President’s endorsement of the redesign. He clarified that Emefiele was the sole point of contact with the President on this matter.
Additionally, Shonubi disclosed his prior involvement with the Economic and Financial Crimes Commission (EFCC) regarding the redesign allegations and mentioned that the EFCC had not arranged a direct confrontation between him and Emefiele.
He explained that the proposal presented to the President for the naira redesign had been exclusively prepared by Emefiele, bypassing established CBN protocols. According to Shonubi, the usual process mandates that the Currency Management Department propose a redesign, followed by approvals from the Committee of Governors and the CBN Board before final submission to the President.
As a former Deputy Governor, Shonubi claimed to have been part of significant decision-making bodies, asserting that Emefiele had ignored a prior recommendation from the Currency Department to redesign the naira, which had been presented in early 2021 but subsequently sidelined at the CBN’s helm.
In recounting pivotal meetings, Shonubi stated, “In mid-October 2022, the Deputy Governors were brought together, and Emefiele informed us of receiving the required presidential approval. He displayed the memo, featuring the President’s signature, along with directives on the final page.”
The court has adjourned the case until October 9 for further proceedings.
