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Folashodun Shonubi, a key witness in the trial of former Central Bank of Nigeria, CBN, Governor Godwin Emefiele, testified before the Federal Capital Territory, FCT, High Court that the implementation of the naira redesign policy did not adhere to established procedures.
Shonubi, who served as the acting CBN governor between June 9 and September 15, 2023, revealed that Emefiele had acknowledged the presence of political maneuvering and complexities surrounding the 2022 currency redesign initiative.
“When we had meetings with the defendant (Emefiele), he said there were politics and intrigues around the whole exercise,” Shonubi said while being led in evidence by Rotimi Oyedepo, prosecution counsel.
The witness, Folashodun Shonubi, who previously served as the Deputy Governor of Operations at the CBN, testified that the redesigned naira notes produced under Godwin Emefiele’s leadership were different from those approved by former President Muhammadu Buhari. Shonubi explained that the memo presented to the president regarding the redesign was exclusively prepared by Emefiele.
According to Shonubi, the standard procedure for redesigning currency involves the currency management department first making a recommendation. This is followed by the preparation of a proposal submitted to the Committee of Governors, COG, for review. Once the COG approves, the CBN board then forwards the recommendation to the president.
As a member of both the COG and the CBN board, Shonubi informed the court that Emefiele had disregarded the currency management department’s recommendation for a redesign, which had been made as early as 2021.
“The CBN did not follow the procedures (for redesigning the currency). I was a member of the CBN board as deputy governor,” he said.
“The chairman of both the COG and board was the governor. 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 (Emefiele), it was stepped down.
“In 2022, we again represented the paper and were asked to hold on.
“In mid-October 2022, the deputy governors were invited to a meeting in the office of the governor where he (Emefiele) informed us that he had presidential approval for the currency redesign.
“He showed us the memo, Mr president’s signature and instructions on the last page.”
During cross-examination by Olalekan Ojo, counsel for the defense, Folashodun Shonubi admitted that he was not privy to the discussions that took place between Godwin Emefiele and former President Muhammadu Buhari regarding the naira redesign policy.
Emefiele is currently facing prosecution by the Economic and Financial Crimes Commission, EFCC, on a four-count charge, which includes allegations of unlawful actions that caused harm to the public.
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