A former acting Governor of the Central Bank of Nigeria (CBN), Mr. Folashodun Shonubi, has claimed that there were intrigues and politics in the Naira redesign project carried out in 2022.
Shonubi, then Deputy Governor (Operations) before his appointment as Acting CBN Governor, said Godwin Emefiele, who was the then Governor of the CBN, told him and others that there were intrigues and politics in the whole exercise.
“The currency redesign of 2022 was the only one that I was part of. When we had meetings with the defendant (Emefiele), he said there were politics and intrigues around the whole exercise,” Shonubi said.
Shonubi, who is now retired, said this in Abuja on Wednesday in reaction to a question from Emefiele’s lawyer, Olalekan Ojo (SAN) at the resumption of hearing in the trial of the ex-Governor of the CBN.
Emefiele is being prosecuted by the Economic and Financial Crimes Commission (EFCC) before the HIgh Court of the Federal Capital Territory FCT (FCT) on a four-count charge bordering on disobedience to the direction of law and illegal act causing injury to the public in relation to the Naira redesign project.
Ojo had asked Shonubi, who featured as the prosecution’s third witness, if, as a seasoned CBN banker, he was aware of the intrigues and politics in the Naira redesign exercise.
The witness said he ordinarily did not know, but learnt from Emefiele, during one of their meetings, that there were indeed intrigues and politics in the exercise.
The witness did not, however, say if Emefiele disclosed to them the nature of the intrigues and politicking.
Asked if indeed there was a presidential approval for the Naira redesign, the witness said the defendant presented a document during one of the meetings of the CBN’s Committee of Governors (COG) bearing the President’s signature.
Shonubi, however, said what the CBN under Emefiele produced after the Naira redesign project was deferent from what President Buhari approved.
He said the redesigned Naira notes were launched by President Muhammadu Buhari, adding that he was not aware of a letter from the president complaining about the Naira redesign.
The witness also said he did not come across any letter from either the COG or the board of the CBN protesting against or condemning the president’s approval for currency redesign.
On whether he knew what transpired between President Buhari and Emefiele in the course of the Naira redesign project, the witness said no.
Shonubi said he is not aware of the oral discussions between the defendant and the then president in relation to the Naira redesign exercise.
He said it was only the defendant who was interfacing with the president on the project.
Shonubi confirmed that he was invited once by the EFCC in relation to the case and that he made statements.
He, however, said the EFCC did not do physical confrontation between him and the defendant in respect of what were contained in his statements that related to him (the defendant).
Earlier, while being led in evidence by prosecuting lawyer Rotimi Oyedepo (SAN), the witness had claimed that what the CBN under Emefiele produced as the redesigned Naira notes were not the same as what the president approved.
He said the memo presented to the president for the Naira redesign was solely prepared by the defendant (Emefiele) and sent to the president.
Shonubi said the CBN, under Emefiele, did not follow its laid down procedures for currency redesign.
He stated that the normal procedures were for the Currency Management Department of the CBN to make recommendation on the need to redesign the currency, after which a memo would be submitted to the Committee of Governors (COG) of the bank for consideration.
The witness added that upon the COG’s approval to the CBN Board, which would, in turn, make recommendation to the President of the Federal Republic of Nigeria.
He said after the president’s approval is received, the bank would then set up an internal committee to execute the currency redesign project.
Shonubi, who said as a Deputy Governor, he was a member of both the COG and CBN Board, told the court that Emefiele stepped down the recommendation made in early 2021 by the bank’s currency department.
He said: “While serving as Deputy Governor, there was a time Naira was redesigned. That was in 2022.
“The CBN did not follow the procedures (for redesigning the currency).VI was a member of CBN Board as Deputy Governor.
“The Chairman of both the COG and board was the Governor. Prior to 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 (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 (of the bank) were invited to a meeting in the office of the Governor whereby he (Emefiele) 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,” the witness said.
At the conclusion of Shonubi’s testimony, Justice Maryanne Anenih adjourned further hearing to October 9.