A former Acting Governor of the Central Bank of Nigeria, Folashodun Shonubi, testified in the High Court of the Federal Capital Territory (FCT) on Wednesday said that the Naira redesign by the former governor of the apex bank, Godwin Emefiele, did not adhere to standard procedures as laid down by the CBN Act.
Shonubi, who is a witness in the trial of Emefiele, told the trial judge that there were intrigues and politics around the 2022 redesign policy.
He said: “When we had meetings with the defendant (Emefiele), he said there were politics and intrigues around the whole exercise.”
Led in evidence by Rotimi Oyedepo (SAN), the witness said the redesigned naira notes produced by the CBN under Emefiele were not the same as those approved by ex-President
Shonubi maintained that the Memo presented to President Buhari for the redesign was solely prepared by Emefiele, adding that the normal procedure is for the Currency Management Department to recommend a redesign, after which a paper would be submitted to the Committee of Governors (COG) for consideration.
The former Deputy Governor (Operations) of the apex bank further clarified that upon the COG’s approval, the CBN Board would make a recommendation to the President and that after the President’s approval had been received, the bank would then set up an internal committee to execute the currency redesign.
Shonubi, a member of both the COG and CBN Board, told the court that Emefiele jettisoned the recommendation made in early 2021 by the bank’s Currency Department for a redesign of the national currency.
He expatiated: “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. 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 currency redesign.
“He showed us the memo, Mr President’s signature and instruction on the last page”, the banker added.
Under cross-examination by the defence counsel, Barr. Olalekan Ojo (SAN), Shonubi claimed that he was not aware of the discussions between the defendant and the former President over the redesign policy.
The suit is filed by the Economic and Financial Crimes Commission (EFCC) against Emefiele on a four-count charge of illegal acts causing public injury but the accused pleaded not guilty.
Justice Maryanne Anenih adjourned the case until Tuesday next week.
