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Emefiele told us politics influenced naira redesign – Ex-CBN acting gov
Emefiele told us politics influenced naira redesign – Ex-CBN acting gov
Former Acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, has said he learnt that there was politics in the naira redesign carried out in 2022 by the then Governor of the apex bank, Godwin Emefiele.
Shonubi, who was Deputy Governor (Operations) before his appointment as acting CBN governor, said Emefiele told him and others about the intrigues and politics in the exercise.
He made this claim as the prosecution third witness in his response to a question from Emefiele’s lawyer, Olalekan Ojo, at the resumed hearing on Thursday during 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 four counts bordering on disobedience to the direction of law and illegal act causing injury to the public about the naira redesign.
Ojo had asked Shonubi if he was aware of the intrigues and politics in the naira redesign exercise.
The witness said he learnt from Emefiele, during one of their meetings, that there were indeed intrigues and politics in the exercise.
When asked if indeed there was 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) containing the signature of the President.
Shonubi, however, said what the CBN under Emefiele produced after the naira redesign was different from what President Muhammadu Buhari approved.
He said the redesigned naira notes were launched by President Buhari, adding that he was not aware of a letter from the President complaining about the naira redesign.
Shonubi confirmed that he was invited once by the EFCC about the case and that he made statements.
He however said the EFCC did not have a physical confrontation between him and the defendant in respect of what was contained in his statements that related to him (the defendant).
While being led in evidence by prosecuting lawyer, Rotimi Oyedepo, earlier, the witness said what was produced by the CBN under Emefiele as the redesigned naira notes were not the same as approved by the President.
He said the memo presented to the President for the naira redesign was solely prepared by Emefiele and sent to the President.
He said the CBN, under Emefiele, did not follow its laid down procedures for currency redesign.
Shonubi, a member of the COG and CBN board, told the court that Emefiele killed the recommendation for a redesign as made by the currency management department in early 2021.
He said, “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 the currency redesign.
“He showed us the memo, Mr president’s signature and instruction on the last page.”
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Court summons Yahaya Bello over fresh N110.4bn fraud case
Court summons Yahaya Bello over fresh N110.4bn fraud case
Former Kogi State Governor Yahaya Bello has been summoned by an Abuja High Court in Maitama over a fresh fraud allegation to the tune of N110.4bn.
Maryanne Anenih, presiding judge, ordered Bello to appear before the court on October 24 for arraignment on 16 counts preferred against him by the Economic and Financial Crimes Commission (EFCC).
He was accused of criminal breach of trust to the tune of N110,446,470,089, contrary to sections 96 and 311 of the Penal Code Law Cap.89, Laws of Northern Nigeria, 1963, and punishable under section 312 of same law.
Anenih ordered the EFCC to publish the summons in a national newspaper.
She also ordered the EFCC to paste copies of the summons on Bello’s last known address and in conspicuous places on the premises of the court.
The EFCC had brought the application before the court claiming that they have been unable to serve Bello with the charge marked CR/778/24 and filed on September 25.
The former governor is to stand trial alongside two officials of the Kogi State government — Abdulsalami Hudu and Umar Oricha.
According to the charge sheet, the defendants were alleged to have used funds from the Kogi State treasury to acquire properties in highbrow areas within the FCT and Dubai.
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BREAKING: Presidency confirms imminent cabinet reshuffle
BREAKING: Presidency confirms imminent cabinet reshuffle
The Presidency has confirmed that a cabinet reshuffle to be undertaken by President Bola Tinubu was imminent any moment from now.
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, revealed this to State House correspondents on Wednesday at the Presidential Villa, Abuja.
Onanuga, however, stated that he was uncertain whether the cabinet reshuffle would occur before October 1 or not, but emphasised that it was expected to happen anytime soon.
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It will be recalled that President Tinubu appointed his ministers in August of last year, and there have been clamour for cabinet reshuffle by some members of the ruling All Progressives Congress (APC) and Nigerians at large over poor performance by some Ministers.
Newstrends also reports that the President a few weeks ago confirmed his plan to rejig his cabinet while playing host to some Northern leaders at the State House in Abuja.
BREAKING: Presidency confirms imminent cabinet reshuffle
Business
Exports of APM Terminals Apapa rise, 2nd exporters forum beckons
Exports of APM Terminals Apapa rise, 2nd exporters forum beckons
APM Terminals Apapa has said its half-year (H1’24) export figures for non-oil cargo stood at 51,000 Twenty Equivalent Units, TEUs, a rise of 7.8% Year-on-Year (YoY) when compared with 47,000 TEUs recorded in the corresponding year of 2023, H1 2023.
APM Terminals Apapa Terminal Manager, Steen Knudsen, described non-oil export cargo as an integral part of the terminal’s business.
He stated: “Over the last four years, we have witnessed a steady growth in non-oil export cargo. In 2020, export volumes stood at 53,000 TEUs. In 2021, it rose to 63,000 TEUs and in 2022, 71,000 TEUs. The greatest rise in exports was recorded in 2023, when volumes rose to 94,000 TEUs, an increase of 32%.”
To continue to drive this growth in non-oil exports, Knudsen added that the terminal would be hosting its second exporters’ forum this September.
He said, “The exporters’ forum is our way of supporting the Federal Government’s non-oil export drive. The forum is basically a brainstorming session where we rub minds with the various exporting associations in the country on how best to resolve their challenges to facilitate more efficient movement of exports into the ports.
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“More exports out of Nigeria translate to lower shipping costs since the vessels don’t go back empty. We will continue to partner with our customers and all relevant government agencies in the port to encourage Nigerian exporters in their business.”
Launched mid-2024, the APM Terminals Apapa exporters’ forum provides a safe place for the terminal, its export customers and shipping lines to discuss issues that impede the flow of export cargo into the port.
APM Terminals Apapa, Head of Commercial, Kayode Daniels, said: “The maiden forum launched in June was a huge success. We got so much feedback from the exporters on how we could collaborate to streamline our processes to improve export volumes. With agro-export produce, time is of the essence as prolonged storage in containers could ruin the quality of the cargo before it gets to its destination.
“The feedback we receive in the forum will be used to improve our operations and other associated processes concerned with the export of non-oil exports. I believe we can all work together to further strengthen the port’s export process.”
Exports of APM Terminals Apapa rise, 2nd exporters forum beckons
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