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.”