A former acting Governor of the Central Bank of Nigeria, CBN, Folashodun Shonubi, on Wednesday, disclosed how politics and intrigues marred the Naira redesign carried out in 2022.
The former acting Governor stated this while appearing before Justice Maryann Anenih of the Federal Capital Territory High Court in Maitama, Abuja.
Shonubi served as the Deputy Governor of Operations during the period that the Godwin Emefiele was the CBN Governor.
Upon the suspension of Emefiele, Shonubi was appointed as acting CBN Governor by President Bola Ahmed Tinubu.
and is now retired, appeared in court as a witness in the trial of ex-CBN Governor, Godwin Emefiele.
Shonubi, now retired from the CBN, claimed that the redesigned Naira notes released by the CBN under Emefiele were different from what ex-President Muhammadu Buhari approved.
He stated this while responding to questions from Emefiele’s lawyer, Olalekan Ojo (SAN). Shonubi said the late 2022 Naira redesign exercise, ahead of the 2023 general elections, was fraught with politics.
“The currency redesign of 2022 was the only one I was part of. When we had meetings with the defendant (Emefiele). There were politics and intrigues around the whole exercise,” Shonubi stated.
He, however, did not elaborate on what the intrigues and politics entailed.
Asked if there was indeed presidential approval for the Naira redesign, Shonubi said Emefiele presented a document during one of the CBN’s Committee of Governors’ meetings. He stated that document contained the signature of the President.
The former acting CBN Governor, however, revealed that the redesigned Naira notes produced by the CBN under Emefiele were not the same as what was approved by former President Buhari.
He said, “The CBN, under Emefiele, produced something different from what former President Muhammadu Buhari approved.”
Shonubi also added that he did not come across any letter from either the Committee of Governors or the CBN Board protesting. Or condemning the President’s approval for the currency redesign.
Asked if he knew everything that transpired between President Buhari and Emefiele during the Naira redesign exercise, Shonubi replied in the negative.
He explained that Emefiele alone interacted with the President on the issue.
Shonubi also disclosed that he was once invited by the Economic and Financial Crimes Commission, EFCC, in connection with the redesign case. And that he made statements to the Commission.
He, however, said the EFCC did not conduct a face-to-face confrontation between him and Emefiele regarding the statements related to Emefiele.
The witness further stated that the memo presented to the President for the Naira redesign was solely prepared by Emefiele. And that it sent to the President without following the laid down procedures of the CBN.
Shonubi also explained that the standard procedures require the Currency Management Department of the CBN to make a recommendation for the redesign.
He said, “After that, a proposal would be submitted to the Committee of Governors for consideration. Upon the COG’s approval, the matter would be forwarded to the CBN Board. Which, in turn, would make a recommendation to the President. After receiving the President’s approval, the bank would then set up an internal committee to execute the currency redesign exercise.”
As a Deputy Governor of the apex bank, Shonubi said he was a member of both the COG and CBN Board.
He alleged that Emefiele disregarded a recommendation made in early 2021 by the Currency Department for a Naira redesign.
“While serving as Deputy Governor, there was a time when the Naira was redesigned — that was in 2022. The CBN did not follow the procedures for redesigning the currency. I was a member of the CBN Board as Deputy Governor. And 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, but on the instruction of the Governor (CBN), it was stepped down. In 2022, we again presented the paper and were asked to hold on,” Shonubi explained.
“In mid-October 2022, the Deputy Governors of the bank were invited to a meeting in the Governor’s office. Where he informed us that he had received presidential approval for the currency redesign.
“He showed us the memo, Mr. President’s signature, and the instructions on the last page,” Shonubi added.
Following his testimony, the court adjourned the case until October 9 for further hearing.
source: Punch
Follow us for more news on our WhatsApp News Channels @
https://whatsapp.com/channel/0029VaC505jB4hdZ5Yx9g82U
