By Abiola Olawale
A former acting governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, who appeared before the Federal High Court in Abuja as a prosecution witness, narrated how the immediate past governor of the CBN, Godwin Emefiele allegedly failed to follow the standard procedure in the implementation of the naira redesign policy of 2022.
Shonubi, who was acting governor of the CBN from June 9 to September 15 2023, said Emefiele allegedly admitted to intrigues and politics around the 2022 redesign policy.
He told the presiding judge, Justice Maryann Anenih of the Federal Capital Territory High Court in Maitama, Abuja, that Emefiele allegedly admitted that the order for the naira redesign was a presidential order.
He said: “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.
“Normally, the Currency Management Department of the CBN would recommend a redesign, followed by a submission to the COG for consideration.
“If approved, the recommendation would go to the CBN Board and then to the president for final approval. An internal committee would then be established to carry out the redesign.
As a Deputy Governor and a member of both the COG and CBN Board, Shonubi stated that in early 2021, the Currency Department recommended redesigning the naira, but Emefiele instructed that the recommendation be shelved.
He continued: “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). I was a member of the CBN Board as Deputy Governor.
“The Chairman of both the COG and board was the Governor. Before 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 CBN) 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.
It would be recalled also that Emefiele has been facing stormy waters and is being tried for alleged abuse of office and fraud to the tune of $4.5bn and N2.8bn.
EFCC slammed a 26-count charge against Emefiele and one of his allies, Omole.
The charge, marked ID/23787c/2024, dated April 3, 2024, was filed by Mr Rotimi Oyedepo (SAN).
EFCC alleged that Emefiele committed abuse of office between 2022 and 2023, in Lagos, of abuse of office.
Emefiele is facing trial on counts bordering on accepting gratification, accepting gifts through agents, corruption, receipt of property fraudulently obtained, and conferring corrupt advantage on his associates contrary to the Corrupt Practices Act of 2000.
Since the commencement of the trial, several witnesses have been brought forward by the EFCC to testify against the former CBN Governor.
