A key witness, during the trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, revealed that the naira notes released in 2022 differed from what then-President Muhammadu Buhari approved. This statement was made by Folashodun Shonubi, a former acting Governor of the CBN, during his testimony at the Federal Capital Territory High Court in Abuja.
Shonubi, who served as the Deputy Governor of Operations at the time of the redesign and later became acting CBN Governor, stated that there were political influences behind the 2022 naira redesign exercise.
While addressing the court, Shonubi claimed that Emefiele acknowledged these political factors in their meetings. However, the witness did not provide further details on what these “intrigues and politics” entailed.
Responding to questions from Emefiele’s defense lawyer, Olalekan Ojo (SAN), Shonubi confirmed that a document presented by Emefiele during a CBN meeting bore the signature of President Buhari, indicating presidential approval for the redesign. Despite this, Shonubi stressed that the notes released by the CBN were not what Buhari had initially authorized.
“The CBN, under Emefiele, produced something different from what former President Muhammadu Buhari approved,” he said, implying that there were deviations from the original plans for the new naira notes.
Shonubi also testified that he was unaware of all the discussions that took place between Emefiele and the President during the redesign process. He noted that Emefiele was the sole point of contact with Buhari concerning the issue.
When questioned further about internal communications within the CBN, Shonubi said he never saw any letter or protest from the CBN Board or the Committee of Governors objecting to the President’s approval for the 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.
The trial continues, with the court adjourning the case until October 9, 2024, for further hearings.
