Connect with us

News

Shonubi Reveals Intrigues Behind Naira Redesign in Emefiele’s Trial

Published

2 years ago

on

Folashodun Shonubi, a former Deputy Governor of the Central Bank of Nigeria (CBN), testified in the Federal Capital Territory High Court in Maitama, Abuja, on Wednesday that the naira redesign was politically motivated.

Shonubi provided this insight during the ongoing trial of former CBN Governor Godwin Emefiele, who faces charges of abuse of office brought by the Economic and Financial Crimes Commission (EFCC). Emefiele has been arraigned on four counts, including disobedience to the law and other criminal offenses.

President Bola Tinubu appointed Shonubi as acting CBN governor following Emefiele’s suspension in June of last year.

READ ALSO: We Didn’t Share Funds Forfeited By Emefiele, Associates- EFCC

Advertisement

During his testimony, led by EFCC counsel Rotimi Oyedepo (SAN), Shonubi revealed that Emefiele had shared concerns about the political intrigues surrounding the naira redesign. He noted that the design template created by the CBN differed from the one approved by former President Muhammadu Buhari.

Shonubi revealed: “The currency redesign of 2022 was the only one that I was part of. When we had meetings with the defendant he said there were politics and intrigues around the whole exercise.

“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.

READ ALSO: How Funds Were Moved From CBN Through Emefiele’s Wife- EFCC Witness

“A paper was presented to me and on the instruction of the Governor (CBN) it was stepped down. In 2022, we again represented the paper and were asked to hold on.

Advertisement

“In mid-October, 2022 the Deputy Governors of the bank were invited to a meeting in the office of the Governor whereby he 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.”

Related Topics:
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *