A former acting governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, has said he learnt that there were intrigues and politics in the naira redesign exercise carried out in 2022.
Shonubi, then Deputy Governor (Operations) before his appointment as Acting CBN Governor, said Godwin Emefiele, who was the then Governor of the CBN, told him and others that there were intrigues and politics in the whole exercise.
“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,” Shonubi said.
Shonubi, who is now retired, said this in Abuja on Wednesday in reaction to a question from Emefiele’s lawyer, Olalekan Ojo (SAN) at the resumption of hearing in 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 a four-count charge bordering on disobedience to the direction of law and illegal act causing injury to the public in relation to the naira redesign exercise.
Ojo had asked Shonubi, who featured as the prosecution’s third witness, if, as a seasoned CBN banker, he was aware of the intrigues and politics in the naira redesign exercise.
The witness said he ordinarily did not know, but learnt from Emefiele, during one of their meetings, that there were indeed intrigues and politics in the exercise.
The witness however did not say if Emefiele told them what the intrigues and politics were about.
When asked if indeed there was a presidential approval for the naira redesign, the witness said the defendant presented a document during one of the meeting 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 exercise was deferent from what President Buhari approved.
He said the redesigned naira notes were launched by President Moluhammadu Buhari, adding that he was not aware of a letter from the president complaining about the naira redesign.
The witness also said he did not come across any letter from either the COG or the board of the CBN protesting against or condemning the approval of the president for currency redesign.
On whether he knew all that traspired between President Buhari and Emefiele in the course of the naira redesign exercise, the witness said no.
Shonubi said he is not aware of the oral discussions between the defendant and the then president in relation to the naira redesign exercise.
He said it was only the defendant who was interacting with the president on this issue.
Shonubi confirmed that he was invited once by the EFCC in relation to the case and that he made statements.
He however said the EFCC did not do physical confrontation between him and the defendant in respect of what were contained in his statements that related to him (the defendant).
Earlier, while being led in evidence by prosecuting lawyer, Rotimi Oyedepo (SAN), 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 the defendant (Emefiele) and sent to the president.
Shonubi said the CBN, under Emefiele, did not follow its laid down procedures for currency redesign.
