A former Acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, testified on Wednesday before Justice Maryann Anenih of the Federal Capital Territory High Court, Abuja, stating that political intrigues were involved in the controversial naira redesign of 2022.
Shonubi, who served as Deputy Governor of Operations before becoming Acting Governor, made this disclosure during the ongoing trial of former CBN Governor Godwin Emefiele. The case, filed by the Economic and Financial Crimes Commission (EFCC), revolves around allegations of disobedience to law and actions causing harm to the public related to the naira redesign.
Shonubi told the court that Emefiele had informed him and other CBN officials that the naira redesign process was influenced by politics. “In meetings with the defendant, he mentioned that there were politics and intrigues surrounding the exercise,” Shonubi said under questioning from the defence counsel, Olalekan Ojo (SAN).
The witness revealed that although he wasn’t initially aware of the politics behind the decision, Emefiele later confirmed its presence during internal meetings. However, Shonubi did not elaborate on the specific political motivations or actions that influenced the redesign.
In response to whether there was presidential approval for the redesign, Shonubi stated that Emefiele had shown them a document with the president’s signature. But he noted that the naira notes eventually produced differed from the version approved by former President Muhammadu Buhari.
He further explained that the normal procedures for currency redesign were bypassed. According to Shonubi, the CBN’s Currency Management Department initially recommended the redesign in 2021, but Emefiele delayed the process. The redesign was ultimately carried out in 2022, without following the established protocols.
As the trial continues, the court has adjourned the case for further hearing on October 9.
