by A former Acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, revealed that the 2022 naira redesign was influenced by politics and internal intrigues. Shonubi, who was the CBN Deputy Governor (Operations) at the time, shared that the former CBN Governor, Godwin Emefiele, had informed him and other officials about the political influences during their meetings.
Shonubi made this statement during the trial of Emefiele, who is facing charges from the Economic and Financial Crimes Commission (EFCC) over misconduct related to the naira redesign. When questioned by Emefiele’s lawyer, Olalekan Ojo, Shonubi said he only learned about the political factors from Emefiele, but was not told the specifics.
The trial centers on Emefiele’s alleged disobedience to legal directions and actions that harmed the public during the naira redesign. Shonubi testified that while the redesign was approved by former President Muhammadu Buhari, the final outcome was different from what had been approved by the president. He also confirmed that President Buhari launched the redesigned naira notes.
Despite this, Shonubi clarified that he was not aware of any letters from the president or CBN’s board criticizing the redesign. He admitted that he was not involved in direct conversations between Emefiele and the president about the process.
Shonubi further explained that the CBN, under Emefiele, did not follow its usual procedures for currency redesign. Typically, the bank’s Currency Management Department would propose the redesign, which would be reviewed by the Committee of Governors (COG) and the CBN Board, before being sent to the president for approval. However, Emefiele reportedly bypassed some of these steps.
The case continues, with the next hearing set for October 9, 2024.
