Ex-CBN Acting Governor Folashodun Shonubi
By Tony Folarin
A former acting Governor of the Central Bank of Nigeria, Folashodun Shonubi, on Wednesday, told Justice Maryann Anenih of the Federal Capital Territory High Court in Maitama, Abuja, that high stakes games and politics were involved in the naira redesign exercise carried out in 2022.
Shonubi, who served as the Deputy Governor of Operations before his appointment as acting CBN Governor and is now retired, appeared in court as a witness in the trial of ex-CBN Governor, Godwin Emefiele.
He stated that the redesigned naira notes rolled out by the CBN under Emefiele were different from what ex-President Muhammadu Buhari approved.
While responding to questions from Emefiele’s lawyer, Olalekan Ojo (SAN), Shonubi said the late 2022 naira redesign exercise, ahead of the 2023 general elections, was fraught with politics.
“The currency redesign of 2022 was the only one I was part of. When we had meetings with the defendant (Emefiele), he said there were politics and intrigues around the whole exercise,” Shonubi stated.
However, he did not elaborate on what the intrigues and politics entailed.
When asked if there was indeed presidential approval for the naira redesign, the witness said Emefiele presented a document during one of the CBN’s Committee of Governors’ meetings, which contained the signature of the President.
He also revealed that the redesigned naira notes produced by the CBN under Emefiele were not the same as what was approved by the President.
“The CBN, under Emefiele, produced something different from what former President Muhammadu Buhari approved,” he stated.
Shonubi added that he did not come across any letter from either the Committee of Governors or the CBN board protesting or condemning the President’s approval for the currency redesign.
When asked if he knew everything that transpired between President Buhari and Emefiele during the naira redesign exercise, he replied in the negative.
He explained that Emefiele alone interacted with the President on the issue.
