Folashodun Shonubi, a witness in the trial of Godwin
Emefiele, former governor of the Central Bank of Nigeria (CBN), told a federal
capital territory (FCT) high court that the naira redesign policy did not
follow standard procedure.
Shonubi, who was acting governor of the CBN from June 9 to
September 15 2023, said Emefiele admitted to intrigues and politics around the
2022 redesign policy.
“When we had meetings with the defendant (Emefiele), he said
there were politics and intrigues around the whole exercise,” Shonubi said
while being led in evidence by Rotimi Oyedepo, prosecution counsel.
The witness, who was the former deputy governor of
operations of the apex bank, said the redesigned naira notes produced by the
CBN under Emefiele were not the same as those approved by former President
Muhammadu Buhari.
He said the memo presented to the president for the redesign
was solely prepared by Emefiele.
Shonubi said the normal procedure was for the currency
management department to recommend a redesign, after which a paper would be
submitted to the committee of governors (COG) for consideration.
Upon the COG’s approval, the CBN board would make a
recommendation to the president.
The witness said after the president’s approval was received,
the bank would then set up an internal committee to execute the currency
redesign.
‘CBN DIDN’T FOLLOW
PROCEDURES’
Shonubi, a member of the COG and CBN board, told the court
that Emefiele killed the recommendation for a redesign as made by the currency
management department in early 2021.
“The CBN did not follow the procedures (for redesigning the
currency). I was a member of the CBN board as deputy governor,” he said.
“The chairman of both
the COG and board was the governor. In early 2021, the currency department
recommended the redesign of the currency notes.
“A paper was presented to me, and on the instruction of the
governor (Emefiele), it was stepped down.
“In 2022, we again represented the paper and were asked to
hold on.
“In mid-October 2022, the deputy governors were invited to a
meeting in the office of the governor where he (Emefiele) informed us that he
had presidential approval for the currency redesign.
“He showed us the
memo, Mr president’s signature and instruction on the last page.”
Under cross-examination by Olalekan Ojo, defendant counsel,
Shonubi said he was not aware of the discussions between Emefiele and the
former president over the redesign policy.
The Economic and Financial Crimes Commission (EFCC) is
prosecuting Emefiele on a four-count charge bordering on illegal acts that
caused public injury.
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