In a testimony at the High Court of the Federal Capital Territory (FCT), former Acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, revealed that the 2022 naira redesign policy did not adhere to standard procedures. Shonubi, a key witness in the trial of ex-CBN governor Godwin Emefiele, highlighted political maneuvering and irregularities in the policy’s implementation.
Led by the prosecution’s counsel, Rotimi Oyedepo (SAN), Shonubi stated that the redesign was executed differently from the approved plan by former President Muhammadu Buhari. He further disclosed that the redesign memo was drafted exclusively by Emefiele, bypassing the usual channels within the CBN.
“The normal process involves the Currency Management Department recommending the redesign, which is then reviewed by the Committee of Governors (COG) before going to the CBN Board for presidential approval,” Shonubi explained. He emphasized that this procedure was not followed, despite early recommendations for a redesign in 2021.
According to Shonubi, Emefiele personally halted the redesign proposal in early 2021, only to revive it in late 2022 after obtaining presidential approval. He admitted under cross-examination by defence counsel, Olalekan Ojo (SAN), that he was unaware of the private discussions between Emefiele and President Buhari concerning the policy.
Emefiele, currently facing a four-count charge brought by the Economic and Financial Crimes Commission (EFCC) for illegal acts that allegedly caused public injury, has pleaded not guilty.
Justice Maryanne Anenih adjourned the case to Tuesday for further proceedings.
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