Folashodun Shonubi, former acting governor of the Central Bank of Nigeria, testified in court revealing political influences behind the 2022 naira redesign. He disclosed discrepancies between the approved and actual currency notes, as former CBN Governor Godwin Emefiele faces charges from the Economic and Financial Crimes Commission.
In a significant development at the Federal Capital Territory High Court in Maitama, Abuja, Folashodun Shonubi, a former acting governor of the Central Bank of Nigeria (CBN), testified about the political influences surrounding the controversial naira redesign of 2022. Shonubi, who was previously the Deputy Governor of Operations at the CBN, provided insight during the ongoing trial of former CBN Governor Godwin Emefiele. Emefiele faces multiple charges filed by the Economic and Financial Crimes Commission (EFCC), including disobedience to lawful directions and causing public injury.
During cross-examination by Emefiele's defense counsel, Shonubi revealed that Emefiele had openly discussed the political intrigues related to the currency redesign in meetings. Initially unaware of these factors, Shonubi stated he was informed by Emefiele that political considerations played a significant role in the decision-making process. He confirmed that Emefiele presented a document during a CBN Committee of Governors meeting that bore the president’s signature, indicating presidential approval for the redesign.
However, Shonubi noted discrepancies between the naira notes ultimately produced and those initially approved by the former President Muhammadu Buhari. He emphasized that the standard procedures for currency redesign, which include recommendations from the Currency Management Department and subsequent approvals from the CBN Board and the President, were not adhered to. The court has adjourned the proceedings until October 9 for further hearings.
