Posted by Samuel on Thu 03rd Oct, 2024 - tori.ng
Shonubi, a former CBN Acting Governor, said there were intrigues and politics around the 2022 redesign policy.
Folashodun Shonubi, a witness in the trial of former Central Bank of Nigeria (CBN) governor Godwin Emefiele, testified in the High Court of the Federal Capital Territory (FCT) yesterday that the naira redesign policy did not adhere to standard procedures.
Shonubi, a former CBN Acting Governor, said there were intrigues and politics around the 2022 redesign policy.
The former Deputy Governor (Operations) said: “When we had meetings with the defendant (Emefiele), he said there were politics and intrigues around the whole exercise.”
Led in evidence by Rotimi Oyedepo (SAN), the witness said the redesigned naira notes produced by the CBN under Emefiele were not the same as those approved by ex-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.
Shonubi, a member of both the COG and CBN Board, told the court that Emefiele killed the recommendation made in early 2021 by the bank’s Currency Department for a redesign.
He said: “The CBN did not follow the procedures (for redesigning the currency). I was a member of the CBN Board as Deputy Governor.
“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 currency redesign.
“He showed us the memo, Mr President’s signature and instruction on the last page.”
Shonubi said under cross-examination by ace defence counsel Olalekan Ojo (SAN) that he was not aware of the discussions between the defendant and the former President over the redesign policy.
The Economic and Financial Crimes Commission (EFCC) is trying Emefiele on a four-count charge of illegal acts causing public injury.
He pleaded not guilty.
Justice Maryanne Anenih adjourned till Tuesday.