Folashodun Shonubi, a former acting governor of the Central Bank of Nigeria (CBN), has told a high court in Abuja that former CBN governor Godwin Emefiele admitted politics played a role in the 2022 Naira redesign exercise.

As a witness in the federal government’s case against Emefiele, Shonubi told the court on Wednesday that the policy ran foul of standard procedure.

Shonubi, a director in the CBN when Emefiele led it, said, “When we had meetings with the defendant [Emefiele], he said there were politics and intrigues around the whole exercise.

“He also said the notes the CBN produced were different from the ones former president Muhammadu Buhari approved.

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“The CBN did not follow the procedures. 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 the currency redesign.

“He showed us the memo, Mr president’s signature, and instruction on the last page.”

However, Shonubi said he did not know what Buhari and Emefiele discussed between themselves.

The court adjourned the matter until October 9 for a hearing.

The Economic and Financial Crimes Commission (EFCC) is prosecuting Emefiele for what they claim are illegal acts that caused public injury.
The post ‘Emefiele Told Us About Politics in 2022 Naira Redesign’, Ex-CBN Director Tells Court appeared first on Foundation For Investigative Journalism.