A former appearing Governor of the Central Financial institution of Nigeria, Folashodun Shonubi, on Wednesday, advised Justice Maryann Anenih of the Federal Capital Territory Excessive Court docket in Maitama, Abuja, that intrigues and politics had been concerned within the naira redesign train carried out in 2022.
Shonubi, who served because the Deputy Governor of Operations earlier than his appointment as appearing CBN Governor and is now retired, appeared in court docket as a witness within the trial of ex-CBN Governor, Godwin Emefiele.
He claimed that the redesigned naira notes launched by the CBN beneath Emefiele had been completely different from what ex-President Muhammadu Buhari accredited.
Whereas responding to questions from Emefiele’s lawyer, Olalekan Ojo (SAN), Shonubi mentioned the late 2022 naira redesign train, forward of the 2023 normal elections, was fraught with politics.
“The forex redesign of 2022 was the one one I used to be a part of. After we had conferences with the defendant (Emefiele), he mentioned there have been politics and intrigues round the entire train,” Shonubi said.
Nonetheless, he didn’t elaborate on what the intrigues and politics entailed.
When requested if there was certainly presidential approval for the naira redesign, the witness mentioned Emefiele offered a doc throughout one of many CBN’s Committee of Governors’ conferences, which contained the signature of the President.
He additionally revealed that the redesigned naira notes produced by the CBN beneath Emefiele weren’t the identical as what was accredited by the President.
“The CBN, beneath Emefiele, produced one thing completely different from what former President Muhammadu Buhari accredited,” he said.
Shonubi added that he didn’t come throughout any letter from both the Committee of Governors or the CBN board protesting or condemning the President’s approval for the forex redesign.
When requested if he knew all the pieces that transpired between President Buhari and Emefiele throughout the naira redesign train, he replied within the adverse.
He defined that Emefiele alone interacted with the President on the difficulty.
Shonubi additionally disclosed that he was as soon as invited by the Financial and Monetary Crimes Fee in reference to the redesign case and made statements to the fee.
Nonetheless, he mentioned the EFCC didn’t conduct a face-to-face confrontation between him and Emefiele concerning the statements associated to Emefiele.
The witness additional said that the memo offered to the President for the naira redesign was solely ready by Emefiele and despatched to the President with out following the laid down procedures of the CBN.
He defined that the usual procedures require the Foreign money Administration Division of the CBN to make a advice for the redesign.
“After that, a proposal can be submitted to the Committee of Governors for consideration. Upon the COG’s approval, the matter can be forwarded to the CBN Board, which, in flip, would make a advice to the President. After receiving the President’s approval, the financial institution would then arrange an inside committee to execute the forex redesign train,” Shonubi defined.
As a Deputy Governor of the apex financial institution, Shonubi mentioned he was a member of each the COG and CBN Board.
He alleged that Emefiele disregarded a advice made in early 2021 by the Foreign money Division for a naira redesign.
“Whereas serving as Deputy Governor, there was a time when the naira was redesigned — that was in 2022. The CBN didn’t comply with the procedures for redesigning the forex. I used to be a member of the CBN Board as Deputy Governor, and the Chairman of each the COG and Board was the Governor.
“Previous to 2022, in early 2021, the Foreign money Division really helpful the redesign of the forex notes. A paper was offered to me, however on the instruction of the Governor (CBN), it was stepped down. In 2022, we once more offered the paper and had been requested to carry on,” Shonubi defined.
“In mid-October 2022, the Deputy Governors of the financial institution had been invited to a gathering within the Governor’s workplace, the place he knowledgeable us that he had acquired presidential approval for the forex redesign.
“He confirmed us the memo, Mr. President’s signature, and the directions on the final web page,” Shonubi added.
Following his testimony, the court docket adjourned the case till October 9 for additional listening to.
