In the ongoing trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele, a significant revelation emerged from a witness, Folashodun Shonubi, regarding the controversial naira redesign in 2022.
Shonubi, who served as the Deputy Governor (Operations) before briefly becoming the Acting Governor, testified in Abuja that Emefiele had informed him and others of “intrigues and politics” surrounding the redesign process.
He stated, “When we had meetings with the defendant (Emefiele), he said there were politics and intrigues around the whole exercise.”
During cross-examination by Emefiele’s lawyer, Olalekan Ojo (SAN), Shonubi confirmed he was aware of a presidential approval for the redesign, recalling a meeting where Emefiele presented a document signed by President Muhammadu Buhari.
However, he noted that the final redesigned currency produced by the CBN did not match what had been approved....Read Full Article [Click Here>]
Shonubi also indicated a lack of awareness about specific discussions between Emefiele and the president, emphasizing that Emefiele was the sole communicator on the matter.
He further elaborated that the CBN failed to adhere to its established procedures for such a redesign, stating, “The CBN did not follow the procedures.”
The court session concluded with further hearings scheduled for October 9.
