Buhari’s Approval For Naira Notes Contradicted By Emefiele’s Actions, Says Witness

Buhari’s Approval For Naira Notes Contradicted By Emefiele’s Actions, Says Witness....KINDLY READ THE FULL STORY HERE▶

A former acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, testified on Wednesday before Justice Maryann Anenih at the Federal Capital Territory High Court in Maitama, Abuja, stating that political intrigues were involved in the naira redesign exercise conducted in 2022……CONTINUE READING

Shonubi, who previously served as the Deputy Governor of Operations before his acting appointment, provided his testimony during the trial of former CBN Governor Godwin Emefiele. He asserted that the redesigned naira notes released under Emefiele differed from what former President Muhammadu Buhari had approved.

In response to questions from Emefiele’s lawyer, Olalekan Ojo (SAN), Shonubi claimed that the late 2022 currency redesign, which occurred prior to the 2023 general elections, was heavily politicized.

“The currency redesign of 2022 was the only one I was part of. During meetings with the defendant (Emefiele), he mentioned that there were politics and intrigues surrounding the entire exercise,” Shonubi said, although he did not elaborate on the specifics of these political factors.

When asked whether there was presidential approval for the redesign, Shonubi indicated that Emefiele had presented a document at one of the CBN Committee of Governors’ meetings, which bore the President’s signature. However, he maintained that the redesigned notes produced by the CBN were not the same as those approved by Buhari.

“The CBN, under Emefiele, produced something different from what former President Muhammadu Buhari approved,” he stated. Shonubi also noted that he had not encountered any letters from the Committee of Governors or the CBN board protesting the President’s approval of the currency redesign.

Regarding his knowledge of communications between President Buhari and Emefiele about the redesign, Shonubi admitted he was not privy to all discussions, emphasizing that Emefiele was the sole point of contact with the President on this matter.

In addition, Shonubi revealed that he had previously been invited by the Economic and Financial Crimes Commission (EFCC) in relation to the redesign case and had made statements to the agency. However, he clarified that the EFCC had not conducted a direct confrontation between him and Emefiele regarding these statements.

Shonubi further stated that the memo submitted to the President for the currency redesign was solely prepared by Emefiele and bypassed established CBN procedures. He explained that standard protocol required the Currency Management Department to recommend a redesign, which would then be considered by the Committee of Governors before being forwarded to the CBN Board for presidential approval.

“During my tenure as Deputy Governor, there was a previous recommendation from the Currency Department for a naira redesign in early 2021. However, at the instruction of the Governor, it was put on hold. In mid-October 2022, the Deputy Governors were informed in a meeting that Emefiele had received presidential approval for the redesign,” Shonubi added.

Following his testimony, the court adjourned the case until October 9 for further hearings.

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