A former acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, has testified that political manoeuvring and intrigue marred the controversial 2022 naira redesign, hinting that the process deviated from what former President Muhammadu Buhari had originally sanctioned. Shonubi, who appeared as a witness in the trial of ex-CBN Governor Godwin Emefiele, made the disclosure on Wednesday at the Federal Capital Territory High Court in Abuja.
During cross-examination by Emefiele’s lawyer, Olalekan Ojo (SAN), Shonubi, who had served as Deputy Governor of Operations before his brief tenure as acting CBN Governor, described the redesign process, which took place ahead of the 2023 general elections, as being embroiled in “politics and intrigues.”
“The currency redesign of 2022 was the only one I was part of. When we had meetings with the defendant (Emefiele), he said there were politics and intrigues around the whole exercise,” Shonubi told the court, without offering further details about the alleged political interference.
In his testimony, Shonubi also revealed a significant discrepancy between the naira notes produced under Emefiele’s watch and what had been approved by the President. He confirmed that while a document signed by Buhari had been presented at a CBN Committee of Governors meeting, “the CBN, under Emefiele, produced something different from what former President Muhammadu Buhari approved.”
Shonubi’s testimony shines new light on the behind-the-scenes workings of the naira redesign, which was marred by a chaotic rollout, sparking widespread cash shortages and public outcry. Despite confirming the existence of presidential approval for the currency redesign, Shonubi suggested that the memo submitted to Buhari had bypassed key institutional procedures within the CBN.
He explained that, according to the bank’s standard practice, the Currency Management Department should have first submitted a recommendation to the Committee of Governors (COG), which would then be forwarded to the CBN Board for further approval before reaching the President. “After receiving the President’s approval, the bank would then set up an internal committee to execute the currency redesign exercise,” he added.
Shonubi went on to describe how, in early 2021, the Currency Department had already recommended a redesign, but it was shelved following Emefiele’s instructions. The issue resurfaced in 2022, but Shonubi claimed the process was again stalled until October, when Emefiele informed CBN’s Deputy Governors that he had secured presidential approval.
“In mid-October 2022, the Deputy Governors of the bank were invited to a meeting in the Governor’s office, where he informed us that he had received presidential approval for the currency redesign. He showed us the memo, Mr. President’s signature, and the instructions on the last page,” Shonubi stated.
The former acting CBN chief also disclosed that he had been questioned by the Economic and Financial Crimes Commission (EFCC) in connection with the naira redesign but was not confronted directly with Emefiele during the inquiry.
The trial, which centres on Emefiele’s management of the redesign and related financial mismanagement allegations, has drawn national attention. Following Shonubi’s testimony, the court adjourned the case until October 9 for further hearings.