In the ongoing trial of former Central Bank of Nigeria (CBN) governor Godwin Emefiele, the immediate past Deputy Governor in charge of Operations, Folashodun Adebisi Shonubi, testified before Justice Maryann Anenih of the Federal Capital Territory High Court in Abuja. Shonubi revealed that the CBN, under Emefiele's leadership, did not adhere to its established procedures during the currency redesign process.
Shonubi’s testimony is part of the prosecution's case, brought forward by the Economic and Financial Crimes Commission (EFCC). Emefiele faces a four-count charge, including disobedience to the law and causing harm to the public. Specifically, the EFCC claims that between October 19, 2022, and March 5, 2023, Emefiele authorized the printing of 375,520,000 pieces of redesigned N1,000 notes, costing ₦11,052,068,062, without the required recommendation from the CBN board or approval from the President of Nigeria, in violation of Section 19 of the CBN Act.
The former CBN chief is accused of approving the printing of 172,070,000 pieces of colour swapped N500 notes at a total cost of N4,471,066,040. He was further accused of approving the printing of 137,070,000 pieces of colour swapped N200 notes at the cost of N3,441,005,280.
EFCC further alleged that Emefiele approved the withdrawal of N124,860,227,865.16 from the Consolidated Revenue Fund of Federation in a manner not prescribed by the National Assembly which caused injury to the public , contrary to Section 123 of the Penal Code.
The offenses, allegedly committed by the defendant, according to the prosecution, were contrary to Section 123 of the Penal Code Law, Cap 89 Laws of the Federation, 1990, punishable under the same law.
He, however, pleaded not guilty to the charges preferred against him.
At Wednesday’s proceedings, Shonubi told the court that the normal CBN procedures of currency redesign were for the Currency Management Department of the apex bank to make recommendation to the effect of redesign after which a paper would be submitted to the Committee of Governors, COG, of the bank for consideration.
He added that upon COG’s approval, it goes to the CBN Board, which would in turn make recommendation to the President of the Federal Republic of Nigeria.
He informed that after the President’s approval is received, the bank would then set up an internal committee to execute it.
Shonubi, who said that he was a member of both COG and CBN Board as a deputy governor, said despite a recommendation of the currency department of CBN in early 2021 for naira redesign, Emefiele instructed that it should be stepped down.
According to him: “While serving as deputy governor, there was a time naira was redesigned. That was in 2022. The CBN did not follow the procedures (for redesigning the naira).
“I was a member of CBN Board as deputy governor. The chairman of both the COG and board was the governor.
“Prior to 2022, 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 re-presented the paper and we’re asked to hold.
“In mid October, 2022 the deputy governors were invited to a meeting in the office of the governor whereby he (Emefiele) informed us that he has presidential approval for currency redesign. He showed us the memo, Mr President’s signature and instructions on the last page.”
The prosecution witness told the court that it was after the mid October meeting, that the COG held it next meeting where the currency department presented a memo which was approved by the COG, adding that the CBN Board was informed in November at its meeting.
He told the court that while the COG held its meeting after the four deputy governors had been informed of the President’s approval, the board did not recommend the naira redesign.
The witness added that what Emefiele showed the deputy governors was different from what was eventually produced.
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