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‘Politics involved in naira redesign under Emefiele,’ Ex-CBN deputy governor tells court

A former acting governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, has said he learnt that there were intrigues and politics in the naira redesign exercise carried out in 2022.
Shonubi, then Deputy Governor (Operations) before his appointment as Acting CBN Governor, said Godwin Emefiele, who was the then Governor of the CBN, told him and others that there were intrigues and politics in the whole exercise.
“The currency redesign of 2022 was the only one that I was part of. When we had meetings with the defendant (Emefiele), he said there were politics and intrigues around the whole exercise,” Shonubi said.
Shonubi, who is now retired, said this in Abuja on Wednesday in reaction to a question from Emefiele’s lawyer, Olalekan Ojo (SAN) at the resumption of hearing in the trial of the ex-governor of the CBN.
Emefiele is being prosecuted by the Economic and Financial Crimes Commission (EFCC) before the HIgh Court of the Federal Capital Territory FCT (FCT) on a four-count charge bordering on disobedience to the direction of law and illegal act causing injury to the public in relation to the naira redesign exercise.
Ojo had asked Shonubi, who featured as the prosecution’s third witness, if, as a seasoned CBN banker, he was aware of the intrigues and politics in the naira redesign exercise.
The witness said he ordinarily did not know, but learnt from Emefiele, during one of their meetings, that there were indeed intrigues and politics in the exercise.
The witness however did not say if Emefiele told them what the intrigues and politics were about.
When asked if indeed there was a presidential approval for the naira redesign, the witness said the defendant presented a document during one of the meeting of the CBN’s Committee of Governors (COG) containing the signature of the president.
Shonubi however, said what the CBN under Emefiele produced after the naira redesign exercise was deferent from what President Buhari approved.
He said the redesigned naira notes were launched by President Moluhammadu Buhari, adding that he was not aware of a letter from the president complaining about the naira redesign.
The witness also said he did not come across any letter from either the COG or the board of the CBN protesting against or condemning the approval of the president for currency redesign.
On whether he knew all that traspired between President Buhari and Emefiele in the course of the naira redesign exercise, the witness said no.
Shonubi said he is not aware of the oral discussions between the defendant and the then president in relation to the naira redesign exercise.
He said it was only the defendant who was interacting with the president on this issue.
Shonubi confirmed that he was invited once by the EFCC in relation to the case and that he made statements.
He however said the EFCC did not do physical confrontation between him and the defendant in respect of what were contained in his statements that related to him (the defendant).
Earlier, while being led in evidence by prosecuting lawyer, Rotimi Oyedepo (SAN), the witness said what was produced by the CBN under Emefiele as the redesigned naira notes were not the same as approved by the President.
He said the memo presented to the president for the naira redesign was solely prepared by the defendant (Emefiele) and sent to the president.
Shonubi said the CBN, under Emefiele, did not follow its laid down procedures for currency redesign.
He stated that the normal procedures were for the Currency Management Department of the CBN to make recommendation on the need to redesign the currency, after which a paper would be submitted to the Committee of Governors (COG) of the bank for consideration.
The witness added that upon the COG’s approval to the CBN Board, which would, in turn, make recommendation to the President of the Federal Republic of Nigeria.
He said after the President’s approval was received, the bank would then set up an internal committee to execute the currency redesign exercise.
Shonubi, who said, as a Deputy Governor, he was a member of both the COG and CBN Board, told the court that Emefiele stepped down the recommendation made in early 2021 by the bank’s Currency Department.
He said: “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 currency).VI 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 represented the paper and were asked to hold on.
“In mid October, 2022 the Deputy Governors (of the bank) 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 instruction on the last page,” the witness said.
At the conclusion of Shonubi’s testimony, Justice Maryanne Anenih adjourned further hearing till October 9.
News
Education Minister Urges NASS To Prioritise Takeoff Funding For Already Existing Institutions

By Gloria Ikibah
The Minister of Education, Dr. Olatunji Alausa, has called on the National Assembly to emphasise on funding for the effective take-off of already established institutions rather than creating new ones.
Dr. Alausa stated this at a public hearing organised by the House of Representatives Committee on Federal Polytechnics and Higher Technical Education, while presenting a memorandum on Thursday in Abuja.
The public hearing featured deliberations on three bills:
“A Bill for an Act to Establish the Federal College of Entrepreneurship and Skills Acquisition, Hawul Local Government Area, Borno State (HB.1797) – to provide full-time courses and training in technology, applied sciences, arts, social sciences, humanities, and management.
“A Bill to Amend Section 3(2)(b), the Second Schedule, and Section 31 of the Federal Polytechnics Act, Cap F17, Laws of the Federation of Nigeria, 2004 (HB.1413).
“A Bill to Amend the Federal Polytechnics Act, Cap F17, to review the functions of polytechnics (HB.2114)”.
The Minister speaking against the “Bill for an Act to Establish the Federal College of Entrepreneurship and Skills Acquisition, Hawul”, emphasised that the Federal Government maintains a policy of equitable distribution of federal institutions across states.
According to Alausa, no state should host more than one federal polytechnic, while every state must have at least one. Currently, all states except Sokoto and the Federal Capital Territory are covered under this arrangement.
He asserted that with limited resources, government efforts should be directed at strengthening existing institutions to deliver quality education rather than spreading resources thin by establishing new ones.
Alausa stated, “the Federal Ministry of Education has expanded avenues for establishing private tertiary institutions. States and individuals are encouraged to utilise these channels to support national educational development”.
In view of prevailing funding constraints, he recommended that deliberations on the proposed Federal College of Entrepreneurship and Skills Acquisition in Hawul, Borno State, be suspended.
He also urged the House to ensure that resources are dedicated to improving the quality of education for Nigerian students by consolidating support for already existing institutions.
With regards to the proposed amendments to the Federal Polytechnics Act, the minister raised no objections except for the provision seeking to include representatives of the National Board for Technical Education (NBTE) and the Manufacturers Association of Nigeria (MAN) on the Governing Council of Polytechnics.
“While both organisations play significant roles, their core functions do not directly align with the responsibilities of a polytechnic’s governing council. NBTE serves as a regulatory body, while MAN advocates for the interests of manufacturers”, he stated.
Earlier, the sponsor of the bill, Rep. Usman Balami (PDP–Borno), defended the proposal, citing insecurity and rising unemployment in Borno as pressing reasons for establishing the institution.
He described the proposed college as a strategic response to the growing number of unemployed youth and a means to equip them with skills necessary for self-reliance and economic empowerment.
“This institution will provide diverse training programmes tailored for today’s dynamic job market. It will bridge the gap between theory and practice, producing graduates ready to meet workforce demands”, Balami said.
According to the Borno lawmaker, the college will foster innovation, encourage entrepreneurship, and stimulate economic growth in the region by nurturing local talent and promoting a culture of self-employment.
Earlier in his remarks, the Committee Chairman, Rep. Fuad Laguda (APC–Lagos), noted a general consensus on the importance of skills acquisition in tackling unemployment.
He encouraged stakeholders to make robust contributions, assuring that the committee would carefully consider all submissions in its report.
“With the passage of these bills, Nigerians will have greater access to knowledge and skills in the arts, sciences, technology, humanities, and vocational and technical education,” Laguda said.
He also commended the leadership of the House for their support and the trust reposed in the committee to drive meaningful legislative outcomes.
News
Reps Resolve To Investigate Technical Glitch In 2025 UTME

By Gloria Ikibah
The House of Representatives has resolved to probe the technical fault that resulted in the widespread failure recorded in the 2025 Unified Tertiary Matriculation Examination (UTME).
This resolution was sequel to the adoption of a motion of urgent public importance by Rep. Adewale Adebayo, from Osun state on Thursday at plenary.
Naijablitznews.com recalled that the Joint Admissions and Matriculation Board (JAMB) had released the results of the 2025 UTME on May 9, with a significant number of candidates posting poor scores.
Reports further revealed that over 78 percent of candidates scored below 200 marks out of the total 400 obtainable.
Following a prompt internal review, JAMB identified a major technical fault behind the results.
The Registrar of JAMB, Prof. Ishaq Oloyede, at a press conference held on Wednesday in Abuja, stated that 379,997 candidates were affected due to discrepancies linked to server issues.
According to Prof. Oloyede, these was due to faulty software updates by one of the technical service providers handling JAMB’s operations in the Lagos and South-East zones.
He explained that the glitch, which occurred during the first three days of the examination, prevented the proper uploading of candidates’ answers and the error remained undetected before the results were made public.
He announced that the affected candidates will be allowed to retake the examination between May 16 and May 19, 2025.
Presenting the motion on the floor of the House, Rep. Adebayo lamented the hardships faced by many Nigerians, including long travels to exam centres, only to be met with such setbacks.
Contributing to the debate, Rep. Sada Soli from Katsina praised the JAMB Registrar for owning up to the error and offering an apology to the public, and described Oloyede as a man of integrity who has also improved the board’s finances since assuming office.
However, Speaker Tajudeen Abbas stated that whether the registrar deserves commendation is a matter for the investigative committee to determine.
The House also urged the federal government to establish Computer-Based Test (CBT) centres in all local government areas across the country.
Lawmakers also urged JAMB to release the results of candidates who are below the age of 16.
The House unanimously adopted the motion through a voice vote.
News
32.9kg cocaine trafficking: 10 Thai sailors, ship convicted, fined $4.3m(Photos)

. Conviction will send strong warning to int’l drug cartel, local collaborators, says Marwa, commends NDLEA officers for diligent investigation and prosecution
After over three years of diligent prosecution by the National Drug Law Enforcement Agency (NDLEA), a Federal High Court in Lagos presided over by Justice Daniel Osiagor has convicted 10 Thai sailors and their vessel named MV Chayanee Naree for trafficking 32.9 kilograms of cocaine from Brazil into Nigeria through the Apapa seaport, Lagos.
The convicted sailors who are all nationals of Thailand include: Krilerk Tanakhan; Boonlert Hansoongnern; Jakkarin Booncharoen; Thammarong Put-tlek; Worrapat Paopinta; Marut Kantaprom; Werapat Somboonying; Urkit Amsri; Panudet Jaisuk and Amrat Thawom.
They were first arraigned before the court along with nine Nigerian suspects by NDLEA in February 2022 on offences bordering on conspiracy and unlawful transportation of the illicit drug consignment from Brazil to Nigeria. The vessel, the convicted sailors and the nine Nigerians were arrested on 13th October 2021, at the Apapa port in Lagos. The Nigerian suspects are: Samuel Messiah; Ishaya Maisamari; Ilesanmi Ayo Abbey; Osabeye Stephen; Gbenga Ogunfadeke; Kayode Buletiri; Rilwan Omotosho Liasu; Saidi Sule Alani and Jamiu Adewale Yusuf.
They were all subsequently charged to court over the illegal acts which NDLEA prosecutors argued contravened sections 11(a), 11 (b), and 14 (b) of the National Drug Law Enforcement Agency Act Cap N30 Laws of the Federation of Nigeria, 2004, and punishable under the same Act.
The convicted sailors had initially made a no-case submission which was dismissed following submissions by the prosecution that a prima facie case had been established against the vessel and its crew members. As a result, the trial judge ordered the convicted Thai sailors and others to open their defence on the charges against them.
Following the court ruling, the convicted sailors opted for a plea bargain agreement with the NDLEA and as a result, Justice Osiagor delivered his ruling at the resumed hearing of the matter on Thursday 15th May 2025.
Among other penalties, the judge convicted the Vessel MV Chayanee Naree for unlawful transportation of 32.9kg of cocaine into Nigeria and
ordered to pay a fine of $4 million or its Naira equivalent.
The 2nd – 11th defendants were convicted under section 25 of the NDLEA Act for permitting the use of the vessel for the unlawful transportation of 32.9kg of cocaine, while the 2nd, 3rd and 4th defendants were ordered to pay N100,000.00 each as punishment for the offence and in addition restitution in the sum of $50,000 USD each or its equivalent in Naira to the Federal Government of Nigeria. The 5th – 11th defendants are to pay N100,000.00 each and restitution in the sum of $30,000.00, bringing the total amount payable to Four Million Three Hundred and Sixty Thousand US Dollars ($4,360,000.00).
Justice Osiagor thereafter adjourned the trial of the nine Nigerian suspects to June 25.
While the prosecution was led by the Agency’s Director of Prosecution and Legal Services, DCGN Theresa Asuquo, supported by A. Adebayo and Paul Awogbuyi, the defence team was led by the trio of Messrs Babajide Koku, Femi Atoyebi and Tunde Adejuyigbe, all Senior Advocates of Nigeria (SAN).
In his reaction, Chairman/Chief Executive of NDLEA, Brig Gen Mohamed Buba Marwa (Rtd) said the court ruling was a strong message to the international drug cartel and their local collaborators that Nigeria will never be a safe hub for illicit drug trafficking. He commended the NDLEA prosecution team and officers of the Apapa Strategic Command involved in the arrest, seizure and investigation of the shipment for their diligence and resilience in following the case to a logical conclusion. He charged them not to relent in pursuing the other part of the case still pending.
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