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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.
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How Senate Ethics Cttee chairman who suspended Natasha was barred for life in New York over alleged scam
Neda Imasuen, chair of the Senate Committee on Ethics that recommended the suspension of Natasha Akpoti, has been stripped of his bar licence in New York, U.S., over allegations of multimillion-dollar fraud and gross misconduct.
A document obtained by Peoples Gazette showed that Mr Imasuen had been disbarred for life in New York after he swindled his client, absconding with representation fees without making an appearance for her in court.
The Gazette spoke with a court officer who said Mr Imasuen was permanently disbarred after collecting money from a client and failing to represent her. He also refused to comply with the disciplinary panel’s attempt to investigate his misconduct.
Daphne Shyfield hired Mr Imasuen to represent her on a matter in 2009 and paid him tens of millions of dollars for legal fees.
Instead of appearing for Ms Shyfield, Mr Imasuen absconded with the money, a move that triggered a morass of petitions, given that his actions contravened existing New York bar code and rules.
Despite being served with petitions on multiple occasions in the U.S., Mr Imasuen failed to respond to any of the petitions and did not ask for an extension of time to file a response.
The Edo South senator, instead, fled to Nigeria with Ms Shyfield’s funds to lay low and escape disciplinary actions from the Grievance Committee, the body responsible for issuing rulings for the infractions of jurists.
Following several failed attempts to obtain a response to petition files, the Grievance Committee for the Second, Eleventh, and Thirteenth Judicial Districts terminated Mr Imasuen’s licence to practice law in New York.
“Neda B. Imasuen, admitted as Neda Bernards Imasuen, is disbarred, and his name is stricken from the roll of attorneys and counselors-at-law,” reads a decision of the Grievance Committee on May 10, 2010.
“Neda Bernards Imasuen is commanded to desist and refrain from (1) practicing law in any form, either as principal or agent, clerk, or employee of another, (2) appearing as an attorney or counsellor-at-law before any court, judge, justice, board, commission, or other public authority,” reads a notice of his disbarment.
Meanwhile, in Nigeria, Mr Imasuen, 66, rode on the waves of the Labour Party to win the Edo South senatorial poll in 2023 and wormed his way to becoming the chair of the Senate Committee on Ethics, Code of Conduct and Public Petitions.
That the same man with a 15-year-old history of disregarding petitions was now heading the Senate Committee on Ethics and Public Petitions called into question the integrity —if any, of the people in the nation’s leadership positions.
Last Wednesday, Mr Imasuen was quick to dismiss Mrs Akpoti-Uduaghan’s sexual harassment petition against Senate President Godswill Akpabio on the ground that it did not follow due process.
The Edo senator dismissed the petition as “dead on arrival” because Mrs Akpoti-Uduaghan signed the document, which he said violated the Senate rule book. He later accepted it on Friday after the female lawmaker resubmitted it with the signature of her constituent’s member.
Mr Imasuen did not immediately return comments on his New York disbarment.
His disbarment is typical of many Nigerian politicians who commit crimes on foreign soil and flee to Nigeria with fraud proceeds, with which they contest elections.
Former speaker and the president’s chief of staff, Femi Gbajabiamila, got his law licence terminated by the State Bar of Georgia in the U.S. over his corruption and ethical lapses. He admitted to stealing $25,000 from his client.
Mr Imasuen’s disbarment by the New York Supreme Court adds yet a new name to the growing list of individuals with tainted pasts occupying high-ranking government positions in Nigeria.
Rivers Ijaw Peoples Congress, RIPCO leaders have called on Ijaw National Congress INC leaders to shun violence over the state’s political logjam.
In a video, leader of the group, Senator George Thompson Sekibo alongside other leaders addressed the press over misguided statements being made by INC leaders.
WATCH!
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