Connect with us

News

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

Published

on

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.

Advertisement

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.

Advertisement

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.

Advertisement

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.

Advertisement

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.

Advertisement

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.

Advertisement

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.

Advertisement

“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.

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

National Assembly postpones resumption till February 4

Published

on

The National Assembly has postponed its resumption earlier, fixed for January 28 till February 4.

The Clerks to the Senate and House of Representatives disclosed this in separate statements in Abuja.

In an internal memo dated Friday 24th January 2025, and addressed to all Senators titled: ‘Change in Resumption Date,’ the Clerk to the Senate, Andrew Nwoba, said: “Please be informed that there is a change in the resumption date due to the ongoing budget defence.

“It has been rescheduled from Tuesday, 28th January 2025, to  Tuesday, 4th February  2025, at 11:00 am. prompt.”

Advertisement

The House of Representatives also announced the postponement of its resumption in a statement by its Spokesman, Rep. Akin Rotimi, Jr., titled: ‘House of Representatives Postpones Resumption of Plenary to Tuesday, February 4, 2025.’

The statement reads in part:

“The House of Representatives has announced the postponement of its plenary resumption, previously scheduled for Tuesday, January 28, 2025. The new date for resumption is now set for Tuesday, February 4, 2025.

“This development was communicated to Honourable Members through an internal memorandum issued by the Clerk of the House of Representatives, Dr. Yahaya Danzaria, Esq., on the directive of the House Leadership.

Advertisement

“The postponement is necessary to allow Committees sufficient time to conclude ongoing budget engagements and defences with Ministries, Departments, and Agencies (MDAs).

“This measure ensures a thorough and comprehensive approach to legislative responsibilities.

“The House remains committed to fulfilling its legislative mandate for the benefit of Nigerians and appreciates the understanding of all stakeholders.”

Advertisement
Continue Reading

News

Tinubu orders reform of N-Power scheme

Published

on

President Tinubu has mandated a reform of the N-Power Scheme to enhance its productivity and impact.

According to presidential aide, Dada Olusegun, in a post on X, the reform aims to connect youths through training and also link them directly to the market space and private sector, ensuring that acquired skills translate into viable job opportunities.

Olusegun said over 100,000 items have been procured to empower youths across the country.

He said the President has also approved a sum of N32.7bn for the implementation of the National Social Investment Program in 2025.

Advertisement

“Through cooperative clusters, Nigerians will benefit from low-interest credits of N300,000-400,000,” he said.

The presidential aide added that the initiative aims to empower vulnerable Nigerians, particularly women and youth, by enabling them to launch or expand small businesses, thus improving their livelihoods.⁠

“2025 promises to be a year of rewards for all Nigerians who have had to go through ongoing economic reforms as the administration seeks to fulfil the Renewed Hope agenda,” he concluded.

Advertisement
Continue Reading

News

Drone attack on hospital kills 67 in Sudan

Published

on

A drone attack on one of the last functioning hospitals in El-Fasher in Sudan’s Darfur region has killed 67 people and injured dozens, local activists and a medical source said on Saturday.

“Thirty-seven of those injured in the drone strike yesterday died today, bringing the number of victims up to 67,” the source told AFP, requesting anonymity for fear of retaliation.

He added that a number of those injured were still being treated but could not give an exact figure.

The bombing of the Saudi Hospital late Friday had “led to the destruction” of the hospital’s emergency building, the source said.

Advertisement

AFP could not independently verify which of Sudan’s warring sides had launched the attack.

Since April 2023, the Sudanese army has been at war with the paramilitary Rapid Support Forces (RSF), who have seized nearly the entire vast western region of Darfur.

Since May, they have besieged El-Fasher, the state capital of North Darfur, but have not managed to claim the city where army-aligned militias have repeatedly pushed them back.

Last week, the RSF issued an ultimatum demanding army forces and allies leave the city by Wednesday afternoon in advance of an expected offensive.

Advertisement

Local activists have reported intermittent fighting since, including repeated artillery fire from the RSF on the famine-hit Abu Shouk displacement camp.

On Friday morning alone, heavy shelling killed eight people in the camp, according to civil society group the Darfur General Coordination of Camps for the Displaced and Refugees.

The United Nations has voiced alarm, calling on both parties to ensure the protection of the city’s civilian population — some two million people.

“The people of El-Fasher have suffered so much already,” Seif Magango, spokesman of the UN rights office, said Wednesday.

Advertisement

– RSF drones –

According to the medical source, the Saudi Hospital’s emergency building had been hit by an RSF drone “a few weeks ago”.

Between December 9 and January 14, Yale University’s Humanitarian Research Lab observed three advanced drones at the RSF-controlled Nyala Airport, some 200 kilometres (124 miles) south.

In its report, it said the Chinese-made drones have “significant electronic surveillance and warfare capabilities and can be equipped with air-to-ground munitions”, but could not verify which countries had purchased them.

Advertisement

The United Arab Emirates has been repeatedly accused of funnelling weapons, including drones, to the RSF.

United Nations experts determined in December 2023 that the allegations were “credible,” but Abu Dhabi has issued repeated denials in the face of mounting international criticism.

In December, it assured the Joe Biden administration that it was “not now transferring any weapons” to the RSF.

But on Friday, two US lawmakers said the UAE had violated its promises to Washington and “is continuing to provide weapons” to the RSF — who the United States concluded earlier this month had committed “genocide” in Darfur.

Advertisement

– Army gains –

The RSF’s latest attempt to consolidate its hold on war-ravaged Darfur — a vast region about the size of France, home to a quarter of Sudan’s population — comes as the army claims significant victories elsewhere.

Some 850 kilometres east, army chief Abdel Fattah al-Burhan on Saturday toured the Jaili oil refinery, the country’s largest, a day after his forces reclaimed it.

In a statement, his ruling Transitional Sovereignty Council said Burhan “pledged to rebuild what the militia had destroyed” and rehabilitate a key economic resource.

Advertisement

The military on Friday also broke a paramilitary siege on its Khartoum headquarters, which the RSF had encircled since the war began in April 2023.

Earlier this month, the army successfully wrested control of key state capital, Wad Madani, just south of Khartoum, from the RSF.

Since the war began, both the army and the RSF have been accused of war crimes, including targeting civilians and indiscriminately shelling residential areas.

Before leaving office on Monday, the Biden administration sanctioned Burhan, accusing the army of attacking schools, markets and hospitals and using food deprivation as a weapon of war.

Advertisement

Across the country, up to 80 percent of healthcare facilities have been forced out of service, according to official figures.

In El-Fasher, where ambulances and hospital buildings have been routinely targeted, medical charity Doctors Without Borders said this month the Saudi Hospital was “the only public hospital with surgical capacity still standing.”

The war has so far killed tens of thousands, uprooted more than 12 million and brought millions to the brink of mass starvation.

In the area around El-Fasher, famine has already taken hold in three displacement camps — Zamzam, Abu Shouk and Al-Salam — and is expected to expand to five more areas, including the city itself, by May, according to a UN-backed assessment.

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News