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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
Alleged cyber bullying: IGP re-arraigns VDM

By Kayode Sanni-Arewa
The Inspector-General (I-G) of Police, on Thursday, re-arraigned controversial social media influencer, Martins Otse, popularly called VeryDarkMan (VDM), for allegedly cyberbullying Nollywood actresses, Iyabo Ojo and Tonto Dikeh.
VDM was also alleged to have cyberbullied famous Nigerian producer and singer, Samuel Oguachuba, also known as Samklef, among others.
He was re-arraigned before Justice Musa Liman of the Federal High Court in Abuja on five-count charge.
He, however, pleaded not guilty to the charge .
His lawyer, Deji Adeyanju, prayed the court to allow VDM to continue on the earlier bail granted by Justice Mobolaji Olajuwon of a sister court.
Counsel to the I-G, Victor Okoye, did not object and the judge admitted him to the earlier bail terms and adjourned the matter until July 24 for trial.
VDM was on May 22, 2024, arraigned before Justice Olajuwon on same offences contrary to and punishable under Section 24 of the Cybercrime (Prohibition, Prevention, etc) Act, 2015.
He was remanded and granted a N10 million bail on June 10, 2024, by the judge with two sureties who must be employee of reputable company or Level 17 officers in a federal civil service with evidence of three years’ tax clearance.
The charge, marked: FHC/ABJ/CR/140/2024 dated and filed on March 28, 2024, was, however, re-assigned to Justice Liman, following Justice Olajuwon’s transfer to another division of the Federal High Court.
In count one, VDM was alleged to have on or about Oct. 13, 2023, intentionally published via a video posted on his Instagram handle ‘verydarkblackman’, (aka verydarkblackman) threatening and bullying words, to harass Samuel Oguachuba.
In count two, he was alleged to have, on or about Oct 29, 2023, intentionally posted videos, by means of computer system on his Instagram handles which contained information that was grossly offensive, pornographic or of an indecent, obscene or menacing character against Iyabo Ojo.
In the video, he was alleged to have stated that “one Ivabo Ojo is having indecent sexual relationship with her daughter.”
VDM was also accused to have, on or about Jan. 19, 2024, knowingly posted videos on his Instagram handles where he “falsely published that King Tonto Dikeh is accused of criminal conversion of the proceeds of crowd funding for Justice for Mobbad Movement, and being the person behind the gistlover blog.”
In count four, the defendant was alleged to have intentionally posted videos on March 19, 2024, on his Instagram handle against the Deputy-Inspector Generals (DIGs) of Police and lawmakers in the National Assembly considered to be annoying and insulting.
NAN
News
Newly-Wed, Others Rendered Homeless As Windstorm Destroys 300 Houses In Katsina

No fewer than 300 houses were destroyed, and properties worth millions of Naira were lost following a heavy windstorm and downpour in some communities in Katsina State.
The incident, which lasted for about fifteen minutes on Wednesday evening after Asr prayers, saw roofs and rafters flying through the sky.
Among the areas affected are Sabuwar Unguwar Modoji Gabas, Shinkafi, and Kukar-Gesa areas as well as Ambassador Quarters and some parts of Jibia Local Government Area (LGA) among others.
Residents Seek Help
Many residents, including a newlywed couple, were rendered homeless following the havoc.
Some of the victims described the incident as a test from God. They, however, asked the Katsina State Government and others to assist them amidst the lingering economic hardship.
Maryam Muhammad
One of the victims, Maryam Muhammad, said, “During the incident, I was just sitting inside the room and I eventually noticed that the only room I had was completely down, resulting in dislocation of my leg and hand bone.”
“Thank God all my children were at Islamiyya school then. We seek Divine and government interventions because I struggled hard and used all my property to raise this destroyed single room,” she said.
Another victim, Mubarak Rabi’u, re-echoed a similar sentiment, calling on the government to come to their aid.
“We are calling on our good government to look into our critical condition to assist us,” he said.
“Although we received this destiny in good faith, as I am speaking, we don’t know where our families will be heading, now that we are living from hand to mouth.”
Ward Head, Sabuwar Unguwar Modoji Area, Aminu Jafaru.
In the meantime, the Ward Head of Sabuwar Unguwar Modoji Gabas, Aminu Jafaru, has urged the Katsina State Government and the State Emergency Management Agency (SEMA) to as a matter of urgency send delegation to assess the level of damage in the area with a view to assist the victims.
“It was a heavy windstorm accompanied by rain which within fifteen minutes, several Houses completely destroyed. We are calling on government and well to do individuals to please come to our aid in this community otherwise many house occupants will become homeless.
“We are indeed in dire need of your kind support, please. We want the state Governor, Malam Dikko Umaru Radda, if he comes across this request, to please send a delegation to assess the level of damage here in our community,” Jafaru added.
News
BREAKING: PDP, NNPP Rep members abandon parties, lace boots with APC

Three opposition members of the House of Representatives on Thursday formally announced their defection to the ruling All Progressives Congress (APC) during plenary.
The Reps include Oluwole Oke from Osun State, who left the Peoples Democratic Party (PDP), and Kabiru Hassan Rumrum and Sani Abdullahi, both from Kano State, who defected from the New Nigeria Peoples Party (NNPP) to the APC.
Rumrum had earlier declared his resignation from the NNPP and his return to the APC during a meeting with the party’s National Chairman, Dr. Abdullahi Umar Ganduje.
Also, Oke had earlier announced his departure from the PDP in Osun State and his decision to join the APC.
Their defections were formally announced by Speaker Abbas Tajudeen at Thursday’s plenary, increasing the total number of lawmakers who have switched parties since the inauguration of the 10th National Assembly to 30.
Of the 30 defectors, 27 have joined the APC from the PDP, Labour Party, African Democratic Congress (ADC), and the NNPP.
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