Emefiele Refused to Follow Procedures for Currency Redesign – Ex-CBN Dep Gov Testifies in Court

The former Deputy Governor of the Central Bank of Nigeria (CBN), Folashodun Adebisi Shonubi, on Wednesday provided crucial testimony against the former CBN Governor, Godwin Emefiele.

The case, which is being prosecuted by the Economic and Financial Crimes Commission (EFCC), centers on allegations that Emefiele did not adhere to established procedures for currency redesign, as mandated by the CBN Act.

Shonubi's testimony, delivered before Justice Maryann Anenih at the High Court of the Federal Capital Territory in Maitama, Abuja, highlighted several procedural breaches.

According to Shonubi, the standard protocol for currency redesign involves multiple layers of approval: "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."

Following this, the CBN Board would review the proposal and make a recommendation to the President of the Federal Republic of Nigeria. Only after receiving presidential approval would the bank proceed with implementation.

However, these steps were allegedly bypassed during the 2022 currency redesign. Shonubi recounted that despite a recommendation from the currency department in early 2021, Emefiele instructed that it be "stepped down."

It was not until mid-October 2022 that Emefiele informed the deputy governors of having obtained presidential approval, presenting them with a memo bearing the President's signature. Yet, Shonubi noted discrepancies between what was shown to the deputy governors and what was eventually produced.

The EFCC's charges against Emefiele include disobedience to the direction of law and illegal acts causing injury to the public. Specifically, he is accused of approving the printing of large quantities of redesigned currency notes without the necessary approvals from the CBN board and the President, as well as unauthorized withdrawals from the Consolidated Revenue Fund. These actions, according to the prosecution, contravene Section 123 of the Penal Code Law, Cap 89 Laws of the Federation, 1990.

Emefiele has pleaded not guilty to all charges.