Former CBN Governor Emefiele accused of bypassing procedures in naira redesign
Folashodun Shonubi, former Acting Governor of the Central Bank of Nigeria (CBN), testified yesterday that Godwin Emefiele, ex-CBN Governor, bypassed established procedures in the 2022 naira redesign project.
Shonubi, the prosecution’s third witness, revealed that Emefiele stepped down the recommendation made by the Currency Department in early 2021, deviating from the standard process. Normally, the Currency Management Department submits recommendations to the Committee of Governors (COG) for consideration, followed by CBN Board approval and presidential endorsement.
“The normal procedure was not followed,” Shonubi stated, emphasizing his role as a Deputy Governor and member of both COG and CBN Board.
Emefiele faces four counts of disobedience to the law and illegal acts causing public harm, brought by the Economic and Financial Crimes Commission (EFCC). The case has sparked controversy, with concerns about transparency and accountability in the project.
