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Emefiele’s Naira Redesign: Witness Uncovers Alleged Missteps, Political Influences

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A significant revelation emerged in the ongoing trial of Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN), as Folashodun Shonubi, a key witness, testified that the naira redesign policy implemented in 2022 did not adhere to the standard procedures mandated by the bank.

Shonubi, who served as the acting governor of the CBN from June 9 to September 15, 2023, claimed during his testimony in a Federal Capital Territory (FCT) high court that Emefiele acknowledged the presence of political influences surrounding the controversial currency redesign.

Read Also: EFCC Denies Sharing N54bn Forfeited By Emefiele’s Allies

“When we had meetings with the defendant (Emefiele), he said there were politics and intrigues around the whole exercise,” Shonubi stated while being questioned by the prosecution counsel, Rotimi Oyedepo.

As the former deputy governor of operations at the apex bank, Shonubi pointed out that the redesigned naira notes issued under Emefiele’s leadership were not consistent with those that had been approved by former President Muhammadu Buhari.

He emphasized that the memorandum submitted to the president regarding the redesign was prepared solely by Emefiele, bypassing the traditional multi-step procedure typically required for such significant decisions.

Shonubi outlined the standard process for currency redesign, which involves recommendations from the currency management department, followed by approval from the Committee of Governors (COG) and the CBN board, before finally obtaining presidential approval.

According to Shonubi, the normal protocols were ignored, highlighting that Emefiele had previously rejected a recommendation for a currency redesign made by the currency management department in early 2021.

“A paper was presented to me, and on the instruction of the governor (Emefiele), it was stepped down,” he explained.

He further noted that in mid-October 2022, Emefiele convened a meeting where he claimed to have received presidential approval for the redesign, presenting a memo purportedly signed by the former president as evidence.

During cross-examination by the defense attorney, Olalekan Ojo, Shonubi acknowledged that he was not privy to any discussions between Emefiele and the former president regarding the redesign policy.

Emefiele is currently facing prosecution by the Economic and Financial Crimes Commission (EFCC) on multiple charges related to alleged illegal acts that have resulted in public harm.

The trial continues to attract significant public interest as it delves into the controversies surrounding the naira redesign and its implications for Nigeria’s economy.

 

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Old Video Of Wike Campaigning Against Godfather Syndrome Resurfaces

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A damning video clip has resurfaced, showing former Rivers State governor Nyesom Wike vehemently opposing the godfather syndrome in politics.

The clip, which is currently circulating on social media, reveals Wike’s stance on the issue, stating that the godfather syndrome will not be tolerated in Rivers State.

In the video, Wike, who is currently serving as the Minister of the Federal Capital Territory, FCT, explicitly states that the system of godfatherism may be prevalent in other states like Lagos, but it will not happen in Rivers.

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He emphasizes that he cannot perpetuate the system even if he wants to, and that it is not possible for one individual to dictate the political landscape of the state.

He said, “It may happen in Lagos State but it cannot happen in Rivers, we are quite different. As a governor, I will come and go and I can’t stop it.

“The day that my tenure ends, by the grace of God, I will go. When you are thinking that what is happening in Lagos State, we will do it here, it may be difficult.

“You can’t continue to say that you must be a godfather of a state. That is the problem and it is not possible.

However, the irony of Wike’s statement is not lost on many, as Rivers State is currently embroiled in one of the worst political crises in the country.

wike and incumbent Governor Siminalayi Fubara are locked in a bitter struggle for control of the state’s leadership structure, with both sides trading blows and accusations.

The crisis has divided Rivers State along ethnic and political lines, with various groups issuing threats and warnings.

The Ijaw Youth Council and the Ijaw National Congress have warned that any attempt to remove Fubara from office will be seen as an attack on the Ijaw nation.

As the situation in Rivers State continues to unfold, the resurfaced video clip has raised questions about Wike’s commitment to his earlier stance on godfatherism.

 

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JUST IN: Explosion Hits APC Secretariat In Rivers State

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An explosion rocked the All Progressives Congress (APC) secretariat in Port Harcourt, Rivers State, on Saturday, causing significant damage to the building and its surroundings .

The blast, suspected to have been caused by dynamite, shattered the secretariat’s gate, doors, and windows, and also destroyed other properties.

This is the second attack on the APC secretariat this year, and it comes at a time when the local government elections are set to hold in the state.

Read Also: Emefiele’s Naira Redesign: Witness Uncovers Alleged Missteps, Political Influences

The Rivers State Independent Electoral Commission has confirmed that all sensitive materials have been distributed to the various local government area.

A viral video of the incident has been circulating, showing workers assessing the damage to the secretariat.

The police have not yet commented on the incident, but the spokesperson for the state police command, Grace Iringe-Koko, has promised to investigate and provide updates.

The APC has not made any official statement on the incident, but the attack has raised concerns about the safety and security of political parties and their properties in the state.

The incident is currently under investigation, and more details are expected to emerge in the coming days.

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Police Raid Notorious IPOB Camp, Rescue Traditional Ruler, Others

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The Anti Kidnapping Unit of the Imo State Police Command, in collaboration with other security agencies, has successfully raided a notorious camp linked to the Eastern Security Network (ESN) and the Indigenous People of Biafra (IPOB) in the Ezioha forest of Mbaitoli local government area.

The operation, which took place on Friday, resulted in the rescue of several kidnap victims, including a 69-year-old traditional ruler from the Umuorji Mgbidi community in Oru West local government.

Read Also: Basketmouth Reveals Why Nigeria May Never Be Better [VIDEO]

According to Henry Okoye, the Command Public Relations Officer, the operation was initiated following intelligence reports about the camp’s activities.

Upon arrival, security operatives engaged in a fierce gun battle with the armed group, which led to the neutralization of the gang leader, identified as a key figure in recent kidnappings that have plagued the state.

Other members of the gang fled the scene, reportedly suffering from bullet wounds.

In addition to the rescue of the traditional ruler, a couple and several other individuals held captive were freed during the operation.

Law enforcement officials recovered a range of items from the camp, including several vehicles, a pump-action gun, ten live cartridges, four locally made explosives, a Biafra flag, and a native bulletproof vest.

The Imo State Police Command has reiterated its commitment to combating kidnapping and criminal activities in the region, urging citizens to remain vigilant and report suspicious activities.

 

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