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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.

 

NEWS

President Tinubu Set For First Nationwide Media Chat Tonight

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President Bola Ahmed Tinubu will hold his first Presidential Media Chat tonight, December 23, at 9 p.m.

The landmark event, announced by Bayo Onanuga, Special Adviser to the President on Information & Strategy, will be broadcast live on the Nigerian Television Authority (NTA) and the Federal Radio Corporation of Nigeria (FRCN).

READ MORE: Non-Oil Sector Fuels Nigeria’s Q3 2024 GDP Growth, Says CBN

All other television and radio stations have been invited to join the simulcast, ensuring nationwide access.

This highly anticipated media engagement offers an opportunity for President Tinubu to address key national issues, outline his administration’s achievements, and shed light on policies shaping the future of the nation.

Nigerians are encouraged to tune in to stay informed about the government’s vision and policies for the nation.

 

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FCT Health Sector On Brink As Doctors Warn Of Looming Deadliest Strike

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The Association of Resident Doctors, Federal Capital Territory Administration (ARD-FCTA), has sounded an alarm over an impending healthcare crisis, issuing a 14-day ultimatum to FCT Minister Nyesom Wike.

The doctors have threatened a “deadliest shutdown” of hospital operations if their welfare demands remain unresolved.

READ MORE: Appeal Court Strikes Down CCT’s Suspension Of Kano Anti-Corruption Chairman

Speaking at a press briefing in Abuja on Monday, ARD-FCTA President, Dr. George Ebong, highlighted the dire state of doctors’ welfare, despite acknowledging the minister’s achievements in infrastructural development.

He said, “We appreciate the minister for his infrastructural development in the FCT since his emergence. But doctors are an abandoned project. While he fixes infrastructural abandoned projects, we are the human abandoned projects. We believe the minister can deal with the challenge.”

List of Demands

The doctors are calling for immediate action on the following issues:

  • Payment of six months’ salary arrears owed to members employed in 2023.
  • Release of the 2024 Medical Residency Training Fund.
  • Reduction of the bonding policy from six years to two.
  • Implementation of skipping allowances for 2023 intakes and issuance of related letters.
  • Immediate payment of 2024 accoutrement allowances.
  • Clearance of 13 months’ hazard allowance arrears.
  • Conversion of ARD Post 2 members to consultants.
  • Recruitment of healthcare workers to address manpower shortages.

The association had earlier issued a 21-day ultimatum at its Annual General Meeting, with just 14 days now remaining for the minister to meet their demands.

Dr. Ebong warned that failure to act would lead to a complete shutdown of medical services in the FCT, describing the potential strike as “the deadliest shutdown.”

Ebong said, “This injustice is alien to the FCT; if allowed to persist, the nation’s health sector will collapse. We do not want the deadliest shutdown, but if no action is taken, we will have no choice. The health of this nation is at stake, and the minister must act without delay.”

The association called on Wike to urgently address their grievances, emphasizing that the welfare of medical professionals is vital for the sustainability of healthcare delivery in the FCT and beyond.

 

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NNPC Cuts Petrol Price To N965 Per Litre

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The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of petrol at its retail outlets in Abuja to N965 per litre, down from N1,030 per litre.

The new pricing, confirmed at NNPC stations in the Central Area and Nyanya suburbs of the Federal Capital Territory, reflects intensified competition in the downstream petroleum market, particularly with the entry of products from the Dangote Refinery.

This is the second price cut by NNPC in two weeks, following a previous reduction from N1,060 to N1,030 per litre.

READ MORE: BREAKING: Kyari Oversees NNPC Ltd’s Transparent Recruitment Aptitude Test

Motorists have expressed cautious optimism over the adjustment, describing it as a step in the right direction but calling for further reductions.

“I noticed the new price yesterday,” said Adamu Shuaibu, a commercial driver on the Nyanya-Zuba route.

“The government is trying, but they should do more. The price should return to N530 per litre so that the cost of other goods can decrease too.”

Similarly, Taofeek Adetunji, a private car owner, attributed the price reduction to President Bola Tinubu’s economic reforms and expressed hope for sustained improvements.

“When the President promised his reforms would yield results, many doubted him. But now you can see it. We are optimistic that prices will keep dropping. Petrol is vital to the economy, and this reduction will soon reflect in the cost of goods and services,” Adetunji said.

Motorists have urged the Federal Government to continue its efforts to make petrol more affordable, emphasizing its significance to the nation’s economy and the cost of living.

 

 

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