Buhari Betrayed? Insider Reveals Emefiele’s Secret Naira Scheme

During the court session, Shonubi explained that the proper procedure for a currency redesign begins with a recommendation from the Currency Management Department, which then needs approval from the Committee of Governors (COG) and the CBN Board before being forwarded to the President. However, Emefiele bypassed these steps, sending the memo directly to President Buhari and securing his approval. Shonubi further disclosed that a previous recommendation for redesigning the currency in 2021 had been halted by Emefiele.

Shonubi also mentioned that he had been summoned by the Economic and Financial Crimes Commission (EFCC) for questioning regarding the naira redesign, although no face-to-face confrontation between him and Emefiele occurred. He pointed out that the EFCC’s investigation did not lead to any direct interaction between the two during this inquiry. Despite this, the former acting governor stood by his statement that the redesigned notes released by the CBN were different from what had been approved by the President.

The case has sparked significant interest due to the allegations of political interference in the naira redesign process, which took place just ahead of Nigeria’s 2023 general elections. The court adjourned further hearings on the matter until October 9, 2024.