How Acting CBN Gov. Shonubi masterminded controversial Naira redesign

"Shonubi, in the memo titled, “Memo to the Committee of Governor for Currency Redesign,” based his reason for a redesign of the Naira on “wholesale hoarding of Naira bank notes by members of the public worsening shortage of fit banknotes in circulation, high and increasing cost borne by the bank as well as high counterfeit risk"

by Per Second News
6 minutes read

Contrary to Nigerians’ belief that the suspended CBN Governor, Godwin Emefiele, formulated the Naira redesign policy, it has been discovered that the Deputy Governor in charge of Operations, who is now the Acting Governor, Folashodun Shonubi, was actually the brain behind the policy.

Shonubi, Persecondnews gathered came up with the idea of the Naira change in conjunction with Emefiele.


The currency redesign, however, resulted in the scarcity of Naira which also left many people dead in violent protests that trailed the policy.

It was also gathered that Shonubi had in August 2022 raised an internal memo on the redesign.

Shonubi, in the memo titled, “Memo to the Committee of Governor for Currency Redesign,” based his reason for a redesign of the Naira on “wholesale hoarding of Naira bank notes by members of the public worsening shortage of fit banknotes in circulation, high and increasing cost borne by the bank as well as high counterfeit risk.”

Shonubi’s memo prompted Emefiele to set up a taskforce for the Naira redesign with himself as the chairman while Shonubi and Deputy Governor, Financial System Stability, Aisha Ahmad, serving as co-chairmen.

The currency redesign was then implemented within just a few weeks to the 2023 general elections, resulting in severe disruption of economic activities and scarcity of banknotes throughout the country.

While Shonubi was starving the rest of the country of cash, he and his boss, Emefiele, were diverting banknotes to the opposition through some designated bank branches.

The CBN topshots, it was learnt, were all out specifically against the APC presidential candidate, Tinubu and the ruling party.

On the Special Investigations Panel set up by President Tinubu, it was learnt that preliminary report has indicted Shonubi, Emefiele, and others.

Shonubi’s tenure is ending on October 15, but the Presidency cabal want his tenure renewed by Tinubu, unknown to them that he is actually working for the opposition so that they will continue to reap benefits and ensure he doesn’t cooperate with the Special Investigator.

Aso Rock cabal are also blocking Jim Obazee, the special investigator from submitting his report to Tinubu, while they are making moves to secure tenure extension for acting CBN Governor.

Meanwhile, the panel probing the CBN and other Government Business Entities (GBEs) has traced about N8 trillion of the funds looted from the vaults of the apex bank and the GBEs to various bank accounts operated by individuals and private business organisations.

The recovery of the located N8trillion is, however, expected to commence any moment from now.

Obazee, it was learnt, is waiting for President Bola Tinubu to return from his foreign trips before submitting the report and then obtain the presidential approval to deposit the funds to be recovered into the Federation’s consolidated account or the recovery account as he is expected to get the President’s approval to open the account for depositing the money.

Tinubu is, however, expected to officially announce the N8trillion as the first recovery made by the Obazee-led team of investigators, while subsequent recoveries will be announced fortnightly or monthly.

About N400 trillion looted from the CBN and GBEs is expected to be recovered by the Obazee-led team of investigators.

Obazee, it was learnt, has therefore, recommended in his preliminary report to be submitted to Tinubu, the immediate withdrawal of the seven-year CBN audited annual financial reports released in September, following the discovery of some discrepancies and irregularities in the financial accounts.

CBN had in August released its financial reports for years 2016 to 2022 amid the ongoing probe of the apex bank by Tinubu’s Special Investigator but the audit reports are said to have been found out by the Special Investigator to contain inaccurate and false data.

The cabal is therefore working tirelessly to ensure that the Special Investigator does not submit to the President his preliminary report, which heavily indicted Shonubi as not to have only collaborated with Emefiele, but also indicates he actually worked against Tinubu while supporting the opposition candidate during the 2023 presidential election.

To secure tenure extension for Shonubi, the Presidency cabal, it was learnt, even included his name on the list of the President’s delegation to India.

But two days to the departure, it was gathered, Tinubu demanded to see the list and when he saw the acting CBN governor’s name, he summoned Gbajabiamila and his Principal Staff Officer (PSO) to ask them why. But both Gbajabiamila and the PSO were said to have denied knowing how Shonubi’s name got on the delegation’s list.

Among those queried for inserting Shonubi’s name on the list for the India trip was the President’s Chief Security Office (CSO). Tinubu himself was, however, said to have used his biro to cancel Shonubi’s name and wrote “not approved” in front of it.

The acting CBN gov was, therefore, dropped from the India trip.

In the meantime, a coalition of 259 anti-corruption, civil society and human rights groups, Coalition for Transparency and Economic Reforms (COTER) has urged President Tinubu to act on the preliminary report to be submitted to him by the special investigator.

COTER also advised Tinubu to immediately suspend the acting CBN governor following his indictment in the ongoing probe of the apex bank by the Special Investigator and his team.

It added that there should be immediate recovery of all the stolen monies, confiscation of assets acquired with ill-gotten wealth and commencement of the prosecution of all those involved.

COTER’S President, Dr Peter Chima Chukwu and General Secretary, Mallam Auta Ibrahim Koko, noted that government should also endeavour to make public the monies recovered by the Special Investigator and his team.

The group further warned the cabal and all others antagonising the Special Investigator and his committee to steer clear of the team’s investigation and recovery efforts or risk the wrath of the people, expressing its preparedness to “galvanise and mobilise” Nigerians against them.

COTER said,:“We urge President Tinubu to ensure that his administration implements the preliminary report to be submitted by the Special Investigator. Infact, all those indicted must be appropriately sanctioned.

“The indictment of the acting CBN Governor, Shonubi and his former boss, Emefiele over the rot at the apex bank, as we understand, is appalling. So, we call on the President not to spare any one of them. Infact, we’re calling on President Tinubu to immediately suspend the acting CBN Governor, too, from office to give room for a thorough probe of the alleged heist at the CBN.

“Your Excellency, Nigeria is greater and bigger than any individual, no matter how highly placed they may be. We believe, for the good of his administration and the sake of posterity, Mr President will not spare anyone as a sacred cow.

“We commend your efforts, Mr President, to recover all looted funds from the perpetrators. But we demand that all indicted individuals must be appropriately punished in order to deter others from towing such ignoble path in the future. The indicted individuals must also be made to return the looted funds to the coffers of government.”


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