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BREAKING: Shonubi exposed what Emefiele told him about Naira redesign

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Shonubi reveals what Emefiele told him about Naira redesign

A former Acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, has said he learnt that there were intrigues and politics in the naira redesign exercise carried out in 2022. Shonubi, then Deputy Governor (Operations) before his appointment as Acting CBN Governor, said the former Governor of the CBN, Godwin Emefiele, told him and others that there were intrigues and politics in the whole exercise....Click to Read More

Shonubi, now retired, who is the Prosecution’s third witness, made this claim in reaction to a question from Emefiele’s lawyer, Olalekan Ojo, at the resumed hearing in the trial of the ex-governor of the CBN. Emefiele is being prosecuted by the Economic and Financial Crimes Commission (EFCC) before the High Court of the Federal Capital Territory FCT (FCT) on four counts bordering on disobedience to the direction of law and illegal act causing injury to the public about the naira redesign exercise.

Ojo had asked Shonubi if, as a seasoned CBN banker, he was aware of the intrigues and politics in the naira redesign exercise.

The witness said he ordinarily did not know, but learnt from Emefiele, during one of their meetings, that there were indeed intrigues and politics in the exercise.

The witness however did not say if Emefiele told them what the intrigues and politics were.

When asked if indeed there was presidential approval for the naira redesign, the witness said the defendant presented a document during one of the meetings of the CBN’s Committee of Governors (COG) containing the signature of the president.

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Shonubi, however, said what the CBN under Emefiele produced after the naira redesign exercise was different from what President Bola Buhari approved.

He said the redesigned naira notes were launched by President Buhari, adding that he was not aware of a letter from the president complaining about the naira redesign.

The witness also said he did not come across any letter from either the COG or the board of the CBN protesting against or condemning the approval of the president for currency redesign.

On whether he knew all that transpired between President Buhari and Emefiele in the course of the naira redesign exercise, the witness said no.

Shonubi said he is not aware of the oral discussions between the defendant and the then-president about the naira redesign exercise.

He said it was only the defendant who was interacting with the president on this issue.

Shonubi confirmed that he was invited once by the EFCC about the case and that he made statements.

He however said the EFCC did not have a physical confrontation between him and the defendant in respect of what was contained in his statements that related to him (the defendant).

While being led in evidence by prosecuting lawyer, Rotimi Oyedepo, earlier, the witness said what was produced by the CBN under Emefiele as the redesigned naira notes were not the same as approved by the President.

He said the memo presented to the president for the naira redesign was solely prepared by Emefiele and sent to the president.

Shonubi said the CBN, under Emefiele, did not follow its laid down procedures for currency redesign.

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He stated that the normal procedures were for the Currency Management Department of the CBN to make recommendations on the need to redesign the currency, after which a paper would be submitted to the Committee of Governors (COG) of the bank for consideration.

The witness added that upon the COG’s approval to the CBN Board, it would, in turn, make a recommendation to the President of the Federal Republic of Nigeria.

He said after the President’s approval was received, the bank would then set up an internal committee to execute the currency redesign exercise.

Shonubi, who said, as a Deputy Governor, he was a member of both the COG and CBN Board, told the court that Emefiele stepped down the recommendation made in early 2021 by the bank’s Currency Department.

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BREAKING: Shettima Reveals Tinubu’s Intention For the South East; See What He Announced That’s Exciting

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BREAKING! GOOD- NEWS Hits IGBOLAND As Shettima Reveals Tinubu’s Intention For the South East; See What He Announced That’s Exciting
In a recent address during the inauguration of the 5th edition of the Expanded National Micro, Small and Medium Enterprises (MSMEs) Clinic in Enugu State, Nigeria’ s Vice President, Senator Kashim Shettima, emphasized the significance of the South- East region in President Bola Tinubu’ s administration. Shettima assured residents that the administration is dedicated to addressing infrastructure deficits and combating the rampant erosion issues affecting the area.Highlighting the urgent need for intervention, Shettima lamented the severe impact of erosion on the livelihoods of the people in the region. He noted that the president has initiated plans for discussions with the National Assembly and the governors of the South- East to devise effective strategies for tackling the erosion crisis. ” The challenges facing the South- East are primarily rooted in infrastructural deficits and the erosion that threatens the very livelihood of our people, ” he stated....Click to Read More

To address these pressing concerns, Shettima outlined the administration’ s commitment to collaborative efforts. ” We have coordinated with the Speaker of the House of Representatives, and we will engage with the leadership of the National Assembly and the governors of the South- East to develop a comprehensive solution to the erosion issues, particularly in states like Anambra and Abia, while also considering Enugu, which is similarly afflicted by this crisis, ” he added. He underscored the necessity of practical solutions to these long- standing problems.

Shettima further expressed optimism about the current administration’ s approach to governance in the South- East, declaring, ” In terms of governance, we’ ve never had it so good in the South- East as we do now. We must nurture this brotherhood and relationship for the betterment of our people. Through development and investments in education, we can transform the narrative from negativity to positivity. ”
In his remarks, Shettima conveyed President Tinubu’ s message of support for the people of Enugu and the South- East, stating, ” The president has entrusted me with the responsibility to come to Enugu and assure the people that our government will do everything within its power to support the South- East. ”
Expressing a personal connection to the region, he remarked, ” Enugu holds a special place in my heart, as does President Bola Tinubu’ s commitment to Enugu State and the South- East as a whole. ” He highlighted the establishment of the South- East Development Commission (SEDC), which received prompt presidential assent and is headquartered in Enugu. This move signifies the administration’ s dedication to fostering development in the region.
Addressing the issue of energy, which he deemed crucial for industrial growth, Shettima pointed out that without adequate power supply, industrialization would remain elusive. To that end, he announced the appointment of Engr. Jennifer Adighije, a daughter of Abia State, as the Managing Director of the Niger Delta Power Holding Company of Nigeria. This strategic decision aims to enhance power supply and facilitate industrial growth in the South- East.
During the inauguration ceremony, Shettima commended Enugu State Governor Peter Mbah for his commendable efforts in revitalizing the state and improving the living conditions of its residents. He recognized Mbah’ s initiatives in lifting the state from the depths of poverty, expressing confidence in the governor’ s leadership.
To further support small businesses, Shettima announced the distribution of grants amounting to N150, 000 to outstanding Micro, Small, and Medium Enterprises (MSMEs) in Enugu State. This financial assistance is intended to bolster local businesses and stimulate economic growth in the region.
In conclusion, Shettima’ s address underscored the significance of the South- East region in President Tinubu’ s administration, highlighting the government’ s commitment to addressing pressing challenges such as infrastructure deficits and erosion. Through collaborative efforts with local leaders and investments in development, the administration aims to create a more positive narrative for the South- East, ultimately enhancing the quality of life for its residents.
The Vice President’ s visit and initiatives reflect a broader strategy to strengthen the relationship between the federal government and the South- East, fostering an environment conducive to growth and development. As the administration continues to prioritize infrastructure and economic support, the people of the South- East can look forward to tangible improvements in their living conditions and opportunities for progress.

See also  JUST IN: Electricity Tariff May Drop Soon – Minister of Power, Adelabu Tells Nigerians
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Concern For Oshiomhole, Okpebholo, APC As Brave INEC Staff Exposes Everything

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SHAMELESS Election Riggers! Big TROUBLE For Oshiomhole, Okpebholo, APC As Brave INEC Staff EXPOSES Everything – HEARD VOICE NEWS ONLINE

The recent Edo State governorship election, held on September 21, 2024, has sparked widespread outrage, with allegations of electoral fraud making headlines across social media. The hashtag #EdoElectionTruth is currently trending as anonymous staff of the Independent National Electoral Commission (INEC) come forward to expose alleged irregularities and manipulations during the election process....Click to Read More

These revelations have shocked the public, with calls for accountability growing louder. In a public statement, some concerned INEC staff expressed deep disappointment with the conduct of the election, describing it as tainted by intimidation, coercion, and collusion among senior INEC officials and political agents.

Troubling Allegations From INEC Staff
According to the whistleblowers within INEC, what was expected to be a fair and transparent election turned into a deeply compromised process. The staff shared how their original commitment to uphold the principles of democracy was betrayed by internal pressure to manipulate the results.

One key element of the statement emphasized the personal toll the election fallout had on these staff members. ” Since the election, many of us have been subjected to insults and abuse from our neighbors, church members, and even our own families, ” the statement read. ” These accusations are based on the assumption that we were involved in manipulating the election, which is far from the truth. ”

The staff detailed a series of alarming incidents, including direct coercion from senior INEC officials, who allegedly pressured them to alter vote counts or overlook glaring irregularities. When some staff refused to comply, they were reportedly threatened with dismissal or even physical harm.

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In addition, the whistleblowers claimed that their communication devices were seized at various collation centers across the state, cutting them off from their colleagues and preventing them from reporting the irregularities they witnessed. “We saw firsthand how election results were manipulated before being announced, ” the statement revealed.

Public Outcry On Social Media

As news of these allegations spread, Nigerians have taken to social media to express their outrage, with the hashtag #EdoElection Truth gaining widespread traction. Many citizens have demanded a full investigation into the election process and those responsible for the alleged manipulation.

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JUST IN: Electricity Tariff May Drop Soon – Minister of Power, Adelabu Tells Nigerians

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Electricity Tariff May Drop Soon – Minister of Power, Adelabu Tells Nigerians

Adebayo Adelabu, the Minister of Power, has assured Nigerians that they will soon notice a significant decrease in their electricity bills, thanks to ongoing improvements in power generation and distribution throughout the country....Click to Read More

The assurance came in a statement released by his Special Adviser on Strategic Communication and Media, Mr. Bolaji Tunji, following a meeting with the Executive Secretary of the National Lottery Trust Fund, Mr. Tosin Adeyanju.

Adelabu noted that about 40% of consumers were receiving high amount of power, with the country generating an average of 5500MW. He, however, noted that “the price of electricity is still the cheapest in Nigeria, compared to other African nations such as Togo, Mali, and Niger Republic.”

He acknowledged that Nigeria’s low-income levels made the cost appear high to consumers.

Furthermore, he asserted, “It is still far cheaper to use electricity than to run generators, using petrol or diesel, given the current prices of those commodities.”

The Minister expressed optimism about the future, stating, “there is a possibility of a reduction in the current tariff as generation and distribution are ramped up.”

Currently, customers in Band-A are charged ₦206.5 per kWh following the Federal Government’s subsidy removal, which was part of an agreement to provide a minimum of 20 hours of power supply daily.

In his remarks, the National Lottery Trust Fund boss, Tosin Adeyanju, commended the Minister for his excellent performance since assuming office, particularly in restoring public confidence in the power sector. Adeyanju said, “Since 1999, we have not witnessed the level of improvement in electricity supply that we have today. Many people had begun to rely on solar energy due to the poor supply. But your efforts have restored confidence in the sector.”

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Adeyanju also discussed the agency’s plans to support the Renewed Hope Agenda of President Bola Tinubu by training youths, particularly in rural areas, to assemble one kilowatt of solar energy.

“We have approached your ministry for partnership in training rural youths to help reduce unemployment and create jobs, particularly for those with vocational skills like hairdressing, vulcanizing, and welding,” he explained.

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