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Emefiele Issued Naira Notes That Were Not Approved By Buhari – Witness 

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2 years ago

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Emefiele Issued Naira Notes That Were Not Approved By Buhari – Witness . A former acting Governor of the Central Bank of Nigeria, Folashodun Shonubi, on Wednesday, told Justice Maryann Anenih of the Federal Capital Territory High Court in Maitama, Abuja, that intrigues and politics were involved in the naira redesign exercise carried out in 2022.....KINDLY READ THE FULL STORY HERE▶

 

 

 

 

 

 

Shonubi, who served as the Deputy Governor of Operations before his appointment as acting CBN Governor and is now retired, appeared in court as a witness in the trial of ex-CBN Governor, Godwin Emefiele.

He claimed that the redesigned naira notes released by the CBN under Emefiele were different from what ex-President Muhammadu Buhari approved.

While responding to questions from Emefiele’s lawyer, Olalekan Ojo (SAN), Shonubi said the late 2022 naira redesign exercise, ahead of the 2023 general elections, was fraught with politics.

“The currency redesign of 2022 was the only one I was part of. When we had meetings with the defendant (Emefiele), he said there were politics and intrigues around the whole exercise,” Shonubi stated.

However, he did not elaborate on what the intrigues and politics entailed.

When asked if there was indeed presidential approval for the naira redesign, the witness said Emefiele presented a document during one of the CBN’s Committee of Governors’ meetings, which contained the signature of the President.

He also revealed that the redesigned naira notes produced by the CBN under Emefiele were not the same as what was approved by the President.

“The CBN, under Emefiele, produced something different from what former President Muhammadu Buhari approved,” he stated.

Shonubi added that he did not come across any letter from either the Committee of Governors or the CBN board protesting or condemning the President’s approval for the currency redesign.

When asked if he knew everything that transpired between President Buhari and Emefiele during the naira redesign exercise, he replied in the negative.

He explained that Emefiele alone interacted with the President on the issue.

Shonubi also disclosed that he was once invited by the Economic and Financial Crimes Commission  in connection with the redesign case and made statements to the commission.

However, he said the EFCC did not conduct a face-to-face confrontation between him and Emefiele regarding the statements related to Emefiele.

The witness further stated that the memo presented to the President for the naira redesign was solely prepared by Emefiele and sent to the President without following the laid down procedures of the CBN.

He explained that the standard procedures require the Currency Management Department of the CBN to make a recommendation for the redesign.

“After that, a proposal would be submitted to the Committee of Governors for consideration. Upon the COG’s approval, the matter would be forwarded to the CBN Board, which, in turn, would make a recommendation to the President. After receiving the President’s approval, the bank would then set up an internal committee to execute the currency redesign exercise,” Shonubi explained.

As a Deputy Governor of the apex bank, Shonubi said he was a member of both the COG and CBN Board.

He alleged that Emefiele disregarded a recommendation made in early 2021 by the Currency Department for a naira redesign.

“While serving as Deputy Governor, there was a time when the naira was redesigned — that was in 2022. The CBN did not follow the procedures for redesigning the currency. I was a member of the CBN Board as Deputy Governor, and the Chairman of both the COG and Board was the Governor.

“Prior to 2022, in early 2021, the Currency Department recommended the redesign of the currency notes. A paper was presented to me, but on the instruction of the Governor (CBN), it was stepped down. In 2022, we again presented the paper and were asked to hold on,” Shonubi explained.

“In mid-October 2022, the Deputy Governors of the bank were invited to a meeting in the Governor’s office, where he informed us that he had received presidential approval for the currency redesign.

“He showed us the memo, Mr. President’s signature, and the instructions on the last page,” Shonubi added.

Following his testimony, the court adjourned the case until October 9 for further hearing.

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Economy

PETROL PRICE PARADOX: Why You Are Still Paying N1,200+ Despite Global Crude Crash.

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1 month ago

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June 25, 2026

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Despite a significant drop in global crude oil prices—with Brent falling to $73.14 and WTI to $69.85—petrol prices in Nigeria remain stubbornly high. While global markets have stabilized following the US-Iran conflict, domestic pump prices have barely budged, hovering between ₦1,200 and ₦1,300 per litre.....KINDLY READ THE FULL STORY HERE▶

Although industry insiders argue that ex-depot prices should be closer to ₦700, experts warn that a direct price drop is unlikely. Dr. Ayodele Oni, an oil and gas analyst, explains that in a deregulated market, the naira’s exchange rate is just as critical as the price of crude. He emphasizes that while falling crude prices help, the cost of petrol will only truly stabilize if the naira remains strong, as refined product imports are dollar-denominated. Consequently, relief for the average Nigerian may remain elusive unless both crude prices and the currency improve simultaneously.

Option 2: Accessible and Direct (Best for blogs or general reading)

Global oil prices are nearing pre-conflict levels, but Nigerians aren’t seeing the expected relief at the pump. Even though international oil benchmarks have dropped significantly since the US-Iran tensions cooled, local fuel prices remain stuck at ₦1,200 to ₦1,300 per litre.

Many marketers believe pump prices should be much lower, suggesting a price point closer to ₦700 per litre given current market conditions. However, analysts caution that it isn’t that simple. Because Nigeria’s fuel market is deregulated and reliant on imported refined products, the value of the naira is a major factor. Essentially, even if the price of crude oil falls, the cost of petrol will stay high as long as the dollar remains expensive against the naira. For now, experts believe that significant price relief depends as much on currency stability as it does on global oil trends.

Key Takeaways (Bullet Points)

  • The Disconnect: Global oil prices have returned to pre-conflict levels, yet domestic petrol prices remain high (₦1,200–₦1,300 per litre).

  • The Expectation: Marketers and the public believe current crude prices warrant a drop to around ₦700 per litre at the depot level.

  • The Complication: Experts note that the deregulation of the sector means the naira-to-dollar exchange rate is now a more powerful driver of pump prices than global crude costs alone.

  • The Outlook: Relief for consumers is unlikely to happen based on oil prices alone; it requires a combination of lower crude costs and a more stable naira.

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Economy

UNBEARABLE BURDEN: Nigerians Groan As Cooking Gas Hits Unprecedented ₦2,000 Per Kilogram.

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2 months ago

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June 1, 2026

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Despite a significant shift toward domestic production and a drop in imports, the price of Liquefied Petroleum Gas (LPG) has surged to ₦2,000 per kilogram in various parts of Nigeria. Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) indicates that local facilities—including the Dangote Petroleum Refinery—have become the primary suppliers of LPG between April 2025 and April 2026, with daily domestic supply reaching 4,500 tonnes by April 2026. Conversely, imports have plummeted, falling from 1,600 tonnes per day in November 2025 to just 200 tonnes per day by March 2026.....KINDLY READ THE FULL STORY HERE▶

Market Challenges and Consumer Hardship

Even with consistent local output, consumers are facing prohibitive costs and localized shortages, leading many households to abandon gas in favor of charcoal and firewood. Key issues contributing to the crisis include:

  • Supply Chain Barriers: Marketers report that sourcing the product has become increasingly difficult, and they are now paying between ₦25.2 million and ₦26.2 million for 20 metric tonnes of LPG.

  • Economic Impact: The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) stated that these high costs are causing severe hardship for families, food vendors, and small businesses.

  • Policy Setbacks: Stakeholders warn that these trends threaten to reverse years of progress in promoting clean energy adoption and may lead to increased environmental damage.

Infrastructure Progress

While market prices remain high, the Nigerian Gas Infrastructure Company reports that several critical projects designed to improve gas transportation are nearing completion. As of the latest data:

  • The Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project is 93.40% complete.

  • The OB3 River Niger Crossing stands at 93.88% completion.

  • The ELPS Midline Compressor Project has reached 94.45% completion.

  • The Odidi-Warri Expansion Project is 70.28% complete, while the Escravos-Odidi project is in its early stages at 17.49%.

Despite this infrastructure progress, industry experts emphasize that addressing distribution bottlenecks remains essential, as increased domestic production alone has so far failed to lower retail prices for the average Nigerian.

Is there a specific aspect of this situation—such as the infrastructure projects or the marketers’ stance—that you would like to explore further?

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Economy

REVOLUTIONIZING THE SKIES: How Nigeria’s New $7 Billion AfDB Deal Will Transform Air Travel Forever!.

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2 months ago

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May 29, 2026

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Nigeria has officially signed a Letter of Intent with the African Development Bank (AfDB) to advance aviation development across the continent. Minister of Aviation and Aerospace Development, Festus Keyamo, formalized the agreement during a dialogue in Brazzaville, Congo, where he served as the African Champion of the AfDB’s Integrated Aviation Transformation Programme.....KINDLY READ THE FULL STORY HERE▶

During the session, Minister Keyamo showcased President Bola Tinubu’s “Renewed Hope Agenda,” emphasizing the need for capital to support key infrastructure and the newly established Nigeria Aircraft Leasing Company. To attract this investment, the Minister highlighted Nigeria’s recent regulatory reforms, including the domestication of the Cape Town Convention and updates to insurance frameworks. In response, AfDB President Dr. Sidi Ould Tah pledged the bank’s support for the programme, signaling a shared commitment to strengthening aviation finance and infrastructure throughout Africa.

Nigeria Moves to Boost Aviation Sector Through AfDB Partnership

Nigeria has taken a major step toward modernizing its aviation industry by signing a Letter of Intent with the African Development Bank (AfDB). Aviation Minister Festus Keyamo, representing the country in Brazzaville, Congo, utilized the platform to present Nigeria’s aviation roadmap under President Tinubu’s “Renewed Hope Agenda.”

A core focus of the discussion was the Nigeria Aircraft Leasing Company, which is expected to improve aircraft financing for local operators. Minister Keyamo assured stakeholders that Nigeria is ready for increased investment, citing significant reforms such as the domestication of the Cape Town Convention and modernized insurance policies. The AfDB has signaled strong support for these initiatives, agreeing to collaborate on the Integrated Aviation Transformation Programme to drive sustainable growth for Nigeria and the wider African aviation market.

Option 3: Short & Punchy (Best for social media or newsletters)

Nigeria is accelerating its aviation growth through a new partnership with the African Development Bank (AfDB). Aviation Minister Festus Keyamo recently signed a Letter of Intent in Brazzaville to unlock funding for the sector, specifically targeting the new Nigeria Aircraft Leasing Company. By implementing key reforms—like the domestication of the Cape Town Convention—Nigeria is positioning itself as a hub for aviation investment. The AfDB has officially pledged its support, marking a key milestone in efforts to modernize air travel infrastructure across the African continent

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