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Real reason Emefiele redesigned naira — Witness

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Real reason Emefiele redesigned naira — 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 carried out in 2022.

Shonubi, who was the Deputy Governor of Operations before he was appointed Acting CBN Governor but is now retired, in his response to the question of defence counsel, Olalekan Ojo (SAN), at the continuation of hearing in the trial of a former CBN governor, Godwin Emefiele, told the court that the former apex bank chief told him and others that there were intrigues and politics in the naira redesign.

Emefiele, before Justice Anenih’s court, is facing a four-count charge bordering on disobedience to the direction of law and illegal act causing injury to the public about the naira redesign brought against him by the Economic and Financial Crimes Commission.

Shonubi, led in evidence by prosecuting counsel, Rotimi Oyedepo (SAN), said, “The currency redesign of 2022 was the only one that I was part of. When we had meetings with the defendant (Emefiele), he said there were politics and intrigues around the whole exercise.”

Shonubi’s answer was to the question Ojo asked him if, as a seasoned CBN banker, he was aware of the intrigues and politics in the naira redesign.

Shonubi further explained that he initially wasn’t in the know about the politics and intrigues, but was told by Emefiele, during one of their meetings, that there were indeed intrigues and politics in the exercise.

He however did not further explain what the intrigues and politics were about.

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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 containing the signature of the president.

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

Folashodun Shonubi, former Acting Governor of the Central Bank of Nigeria (CBN), testified before Justice Maryann Anenih at the Federal Capital Territory High Court in Maitama, Abuja, revealing that intrigues and politics played a role in the 2022 naira redesign.

This was disclosed during the trial of former CBN Governor Godwin Emefiele, who is facing a four-count charge filed by the Economic and Financial Crimes Commission (EFCC), including disobedience to law and acts causing public injury.

Shonubi, who served as the Deputy Governor of Operations at the time, stated that Emefiele had informed him and others about the political influences surrounding the currency redesign during one of their meetings.

He admitted that he was initially unaware of the underlying politics but was made aware by Emefiele.

In response to a question about presidential approval for the redesign, Shonubi confirmed that Emefiele had presented a document with the president’s signature during a Committee of Governors meeting.

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However, he noted that the naira notes eventually produced were not the same as those initially approved by the President.

He said what the CBN under Emefiele produced after the naira redesign was different from what the former President, Muhammadu Buhari approved.

He also said the redesigned notes were launched by Buhari, and he wasn’t 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 Committee of Governors or the board of the CBN protesting against or condemning the approval of the president for currency redesign.

When asked if he knew all that transpired between Buhari and Emefiele in the course of the naira redesign, he answered no.

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

He said he was once invited by the EFCC in connection to the redesign case and that he made statements.

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

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

He added that the CBN, under Emefiele, did not follow its laid down procedures for the currency redesign.

The witness explained that the normal procedures involved the Currency Management Department of the CBN making recommendations for currency redesign. After this, a paper would be submitted to the Committee of Governors of the bank for consideration.

He added that upon the COG’s approval, the CBN Board would make recommendations to the President. After receiving the President’s approval, the bank would then set up an internal committee to execute the currency redesign exercise.

The witness, who served as a Deputy Governor of the apex bank and was a member of both the COG and CBN Board, stated that Emefiele disregarded the recommendation made in early 2021 by the apex bank’s Currency Department.

He said, “While serving as Deputy Governor, there was a currency redesign in 2022. The CBN did not follow the procedures for redesigning the currency. I was a member of the CBN Board as Deputy Governor. The Chairman of both the COG and board was the Governor. Before 2022, in early 2021, the Currency Department recommended the redesign of the currency notes.

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“A paper was presented to me, and on the instruction of the Governor (CBN), it was disregarded. In 2022, we again presented the paper and were asked to hold on.

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

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

The court subsequently adjourned till October 9 for further hearing after the witness finished with his testimony.

Nigeria Tribune

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SHOCKER: Surprising cost of renting a private jet in Nigeria

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Renting a private jet may sound like something reserved for celebrities, pastors and high-ranking executives, but a growing number of travelers are discovering the appeal of this exclusive mode of transportation.

The cost, however, is often shrouded in mystery especially in Nigeria. If you’re curious about the price tags associated with charter flights many pastors, government officials and celebrities are spending huge amount of money to fly.

Before delving into the nitty-gritty of private jet costs, it’s important to understand what you’re actually paying for when you decide to rent a private jet. Unlike commercial airlines, which consolidate hundreds of passengers onto a single flight, chartering a jet caters solely to your schedule and group size.

This customization means you won’t be waiting in long airport lines or dealing with extended layovers. Instead, you’ll have the freedom to choose departure times and destinations that suit your needs.

Additionally, the on-board experience is often luxurious, featuring spacious cabins, plush seating, and personalized inflight services.

One key factor that influences the private jet rate is the size and range of the aircraft. Smaller jets, like light or very-light models, often have lower hourly rates but may be limited in the distance they can cover without refueling.

Larger options, such as mid-size or heavy jets, typically cost more to operate but can handle transcontinental or even international flights with ease. Fuel consumption, crew costs, and maintenance also affect pricing. It’s not uncommon to see rates that start at a few thousand dollars per hour and climb to tens of thousands for more exclusive models.

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The cost to rent a private jet in Nigeria varies greatly depending on the type of aircraft, the duration of the flight, and the final destination.

Generally, expect to pay anywhere from $2,000 to $17,000 or more per hour for a private jet flight.

Here’s a more detailed breakdown:
Factors Affecting Price:

Aircraft Type:
Larger, more luxurious jets like long-range jets or VIP airliners will naturally cost more than smaller, less complex aircraft like turboprops or light jets.

Flight Duration:
Longer flights will increase the overall cost, as you’re paying for more flight time.

Destination:
Flights to different locations within Nigeria or internationally can affect the overall price.

Other Costs:
Additional fees such as landing fees, handling fees, and crew costs can be added to the hourly rate.

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Hourly Cost Ranges:
Turboprop: $1,800 – $2,600 USD per hour.

Light Jet: $2,400 – $3,900 USD per hour.

Midsize/Super-Midsize Jet: $4,200 – $8,100 USD per hour.

Long-Range/VIP Airliner: $7,200 – $17,800 USD per hour or more.

Examples of Specific Aircraft Costs:

Learjet: $45/minute.
Citation: $47/minute.
Embraer LEGACY: $490/minute.
Gulfstream: $99/minute.
Boeing Business Jets: $162/minute.
Global: $136/minute.
Bombardier: $97/minute.

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Terrorists: Trump bans 10 fresh African countries from entering US

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Terrorists: Trump bans 10 fresh African countries from entering US

United States President Donald Trump has signed an Executive Order on Wednesday, banning citizens of 12 countries from entering the country.

Trump said the move was needed to protect against “foreign terrorists” and other security threats.

The directive is part of immigration crackdown Trump launched this year at the start of his second term, which also included the deportation to El Salvador of hundreds of Venezuelans suspected of being gang members, as well as efforts to enrol some foreign students and deport others.

The countries affected by the latest travel ban include Afghanistan, Myanmar, Chad, Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan and Yemen.

The entry of people from seven other countries including Burundi, Cuba, Laos, Sierra Leone, Togo, Turkmenistan and Venezuela, will be partially restricted.

“We will not allow people to enter our country who wish to do us harm,” Trump said in a video posted on X. He said the list could be revised and new countries could be added.

The proclamation will be effective from June 9, 2025, at 12:01 a.m. EDT (0401 GMT). The order said visas issued before that date will not be revoked.

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During his first term in office, Trump announced a ban on travellers from seven Muslim-majority nations, a policy that went through several iterations before it was upheld by the Supreme Court in 2018.

Former President Joe Biden, a Democrat who succeeded Trump, repealed that ban on nationals from Iran, Libya, Somalia, Syria and Yemen in 2021, calling it “a stain on our national conscience.”

Trump said the countries subject to the most severe restrictions were determined to harbour a “large-scale presence of terrorists,” fail to cooperate on visa security and have an inability to verify travellers’ identities, inadequate record-keeping of criminal histories and high rates of visa overstays in the United States.

“We cannot have open migration from any country where we cannot safely and reliably vet and screen those who seek to enter the United States,” Trump said.

He cited Sunday’s incident in Boulder, Colorado, in which a man tossed a gasoline bomb into a crowd of pro-Israel demonstrators as an example of why the new restrictions are needed

 

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Rivers crisis: ‘Nobody made me governor’ – Amaechi, Wike fight dirty again 

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Rivers crisis: 'Nobody made me governor' - Amaechi, Wike fight dirty again 

Former Governor of Rivers State, Rotimi Amaechi, has dismissed recent remarks made by Minister of the Federal Capital Territory (FCT), Nyesom Wike, stating that he would not engage in a war of words with “children.”

Amaechi made the statement during an interview on Arise Television on Tuesday, where he responded, although indirectly, to Wike’s comments about his political relevance and past role in government.

Wike had earlier ridiculed a comment Amaechi made during his recent 60th birthday celebration, in which he said, “We’re all hungry.” The FCT minister dismissed the statement, saying Amaechi was not hungry for food but for political relevance.

The FTC minister had also said he is responsible for Amaechi’s emergence as governor.

“Nobody made me governor. God, Peter Odili, and the Nigerian judiciary made me governor. Nobody,” Amaechi responded.

“Nobody has ever asked that man that says he made me governor, how did you make this man governor? Nobody has ever asked that question.”

Amaechi further addressed his decision to appoint Wike as his chief of staff during his tenure, explaining that it was a deliberate move to keep him under close supervision.

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“Mohammed Adoke flew all the way from Abuja to Port Harcourt. That week he asked me to make him commissioner for finance and I said no, he has to work under me. I want him as chief of staff so I can supervise him,” Amaechi said.

He continued, “I didn’t offer him commissioner for finance. You see, I’m saying this because I don’t want to join issues with children.”

The former Minister of Transportation added, “I was once his boss. Whether he likes it or not. I hired him. I could have said no.”

Mocking Wike’s self-promotion, he added, “You know, he made himself chief of staff. He made himself governor. He made himself minister. He made himself local government chairman.”

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Desperation or Visitation? How Adeleke’s meeting with Tinubu fueling defection as PDP Governor visits President with his family

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Governor Ademola Adeleke of Osun State has heightened defection rumours following his visit to the Lagos residence of President Bola Tinubu.

Adeleke was accompanied on the visit by his nephew, singer Davido, as seen in photos he shared on social media.

Rumours have been making the rounds that Adeleke is planning on dumping the Peoples Democratic Party (PDP) for the All Progressives Congress (APC).

Adeleke’s said to be making the move ahead of the Saturday, August 8, 2026, governorship election in the state, which he’s expected to contest for re-election.

He captioned the photos: “This evening, alongside the scion of the Adeleke dynasty, my big brother, Dr. Deji Adeleke and my nephew, whom we are immensely proud of, David Adeleke, popularly known as @davido we paid a courtesy visit to President Bola Ahmed Tinubu at his Lagos residence ahead of the Sallah celebration.”

Recently, several members of the PDP, including Wole Oke, a current member of the House of Representatives representing Oriade/Obokun Federal Constituency, defected to the APC.

MyNigeria also learnt that a former party chieftain, Felix Ogunwale, who represented Osun Central in the Senate between 2003 and 2007, has also dumped the PDP.

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Amid the defections, the three PDP senators in the National Assembly endorsed President Bola Tinubu for a second term.

With the gale of defections hitting the PDP, Adeleke fraternising with Tinubu may not be unconnected to the rumours of a possible defection to the APC.

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IPOB Warns: ‘Islam is taboo in Biafra land’

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“Biafra will chase every single one of you out to go pray in Kaduna. What is this? Islam is banned in Biafra land.”

The practice of Islam has been speculated forbidden among  the Indigenous People of Biafra.

Biafra is predominantly Christian, with a strong Roman Catholic presence within the Igbo-dominated southeast region of Nigeria,

This ban reflects the complex historical, cultural, and social dynamics unique to the area, where various religious beliefs intersect and often clash.

The restrictions not only affect the ability of Muslims to practice their faith openly but also highlight the broader tensions surrounding religious identity in this region.

Fact-checking anti-Muslim rhetoric by Biafra campaigners

Anti-Muslim rhetoric perpetuates hate and marginalisation within public discourse. Permitting this threatens democratic values and inclusivity.

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Taking this into account, legit.ng fact-checked some of the comments made on the page of one of the most prominent Igbo Muslims on X – Ugwu.

‘Islam is banned in Biafraland. ’ A verified account, @TochiNna, posted thus on April 11, 2024: “Biafra will chase every single one of you out to go pray in Kaduna. What is this? Islam is banned in Biafra land.”

Similarly, @AfunwaEkedon wrote on January 6, 2024: “As soon as #Biafra is declared you will join your people in the North. Islam is not welcome in Biafra land.”

Also, @Abangwu4 said: “It is a taboo for an Igbo to be a Muslim, it is very very odd.”

Legit.ng asked Uche Okafor-Mefor, former right-hand man to Kanu, the IPOB leader, if that is true. Mefor knows the Biafra secessionist movement too well.

The erstwhile IPOB deputy leader’s response is as follows:

“The people of Biafra (south-east, Igbo-Biafra) are a people of faith with different religious and spiritual persuasions. The Biafra of our dream is an egalitarian, virile, multi-faith society underpinned by democratic and human rights ethos. There must be religious freedom with strong institutions endowed with full enforcement powers and implementation mechanisms. We do not subscribe to a theocratic society. We favour a secular society where everyone is equal before the law.

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“I have had people talking about Biafra being a Jewish society, that on its own is an autocratic, authoritarian, and extremist view—a hallucination too many and which we must consistently frown at.

“We subscribe to Biafra, where social justice, human rights, and fundamental freedoms are sacrosanct and not criminality.”

Non-Muslims to be subjected to Sharia?

@Abangwu4 insinuated that Sharia (Islamic law) would be instituted as a main body of civil and criminal law in the five southeast states.

He commented: “Imagine introducing Sharia into Biafra land to replace our traditional and cultural Omenala and Odinala… You too imagine it, it is not possible and won’t be allowed. In the United States of Biafra, Islam is not an official religion recognised by the Biafran Government.”

But, in a correspondence with Legit.ng, Sheikh Dr Idris Oni, the acting head of the Islamic Studies department, Crescent University, Abeokuta, Ogun state, Nigeria, said that is not the case.

The religious scholar spoke about the applicability of Shariah rulings.

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He clarified: “Even in an Islamic state where the Sharia could be in full practice, Christians and Jews are free to use the laws of their own religion established in their scriptures, not to now mention a secular society. They (non-Muslims) are largely not to be subjected to Islamic law. The rights of one side must not infringe on the rights of the other party- that is what Islam says.

“Every member of the society enjoys full rights to life, faith, association, expression and so on.”

Are Muslims non-existent in ‘Biafraland’?

@Nedeua claimed: “There are no Muslims in Biafra land. Anybody claiming to be Muslim is a fraud that wants to dupe the Muslim community.”

This claim is false, as Nigeria is home to about 13,500 indigenous Igbo Muslims.

In the course of the report, this journalist spoke to several Igbo Muslim devouts. In fact, the incumbent chief imam of the country’s national mosque in Abuja, Sheikh Iliyasu Usman, is Igbo, from Enugu state.

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Uneasy calm in SunTrust Bank as EFCC drags CEO Halima Buba to court over $12 million money laundering

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Uneasy calm in SunTrust Bank as EFCC drags CEO Halima Buba to court over $12 million money laundering

The atmosphere around SunTrust Bank Nigeria Ltd. Abuja headquarters has been eerily calm these days, a sharp contrast to the legal turmoil brewing around its leadership, as reported by politicsnigeria.com

On Tuesday, May 27, 2025, Managing Director Halima Buba, a respected figure in the banking sector for over twenty years, was conspicuously missing in Courtroom 4 of the Federal High Court in Abuja. Her absence reflects the escalating crisis surrounding the allegations that she and the Executive Director, Innocent Mbagwu were involved in a $12 million financial scandal.

The Accusation

The EFCC alleges that Halima Buba, along with other individuals, siphoned off millions of dollars under the guise of various transactions. These funds are suspected to be proceeds from illicit activities, carefully concealed through a web of complex financial maneuvers. The charges brought against Buba include conspiracy, money laundering, and abuse of office, painting a grim picture of alleged malfeasance at the helm of a trusted financial institution.

This high-profile case has not only sent ripples through the financial industry but also raised concerns about the regulatory oversight and governance within SunTrust Bank.

A Botched Arraignment

What was supposed to be a straightforward arraignment before Justice Emeka Nwite turned into a tense legal standoff. EFCC prosecutor Ekele Iheanacho, SAN, stood before the judge with an awkward confession: “My lord, the prosecution has not been able to serve the defendants.” The irony was palpable.

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While Buba and Mbagwu were absent, their high-profile lawyers were ready in the gallery. Iheanacho noted that defense counsel J.J. Usman, SAN, had offered to accept service but insisted on navigating some procedural hurdles: filing an ex parte application under Section 382(5) of the Administration of Criminal Justice Act (ACJA) to allow for substituted service.

Usman responded with barely concealed frustration: “Our clients instructed us to appear because they read about the case on social media.”

His plea was urgent, he wanted direct service through the counsel to prevent a media circus. “We do not want a situation where our clients are unnecessarily humiliated,” he argued, alluding to the EFCC’s infamous practice of media trials.

Iheanacho however, dismissed this as “speculative”, adding that, “It is better to make haste slowly, as over-speeding kills.” Justice Nwite found a middle ground and adjourned the arraignment to June 4 while directing the EFCC to file its service application by May 29.

The Woman in the Eye of the Storm

Halima Buba is no ordinary executive. Her corporate biography reads like a blueprint of Nigerian banking excellence: former leadership roles at Zenith Bank and Ecobank, an MBA from the University of Maiduguri, Senior Honorary Member of the Chartered Institute of Bankers, and Non-Executive Director at the Nigerian Sovereign Investment Authority. Her philanthropic work, particularly in girls’ education, paints a portrait of social responsibility. With such sterling résumé, the EFCC’s accusation has become a deep cut.

The charges allege that Buba and Mbagwu conspired to funnel $12 million through cash payments to different persons beyond the prescribed threshold without passing through stipulated institutional processes. The EFCC claims this violated Sections 21(a), 2(1), and 9(1)(d) of Nigeria’s Money Laundering (Prevention and Prohibition) Act 2022, carrying severe penalties under Section 19(2)(b).

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For a Chief Compliance Officer (Mbagwu) and a CEO celebrated for governance excellence, the irony is staggering.

The Specter of a “Media Parade”

In Nigeria’s anti-corruption theater, the “media parade” is a feared opening act. Usman’s courtroom warning that “the prosecution might resort to arresting and parading the defendants in the media”, was not paranoia. It echoed recent history of several media trials of notable personalities before the substantive court hearings.

For Buba, whose reputation is her currency, the pain of a media parade may run deeper than any indictment.

Inside SunTrust Bank

Expectedly, since the news broke, an has settled over SunTrust Bank. Employees, investors, and customers alike are grappling with a mix of disbelief and anxiety. Inside the bank’s headquarters, beneath the usual bustling atmosphere, are the hush-hush conversations dominating even small talks in the bank.

While some employees naturally express support for their CEO, others are more concerned about the potential damage to the bank’s reputation and stability.

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“We’re all just trying to focus on our work, but it’s hard to ignore the elephant in the room,” confided one employee who preferred to remain anonymous. “Halima has always been a strong leader, but these allegations are very serious. We’re worried about what this means for the future of the bank.”

The Human Cost

Beyond the legal and financial ramifications, the case has a profound human cost. Halima Buba, once celebrated as a trailblazer in the banking industry, now faces the possibility of serving time or a ruined professional legacy, if convicted. Her family is undoubtedly suffering under the weight of the accusations, and her reputation is already stretched thin.

Most times, it’s easy to forget that behind every headline, there are real people whose lives are being affected.
So, no matter how much of a straight face she puts up, this is one ordeal Halima Buba would wish could go away.

Broader Implications

The EFCC’s case against Halima Buba has far-reaching implications for the Nigerian financial sector. It underscores the ongoing battle against corruption and money laundering, while highlighting the need for greater transparency and accountability in banking practices. It is also likely to prompt a more rigorous examination of corporate governance standards and regulatory oversight within the industry.

Whatever be the case, banks need to strengthen their internal controls and compliance mechanisms to prevent money laundering and other illicit activities, as this whittles down public confidence and puts the reputation of the entire sector at risk.

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The Road Ahead

As the legal fireworks commence, a gale of uncertainty swirls around the future of SunTrust Bank. This, among other things, may compel the bank’s board of directors to take decisive actions to reassure stakeholders and restore confidence in the institution.

For Halima Buba, the road ahead is fraught with uncertainty. She will need to mount a vigorous defense against the charges and fight to clear her name.

Ahead of June 4

As SunTrust’s employees refresh news feeds and clients nervously dial relationship managers, the clock ticks toward June 4 – the rescheduled arraignment date. Justice Nwite’s procedural compromise demands the EFCC to formalize its service application by Thursday, May 29 . For now, Buba remains at her desk, leading a bank “under siege”.

Whether she becomes a cautionary tale for corporate governance in the banking space or a victim of prosecutorial overreach, the damage is already unfolding.

The $12 million question is no longer just about cash transactions – it’s about how quickly reputational capital could be liquidated in record time. The next act unfolds on June 4, 2025, at the Federal High Court, Abuja, where paper, procedure, and power will collide.

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