
News
There were intrigues, politics in naira redesign: Ex-CBN acting governor
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 Godwin Emefiele, who was the then Governor of the CBN, told him and others that there were intrigues and politics in the whole exercise.
“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 said.
Shonubi, who is now retired, said this in Abuja on Wednesday in reaction to a question from Emefiele’s lawyer, Olalekan Ojo (SAN) at the resumption of 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 a four-count charge bordering on disobedience to the direction of law and illegal act causing injury to the public in relation to the naira redesign exercise.

Ojo had asked Shonubi, who featured as the prosecution’s third witness, 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 about.
When asked if indeed there was a presidential approval for the naira redesign, the witness said the defendant presented a document during one of the meeting of the CBN’s Committee of Governors (COG) containing the signature of the president.
Shonubi however, said what the CBN under Emefiele produced after the naira redesign exercise was deferent from what President Buhari approved.
He said the redesigned naira notes were launched by President Moluhammadu 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 traspired 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 in relation to 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 in relation to the case and that he made statements.
He however said the EFCC did not do physical confrontation between him and the defendant in respect of what were contained in his statements that related to him (the defendant).
Earlier, while being led in evidence by prosecuting lawyer, Rotimi Oyedepo (SAN), 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 the defendant (Emefiele) and sent to the president.
Shonubi said the CBN, under Emefiele, did not follow its laid down procedures for currency redesign.
He stated that the normal procedures were for the Currency Management Department of the CBN to make recommendation 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, which would, in turn, make 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.
He said: “While serving as Deputy Governor, there was a time Naira was redesigned. That was in 2022.
“The CBN did not follow the procedures (for redesigning the currency).VI was a member of CBN Board as Deputy Governor.
“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 and on the instruction of the Governor (Emefiele), it was stepped down. In 2022, we again represented 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 whereby he (Emefiele) informed us that he has presidential approval for currency redesign.
“He showed us the memo, Mr President’s signature and instruction on the last page,” the witness said.
At the conclusion of Shonubi’s testimony, Justice Maryanne Anenih adjourned further hearing till October 9.
News
I was scammed, says businessman who paid N400m to embattled PFIPC DG Adeyemi
The Managing Director, Divine Dopacy Nigeria Limited, Gbenga Collins, has informed the House of Representatives Ad-hoc Committee that he paid N400 million to the purported Director-General of the Presidential Foreign Investment Promotion Council, Adeniyi Adeyemi, after allegedly being promised a contract to renovate and furnish what was presented as the official residence of the DG.
This revelation comes amid the ongoing investigation into the alleged establishment and operations of the agency.
Narrating the ordeal before the committee on Tuesday, Collins noted that he believed the PFIPC was a genuine Federal Government institution because Adeyemi operated from an office in the Federal Secretariat, Abuja, moved with security personnel and official vehicles bearing government number plates, and received visitors in what appeared to be an authentic government office.
Collins, a graduate of Federal University of Agriculture, Abeokuta, said he first met Adeyemi, whom he described as a fellow indigene of Ogbomoso, during a programme in their hometown in December 2024.
According to him, Adeyemi later invited him to Abuja in early 2025 to discuss a business opportunity.

“When I arrived at the airport, he sent an official car to come and pick me up from the airport to his office at the Federal Secretariat, Abuja.
“When I got to his office, I met him there. He is a well-known man in Ogbomoso. I met a lot of people, very big dignitaries in his office, and I met a group of security officers guarding the office,” he said.
Collins said Adeyemi introduced himself as the Director-General of both the Presidential Economic Advisory Council and the PFIPC.
He told lawmakers that it was his first visit to Abuja and that the official setting gave him no reason to question Adeyemi’s claims.
“I saw police officers with him. That was my first time coming to Abuja because I’m not familiar with Abuja very well. He sent his official car to pick me up from the airport. It had a Federal Government registration number attached to the Lexus SUV,” he said.
Collins said Adeyemi later informed him that he had been allocated an official residence as the DG and wanted his (Collins’) company to handle its renovation and furnishing.
According to him, Adeyemi personally took him to inspect the property.
“He told me that he wanted to do refurbishment and renovation of the official house assigned to him as the DG of that agency and asked whether I would be able to handle the contract.
“He took me to the house to show me the property because I slept in Abuja. We went there the following day with his staff. We went with more than four, five or six vehicles with security. They opened the house and took us round, showing me what they wanted to do,” Collins added.
He said discussions continued until April 2025 when Adeyemi allegedly handed him a contract award letter, scope of work and an agreement between the purported council and his company.
Collins told the committee that he was informed he needed to pay N400m to demonstrate his company’s financial capacity and facilitate mobilisation for the contract.
“He gave me the contract award letter, the scope of work and the agreement with my company to execute the refurbishment project.
“I had to pay N400m for the facilitation of that project to show my strength that I would be able to handle the project. At the same time, he said it would fast-track the mobilisation for the contract,” he said.
The businessman disclosed that he raised the money from business associates who trusted him because he had personally visited Adeyemi’s office.
According to him, N380m was paid in four instalments between May and June 2025 into a Guaranty Trust Bank account belonging to World Entrepreneurs Limited, while the balance of N20m was paid on July 29, 2025, into an Access Bank account belonging to Sunshine Confectionery and Catering Services.
“When I was paying the money, I kept telling him that I collected the money from my colleagues who were doing business with me.
“I was the one who told them I had gone to this man’s office, so I believed it was going to be a great opportunity for us. That was why people started giving me the money,” Collins said.
He said Adeyemi repeatedly assured him that mobilisation for the project would commence in August 2025, but the promise never materialised.
“When I finished the payment, he said they were going to do the mobilisation by August,” he said.
Collins said subsequent explanations centred on security concerns before fresh assurances were given that payment would be made in November.
“I continued calling him. He kept managing me, telling me they were handling security issues and that they would pay in November,” he added.
The witness said he became suspicious after repeated attempts to reach Adeyemi failed and later consulted a lawyer in Abuja.
“My lawyer was the first person who told me that I had been scammed,” he told the committee.
He disclosed that his lawyer petitioned the Economic and Financial Crimes Commission on November 13, 2025, and that he adopted the petition six days later.
“The petition was written on the 13th, and I was invited to adopt it on the 19th,” he said.
He added that investigators later informed him that Adeyemi repeatedly failed to honour invitations from the EFCC, allegedly citing ill health through his lawyer.
“Since then, the EFCC has been trying to invite him. I think he has been sending his lawyer. According to the Investigating Police Officer handling the case, his lawyer kept saying he would appear.
“Since then, I have not heard anything further, but they are on top of the matter. The EFCC will be in the best position to handle the rest,” Collins said.
Appealing to lawmakers, the businessman said the incident had ruined his business and forced him to dispose of personal assets.
“I just want to beg the Chairman and the honourable members to help me talk to all the agencies involved because I have been frustrated, especially by those people who gave me the money. I have started selling my property. My business is not going well again,” he lamented.
He maintained that he acted in good faith because everything surrounding Adeyemi suggested he was dealing with a genuine government official.
“I did all this based on trust. When I went to his office, I met a lot of big dignitaries there, people waiting to see him and people he was discussing contracts with. I also did it because he is from my hometown,” Collins said.
During the hearing, committee chairman Yusuf Gagdi asked Collins whether the N400m amounted to a bribe paid to secure the contract.
The witness rejected the suggestion, insisting that the payment was presented to him as a prerequisite for facilitating and mobilising the contract.
Lawmakers also asked whether he complied with the provisions of the Public Procurement Act before accepting the purported contract.
Collins admitted that he did not follow any formal procurement process.
“What I just have to say is to beg the committee, or to implore the committee, to please, in all their capacity, whatever they can use to assist me with the police that are investigating him because I was invited to the Cybercrime office. He said the same thing, that he did not deny collecting the N400m,” he told lawmakers.
He also confirmed that the money was never converted to United States dollars before it was transferred.
Responding to questions over Adeyemi’s absence from the public hearing, the committee chairman, Gagdi, disclosed that lawmakers would question Adeyemi at an undisclosed date and location to avoid interfering with ongoing investigations by the Economic and Financial Crimes Commission, the Independent Corrupt Practices and Other Related Offences Commission and the police.
News
Obi faults attacks on Catholic Bishops, urges Tinubu to embrace constructive criticism
The Presidential Candidate of the Nigeria Democratic Congress ( NDC) in the 2027, Mr. Peter Obi, has criticised what he described as growing intolerance of dissent by the Federal Government, warning that attacks on religious leaders who speak on national challenges undermine democracy and distract from the country’s pressing problems.
In a statement titled “When a Government Declares War on the Truth,” Obi said Nigeria’s worsening economic hardship, insecurity, inflation and unemployment require sincere engagement with constructive criticism rather than hostility towards those who raise legitimate concerns.
According to him, the Catholic Bishops’ Conference of Nigeria (CBCN) has never acted as an opposition platform but has consistently served as the nation’s moral conscience, speaking out on issues affecting the common good under both military and civilian administrations.
Obi noted that the same commitment to truth has been demonstrated by major Islamic and Christian organisations, including Jama’atu Nasril Islam (JNI), the Supreme Council for Shari’ah in Nigeria (SCSN), the Christian Association of Nigeria (CAN), and the Nigerian Supreme Council for Islamic Affairs (NSCIA), all of which have repeatedly expressed concern over rising insecurity, economic hardship and inflation.
He argued that religious leaders are often among the first to witness the suffering of ordinary Nigerians because they live and work within local communities where families struggle daily with soaring food prices, unemployment, kidnappings and other security challenges.

Drawing from his experience as Governor of Anambra State, Obi said constructive criticism from traditional rulers and religious leaders contributed significantly to the successes recorded by his administration, particularly in education and healthcare.
“As leaders, we should be gracious enough to listen to people and organisations that speak the truth to us and genuinely criticise us when things are not going in the right direction,” he stated.
The former governor expressed concern over recent attacks on the CBCN and, in particular, on His Eminence, John Cardinal Onaiyekan, following the bishops’ assessment of the nation’s condition. He recalled that when Pope John Paul II visited Nigeria in 1998 and openly challenged the late General Sani Abacha on issues including the detention of Chief Moshood Abiola, the pontiff was not subjected to public vilification.
Obi also pointed to what he described as a contradiction in the Federal Government’s relationship with the Catholic Church. He observed that President Bola Tinubu demonstrated respect for the Church during the inauguration of Pope Leo XIV in Rome by arriving ahead of many world leaders and participating fully in the ceremonies, but said that posture appeared to have changed following criticism from the Nigerian bishops.
He further accused political actors of attempting to exploit religious and ethnic divisions by portraying the bishops’ comments as a purely Catholic concern.
According to Obi, the issues highlighted by the bishops – including insecurity, poverty, inflation, unemployment and widespread hardship – affect all Nigerians irrespective of religion or ethnicity.
“The bishops merely expressed what millions of Nigerians experience daily,” he said, arguing that government officials should focus on addressing the concerns raised instead of attacking respected religious leaders.
Obi maintained that a democratic government should welcome honest feedback from credible institutions, insisting that national progress depends on leaders’ willingness to confront difficult truths rather than silence those who voice them.
Entertainment
Popular Nollywood Actress dies after battle with cancer
Nollywood actress Temitope Osoba has died after a prolonged battle with cancer, bringing an end to her courageous fight against the illness.
The sad news was confirmed on Wednesday by fellow actor Alesh Ola Sanni, who announced her passing in a heartfelt message shared on his Instagram page.
Sanni disclosed that the actress died on Tuesday evening, expressing deep sorrow over her passing and recalling the memorable moments they shared together. He said he had been unable to sleep after receiving the news and described Osoba as a dear sister whose memories would remain with him.
Temitope Osoba’s death comes nearly two years after she publicly appealed for financial assistance to undergo a second surgery as part of her cancer treatment in November 2024.
During her battle with the illness, the actress spoke openly about the challenges she faced, revealing in an interview that doctors had informed her she might not be able to conceive for five years because of the medication required for her treatment.

She also disclosed that she underwent several medical examinations to determine whether the cancer had spread, but remained hopeful despite the diagnosis.
According to Osoba, she chose not to accept the medical prognosis regarding her chances of having children. Instead, she said she relied on her faith through prayers and fasting while continuing her treatment.
Her passing has sparked an outpouring of grief from colleagues, fans and members of the entertainment industry, who have continued to pay tribute to her life, resilience and contributions to Nollywood.
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