In a major development in the trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele, a prosecution witness revealed that Emefiele did not have the necessary approvals from former President Muhammadu Buhari or the CBN Board for the controversial redesign of the naira notes in 2023.
This was revealed in a statement by Dele Oyewale, EFCC’s Head of Media and Publicity which confirms the testimony of the witness at the continuation of the trial of the ex-CBN governor on Wednesday.
Edward Adamu, the fourth prosecution witness (PW4), made this assertion on Wednesday while testifying before Justice Maryanne Anenih of the Federal Capital Territory High Court in Maitama, Abuja. Adamu’s testimony came as he was led in evidence by the prosecution counsel, Rotimi Oyedepo, SAN.
According to Adamu, the standard procedure for currency redesign involves multiple stages of approval.
“The usual process for currency redesign begins with the Director of Currency Operations submitting a proposal to the Committee of Governors (COG). The COG then transmits the proposal to the CBN Board for approval, with the final stage being the seeking of presidential endorsement,” Adamu explained.
However, Adamu disclosed that Emefiele bypassed these procedures. He stated that the former governor called for a meeting of the COG and presented what he claimed was a presidential approval for the redesign, moving ahead with the process without following the established protocols.
“I became aware of it in October 2022 when the governor informed us, the deputy governors, that he had gotten an express approval to redesign the currency,” Adamu said. “Then on the 26th of October, 2022, we were formally informed of the presidential approval of the redesign. At the meeting, the governor showed us the approval of the president by showing us the page where the approval of the president is.”
Adamu further revealed that the current designs of the naira notes—specifically the N200, N500, and N1000 denominations—differ significantly from what was initially approved, alleging that Emefiele made these changes unilaterally.
During cross-examination, defence counsel Olalekan Ojo, SAN, questioned Adamu on whether there had been instances in the past where a presidential approval was secured before informing the CBN Board. Adamu responded that this was not the standard practice during his time at the central bank.
Following the conclusion of the cross-examination, Justice Anenih discharged the witness and adjourned the case to October 17, 2024, for the continuation of the trial.
The Economic and Financial Crimes Commission (EFCC) is prosecuting Emefiele on charges related to the naira redesign and other allegations.
The case has garnered significant public interest due to its implications for Nigeria’s financial and economic policies.
