Reported by: Oahimire Omone Precious | Edited by: Oravbiere Osayomore Promise.
In the ongoing trial of Godwin Emefiele, the former Governor of the Central Bank of Nigeria, a key prosecution witness has provided detailed testimony on the redesign and production of Nigeria’s naira notes, shedding light on the controversial currency policy that triggered nationwide debate and legal scrutiny.
During proceedings at the Federal Capital Territory High Court in Abuja, prosecution investigator Chinedu Eneanya told the court that the redesigned naira notes were produced locally by the Nigerian Security Printing and Minting Company on the direction of former President Muhammadu Buhari. Eneanya said the redesigned notes, which included denominations of 200, 500, and 1,000 naira, were printed in Nigeria in compliance with the presidential directive for domestic production. This testimony was provided as part of the charge brought by the Economic and Financial Crimes Commission against Emefiele, which includes alleged disobedience to lawful directives and illegal acts causing injury to the public.
According to the witness, the investigation revealed that Emefiele had submitted an 11‑page memorandum to the presidency in October 2022 seeking approval for the redesign. Attached to that memo were sample sketches of the proposed new banknotes, which were approved by the president with instructions that the redesigned currency be produced within Nigeria. Eneanya said the NSPMC commenced and completed production, and that the CBN paid the mint for the printing services.
However, the witness also told the court that the final banknotes produced differed from the designs originally approved by President Buhari. While the presidential directive mandated local production of specific designs, the investigation found divergence between the initial sketches and what was ultimately printed by the mint. The witness confirmed that the UK‑based company De La Rue was involved in the design process, but that it was not responsible for printing the notes.
Eneanya also clarified during his testimony that there was no record of any formal petition from members of the public to the EFCC complaining specifically about the naira redesign policy. He said his investigation focused on matters referred to the commission and did not include public complaints.
The prosecution’s case hinges on allegations that Emefiele violated Section 19 of the Central Bank of Nigeria Act, 2007, which requires that major actions like currency redesign must be recommended by the CBN Board before presidential approval. EFCC argues that Emefiele bypassed necessary internal procedures by acting without the documented recommendation of the board before implementing the redesign.
This latest testimony builds on earlier evidence presented in the trial that commercial banks hoarded the newly redesigned notes, contributing to a prolonged cash shortage and economic hardship for many Nigerians when the old notes were demonetised at the end of 2022. Witnesses have alleged that this hoarding exacerbated cash scarcity in rural and underserved areas, deepening public frustration during the currency transition.
In previous sessions, EFCC’s lawyers also presented video evidence depicting scenes of hardship and long queues at banks during the rollout of the redesigned currency. The prosecution has sought to establish that the policy and its execution, whether through design choices, production schedules, or distribution challenges, caused widespread public distress.
Emefiele has pleaded not guilty to the charges and is contesting the prosecution’s narrative. His counsel has cross‑examined witnesses on key points, including whether procedural requirements were observed and the extent of presidential involvement. The defence has argued that the redesign was a legitimate monetary policy decision, though the legal focus remains on whether statutory guidelines were breached.
The trial has previously seen the court grant permission for additional EFCC witnesses to testify virtually, including those located abroad, as part of efforts to present comprehensive evidence. Testimonies have included statements from former CBN officials and managing directors of the minting company, aimed at clarifying internal procedures and approvals surrounding the redesign exercise.
Justice Maryanne Anenih has presided over the proceedings, with the court adjourning further hearings to allow continuation of evidence and cross‑examination of prosecution witnesses. The trial has drawn national attention, given the far‑reaching implications of the naira redesign policy on Nigeria’s economy and public trust in monetary governance.
Observers note that the outcome of the trial may influence discussions on accountability and procedural integrity within institutions responsible for managing Nigeria’s currency and financial stability.
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