Emefiele Followed Buhari’s Directive on Local Production of Redesigned Naira Notes

Key prosecution witness tells FCT High Court that former CBN governor acted on presidential approval amid controversy over currency overhaul

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By Baron Stanley Eloagu | Abuja, Nigeria

A key witness in the trial of former Godwin Emefiele has testified that the controversial redesigned Naira notes were produced locally, in line with a directive from the late President Muhammadu Buhari.

The testimony was delivered before the Federal Capital Territory (FCT) High Court in Abuja on Tuesday, amid claims that Emefiele had overstepped his authority in the currency redesign process.

Buhari’s Directive: Local Production Mandate

Chinedu Emere, the seventh prosecution witness and an EFCC investigator, told the court that Emefiele wrote a memorandum dated October 6, 2022, seeking approval to redesign and reissue the N1,000, N500, N200, and N100 notes.

“The former president approved the redesign but clearly directed that the production be done locally,” Emere stated, quoting Buhari’s minute on the memo: “Approved. But to be produced locally.”

Reasons Behind the Redesign

Emere said Emefiele justified the currency overhaul due to:

High rates of counterfeiting
Shortages of banknotes in circulation
Public hoarding of existing notes

The CBN subsequently raised settlement bills to the Nigerian Security Printing and Minting Company (NSPMC) for the local production of the redesigned notes.

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Foreign Design, Local Manufacturing

While the notes were produced by NSPMC in Nigeria, the redesign itself was carried out by British firm De La Rue, the original designer of Naira notes. Payments to De La Rue were made in British pounds, whereas NSPMC received payment in Naira for the production work.

“The Nigerian Security Printing and Minting Company produced the redesigned notes in compliance with the presidential directive for local production,” Emere affirmed.

Emefiele Denies Wrongdoing

Emefiele faces four counts from the Economic and Financial Crimes Commission (EFCC), including alleged disobedience to the CBN Act and actions causing public injury.

Prosecutors claim that between October 2022 and March 2023, over 375 million N1,000 notes were printed at a cost exceeding ₦11 billion without board recommendation or presidential approval. Emefiele has pleaded not guilty.

Court Proceedings and Adjournment

During cross-examination by Emefiele’s counsel, Olalekan Ojo SAN, Emere confirmed that the investigation did not examine whether any Nigerian company had ever designed Naira notes.

The court also ruled that the EFCC investigative report must be shared with the defence, following objections from the prosecution.

Justice Anenih adjourned the case until February 10 for further hearing.