Emefiele Trial: Witness Says Buhari Approved Local Production of Redesigned Naira Notes

Court hears presidency approved design, but process allegedly breached CBN Act provisions.

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By A1 News Desk | Abuja, Nigeria

A witness in the ongoing trial of former Central Bank Governor, Godwin Emefiele, has told the FCT High Court that the redesigned naira notes were produced locally on the directive of former President Muhammadu Buhari. The testimony forms part of proceedings in a case brought by the Economic and Financial Crimes Commission (EFCC).

Emefiele is facing a four-count charge bordering on alleged disobedience to lawful directives and actions said to have caused public injury. The charges relate to the controversial naira redesign policy implemented between October 2022 and March 2023.

According to the EFCC, the former CBN governor approved the printing of over 375 million units of redesigned N1,000 notes valued at more than N11 billion without the recommendation of the CBN Board and full compliance with statutory provisions.

Testifying under cross-examination, prosecution witness, Chinedu Eneanya, confirmed that the redesigned notes were produced locally by the Nigerian Security Printing and Minting Company (NSPMC).

He stated that evidence before the court, including an extra-judicial statement by NSPMC Managing Director, Ahmed Halilu, indicated that the presidency approved the design and directed local production.

“The president approved the design and instructed that the notes be produced locally,” the witness said.

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However, Eneanya told the court that investigations revealed discrepancies between the approved design and what was eventually produced.

He further maintained that Emefiele’s actions breached Section 19 of the CBN Act, which requires board recommendation before presidential approval for currency redesign.

Presidency Approval Confirmed, Process Questioned

While the court heard that the redesign had presidential backing, the prosecution argues that due process was not followed, particularly regarding board recommendations.

Design Discrepancies Raise Further Questions

The witness alleged that the final output differed from the design initially approved by the presidency, adding another layer to the case.

The case goes to the heart of Nigeria’s controversial naira redesign policy, raising critical questions about institutional checks, executive approval, and adherence to financial regulations.