In the ongoing trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele, a key prosecution witness, Edward Adamu, testified that Emefiele proceeded with the 2023 naira redesign without approval from former President Muhammadu Buhari or the CBN Board, contrary to required procedures.
During the hearing on October 9, 2024, before Justice Maryanne Anenih of the Federal Capital Territory High Court, Adamu, the fourth prosecution witness, disclosed that Emefiele bypassed the standard protocol. He explained that the process for currency redesign typically involves a proposal from the Director of Currency Operations, followed by approval from the Committee of Governors (COG), the CBN Board, and finally, the President.
However, Adamu revealed that Emefiele presented a purported presidential approval during a COG meeting in October 2022 and immediately proceeded with the redesign, affecting the N200, N500, and N1000 notes. He further stated that the final designs of the notes differed significantly from the original approval, indicating unilateral changes by Emefiele.
Under cross-examination by defense counsel Olalekan Ojo, SAN, Adamu confirmed that it was not customary for a presidential approval to be obtained before the CBN Board’s input. The trial is set to continue on October 17, 2024.
