The trial of Godwin Emefiele, former Governor of the Central Bank of Nigeria (CBN), continued on Wednesday with Edward Adamu, a former CBN Deputy Governor, testifying as the fourth prosecution witness.
Emefiele faces four counts before Justice Maryanne Anenih of the Federal Capital Territory High Court, Maitama, Abuja, over the contentious naira redesign policy implemented during his tenure.
Adamu, led by the Economic and Financial Crimes Commission (EFCC) counsel, Rotimi Oyedepo (SAN), alleged that Emefiele breached established procedures in the 2022 naira redesign exercise. Adamu stated that previous redesigns aimed to address currency volume, inflation, counterfeiting, and currency management. However, Emefiele’s redesign lacked approval from President Muhammadu Buhari or the CBN Board, contrary to the law.
Adamu explained that the standard procedure for naira redesign involves the Director of Currency Operations, the Committee of Governors, and subsequent CBN Board approval before reaching the President. He claimed Emefiele bypassed this process, presenting a purported presidential approval to the Committee of Governors and proceeding with implementation. Adamu noted that the current naira notes differ from what was approved by Buhari and the CBN Board, with changes made unilaterally by Emefiele.
During cross-examination, defense counsel Olalekan Ojo (SAN) questioned Adamu about the customary procedure for board recommendations and presidential approvals. Adamu confirmed that board recommendations typically precede presidential approvals. Ojo also inquired about instances where the President approved fund releases without prior CBN consultation, to which Adamu admitted knowing one such instance.
Justice Anenih adjourned the case until November 18 for continuation of the trial.
