A witness for the Economic and Financial Crimes Commission (EFCC), Chinedu Eneanya, told the Federal Capital Territory High Court in Abuja on Thursday that former Central Bank of Nigeria (CBN) Governor Godwin Emefiele disregarded an official directive from then-President Muhammadu Buhari regarding the redesign of the naira notes. Eneanya’s testimony is central to the ongoing trial of Emefiele, who faces charges of abuse of office and financial misconduct.
Emefiele, who served as the governor of the CBN until his recent arrest, is accused of redesigning the N200, N500, and N1,000 notes without approval from either President Buhari or the CBN Board. The witness, an investigator with the EFCC, gave his evidence as Principal Witness 7, asserting that the process that led to the naira redesign was marred by irregularities, including bypassing official government directives.
According to Eneanya, President Buhari had approved the redesign of the naira with specific security features, including a color change and the addition of a QR code to enhance the notes’ security. However, Emefiele allegedly disregarded these specifications and opted for a rushed redesign plan that did not include the advanced security features that Buhari had outlined.
Eneanya told the court that the CBN under Emefiele’s leadership chose to pursue its own course of action, which deviated from the instructions given by the President. The witness stated that Buhari’s approval, as outlined in an official memo, was completely ignored. This meant that the redesigned naira notes that were eventually released did not reflect the comprehensive security features originally planned.
Eneanya also testified that four deputy governors of the CBN—Adesonubi Folasodun, Adamu Edward, Kingsley Obiora, and Aisha Ahmed—were questioned during the investigation. They confirmed that the directive issued by President Buhari had been disregarded by the CBN under Emefiele’s leadership. This revelation further highlighted the alleged misconduct and failure to follow proper procedure in the redesign process.
As part of the charges against Emefiele, the EFCC accuses him of causing unnecessary expenditures due to his insistence on implementing his own design. Eneanya claimed that the money spent on the redesign could have been better used for other national priorities. In addition to the irregular design process, the witness raised concerns over the foreign contracts awarded for the project.
Eneanya further explained that, contrary to Buhari’s directive for the new naira notes to be designed and printed locally, Emefiele awarded the contract to a UK-based company, De La Rue, for the design work. This decision allegedly led to unnecessary spending in foreign currency, specifically British pounds.
According to the witness, the British firm was paid £205,000 for the design, which was equivalent to over N111 million at the time, a significant sum of money that could have been used for other national needs. The decision to contract the design to a foreign company, especially in light of Buhari’s directive to keep the process within the country, has raised serious concerns about transparency and financial management under Emefiele’s leadership.
In his testimony, Eneanya also revealed that, instead of following the President’s directive for a comprehensive redesign, Emefiele and the Managing Director of the Nigerian Security Printing and Minting Company (NSPMC), Ahmed Halilu, chose to make minimal changes to the currency. This included only altering the colours of the notes to meet the timeframe set by the CBN governor. According to Eneanya, this rushed decision was a clear violation of the plan laid out by the President, as it did not incorporate the more advanced security features initially planned for the new currency.
Emefiele’s decision to limit the redesign to a simple color change has been criticized as an insufficient response to the growing concerns over counterfeit currency and money laundering in the country. Many have questioned whether the redesign achieved its intended goal of enhancing the security of the naira, given the minimal changes that were made.
During the proceedings, the defense counsel representing Emefiele, Olalekan Ojo (SAN), raised objections to some of the statements made by Eneanya. Ojo argued that the witness was not in a position to make certain claims about Emefiele’s actions, particularly with regard to accusing him of disobeying the presidential directive. However, Justice Maryanne Anenih overruled the objections, allowing Eneanya to continue his testimony.
This development indicates the ongoing legal battle that is shaping up as Emefiele seeks to defend himself against the charges of financial misconduct. The case has captured public attention due to the high-profile nature of the accused, the role of the Central Bank in Nigeria’s economy, and the broader implications of the naira redesign project.
In addition to Eneanya’s testimony, the EFCC provided the court with further evidence, including electronic records related to the naira redesign. The prosecution also disclosed plans to call two witnesses based in the United Kingdom who are expected to testify virtually. The witnesses are likely to provide more details about the contracts awarded to De La Rue and the financial transactions surrounding the naira redesign.
However, the defense raised concerns about the informal nature of the request for virtual testimony, arguing that the EFCC had not formally filed the names, testimonies, or reasons for preferring virtual testimony. Despite this, Justice Anenih ruled in favor of the prosecution’s request, allowing the virtual testimonies to proceed.
As the trial progresses, the EFCC is expected to continue presenting its case, with more witnesses and evidence to come. The outcome of the case could have significant implications for the financial and political landscape in Nigeria, particularly given the role of the CBN and the handling of national finances.
The trial has been adjourned until April 29, when Principal Witness 7 will continue giving evidence in court. This will allow the prosecution to present further details regarding the financial aspects of the naira redesign and the decisions made by Emefiele and other officials within the CBN.
