A High Court of the Federal Capital Territory (FCT), Abuja, has fixed ten additional days to conclude the trial of the former Governor of the Central Bank of Nigeria (CBN), Mr Godwin Ifeanyi Emefiele, over allegations linked to the controversial naira redesign policy.
The case was filed by the Economic and Financial Crimes Commission (EFCC), which is prosecuting Emefiele on corruption-related charges arising from the redesign of the N200, N500, and N1,000 notes introduced in late 2022.
Justice Maryann Anenih fixed the ten trial dates on Wednesday after lawyers representing both parties agreed on the need to conclude the case within a clear timeframe. Counsel to the EFCC, Mr Rotimi Oyedepo, SAN, and counsel to Emefiele, Mr Olalekan Ojo, SAN, jointly agreed to the dates proposed by the court.
The trial is now scheduled to hold on February 3 and 10; April 1 and 2; May 11, 12, 13, and 14; as well as June 9 and 10. Justice Anenih said the court expects the matter, which began in 2024, to be concluded on these dates.
The judge urged both the prosecution and defence to respect the trial schedule and assured them that the court would make adequate arrangements to ensure smooth proceedings. She stressed the need to avoid unnecessary delays in a case that has attracted strong public attention.
At the resumed hearing on Wednesday, an operative of the EFCC, Mr Emere Chinedu, continued his testimony as a prosecution witness. Chinedu told the court that the Presidency under former President Muhammadu Buhari approved the naira redesign carried out during Emefiele’s tenure as CBN governor.
According to the witness, the EFCC wrote to the Presidency during its investigation to confirm whether the naira redesign had official approval. He said the response from the State House confirmed that approval was granted but with a specific condition.
“The State House gave approval for the naira redesign, but with a proviso that it must be done locally,” Chinedu told the court.
He explained that while approval was granted for the redesign of the currency, the Presidency directed that the printing of the new naira notes should be done within Nigeria. This, according to the EFCC, was not fully complied with, as some of the printing was done outside the country.
Chinedu also told the court that he headed the inter-agency investigation panel set up to probe Emefiele’s actions during his time as CBN governor. He said the panel included officers from different government agencies and focused on decisions taken during the naira redesign process.
The witness disclosed that Emefiele made six separate statements while appearing before the panel to explain his role in the redesign exercise. According to him, the statements were made on October 26, 27, 30, and 31, as well as November 1 and 2, 2023.
During cross-examination by Emefiele’s lawyer, Olalekan Ojo, SAN, the witness was asked about claims allegedly made by the former CBN governor in one of his statements. Emefiele had reportedly claimed that a former Executive Chairman of the EFCC, Abdulrasheed Bawa, was the first person to suggest the naira redesign to President Muhammadu Buhari.
However, Chinedu declined to confirm or deny the claim. He told the court that the EFCC does not have the power to suggest or initiate a change in the colour or design of the naira.
“The EFCC has no power to propose a naira redesign. At best, any role would be advisory,” the witness said.
The EFCC also tendered several video clips from different television stations across the country as part of its evidence. The videos showed news reports and programmes in which Nigerians complained of hardship during the naira redesign period.
When questioned, the witness admitted that the videos existed before the investigation panel was set up by the Federal Government. He said the clips were downloaded from the internet by the panel and tendered to show the suffering experienced by Nigerians during the policy implementation.
Chinedu told the court that he did not know any staff members of the television stations that produced the videos. He also said he did not interview anyone from the stations and could not confirm how the contents were prepared.
The naira redesign policy, announced in October 2022, was one of the most controversial economic decisions in recent Nigerian history. The policy aimed to curb currency hoarding, reduce ransom payments, and encourage cashless transactions. However, it led to severe cash shortages across the country.
For months, many Nigerians struggled to access cash, with long queues at banks and widespread complaints from traders, workers, and rural dwellers. The situation triggered protests in some areas and led to several court cases, including challenges by state governments.
Emefiele, who served as CBN governor from 2014 until his suspension in June 2023, has since faced multiple criminal charges from the EFCC, including allegations related to abuse of office and financial misconduct. He has pleaded not guilty to all charges against him.
In the current case, marked FTC/HC/CR/264/2024, Emefiele is standing trial specifically over issues connected to the naira redesign and its execution. The EFCC insists that its case is aimed at ensuring accountability in public office.
Justice Anenih adjourned further cross-examination of the EFCC witness to February 3, which is the next scheduled trial date. With the court now setting clear timelines, attention will be on how quickly both sides present their remaining witnesses and final arguments.