Former CBN Governor, Godwin Emefiele
A prosecution witness on Tuesday told an Abuja High Court that the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, acted in compliance with a directive issued by the late President Muhammadu Buhari that the redesigned naira notes be produced locally.
The witness, Chinedu Emere, an investigator with the Economic and Financial Crimes Commission, testified while giving evidence in the ongoing trial of the former CBN governor, who is standing trial over alleged illegal acts said to have caused injury to the public.Naija News reports that the EFCC had charged Emefiele with an offence it said contravened Section 123 of the Penal Code, Cap 89, Laws of the Federation, 1990, which is punishable under the same law.Emefiele, however, pleaded not guilty to the charge.
Buhari Approved Redesign, Ordered Local Production
While being cross-examined by Emefiele’s counsel, Olalekan Ojo, SAN, Emere told the court that the former CBN governor complied with Buhari’s instruction that the redesigned naira notes be produced by the Nigerian Security Printing and Minting Company (NSPMC).
Emere, who is the seventh prosecution witness (PW7), said Emefiele submitted a memorandum dated October 6, 2022, to the former president, seeking approval to redesign and reissue the ₦1,000, ₦500, ₦200 and ₦100 denominations.
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Former President Approved
“The former president approved the redesign of the naira notes in his minute on the memorandum but directed that the production of the notes be done locally.“The minutes of the former president was that the production be done. He minuted: ‘Approved. But to be produced locally’,” the witness told the court.
According to Emere, Emefiele outlined several reasons for the naira redesign policy in the memorandum, including the high rate of counterfeiting and the worsening shortage of banknotes in circulation at the time.He added that following the approval, the CBN raised bills of settlement in favour of NSPMC for the production of the redesigned notes.Asked whether the redesigned naira notes were eventually produced by NSPMC, Emere answered in the affirmative.He said, “The Nigerian Security Printing and Minting Company produced the redesigned notes. This was in compliance with presidential directive for local production of the naira notes.”However, the witness clarified that while the notes were produced locally, the design work was carried out by a foreign company, De La Rue.He told the court that the CBN made payments to De La Rue in British Pound Sterling in 2023 for the redesign of the notes, while payments to NSPMC for production were made in naira.
Emere Further Confirmed
Emere further confirmed that De La Rue was the original designer of the naira notes that were later redesigned and that the security features embedded in the notes were also products of the foreign firm.The witness said he could not recall whether any of Emefiele’s deputy governors mentioned during investigations that a Nigerian company had ever designed naira notes for the government.
He added that the issue of local design was not the focus of the EFCC’s investigation.
Buhari Launched Redesigned Notes
Emere also told the court that former President Buhari eventually launched the redesigned naira notes, adding that he could not remember if the former president raised any complaints about the policy afterwards.He said the EFCC investigation team concluded its assignment and produced an investigative report.During proceedings, Emefiele’s counsel requested that the investigation report be tendered in court.However, the prosecution counsel, Rotimi Oyedepo, SAN, objected, arguing that the prosecution was not in possession of the document.In her ruling, Justice MaryAnne Anenih ordered the prosecution to make the investigation report available to the defence to enable proper preparation of its case.The court subsequently adjourned the matter till February 10 for further hearing.