Market News

The Federal Capital Territory High Court sitting in Maitama, Abuja, on Tuesday declined an application by counsel to Godwin Emefiele, former Governor of Central Bank of Nigeria (CBN), seeking to adjourn proceedings in his ongoing trial over the alleged unlawful redesign and printing of the naira.

Maryanne Anineh (Justice) ruled that the trial should proceed, dismissing the defence’s request for adjournment over the alleged late service of an investigation report linked to the Managing Director of the Nigerian Security Printing and Minting Company Plc (NSPMC).

Emefiele is being prosecuted by the Economic and Financial Crimes Commission (EFCC) on a four-count charge bordering on the alleged unlawful printing of new naira notes.

At Tuesday’s proceedings, Abbas Mohammed, prosecution counsel, informed the court that the matter was slated for the continuation of cross-examination of the seventh prosecution witness (PW7), who was present in court.

However, Olalekan Ojo, defence counsel, objected to proceeding with the trial.

He told the court that at the previous sitting, he had requested a statement allegedly obtained from the Managing Director of the Nigerian Security Printing and Minting Company, which he intended to rely on during cross-examination.

Ojo argued that the prosecution only made the six-page investigation report available about 20 minutes before the commencement of Tuesday’s proceedings.

“My Lord, the investigation report was made available to us barely 20 minutes before today’s proceedings.

“Even the defendant has not had the opportunity to see it. We have not had the chance to look at the report critically,” he submitted, adding that the document ought to have been provided at least 24 to 48 hours before the hearing.

He urged the court to adjourn the matter, stressing the need for adequate time to examine the document in a court of record.

In response, Mohammed told the court that there was no deliberate attempt to ambush or disadvantage the defence.

He explained that during the previous sitting, the defence had asked PW7 whether an investigation report existed and requested its production.

According to him, the document was meant to be tendered through the witness in court.

Opposing the application for adjournment, Mohammed urged the court to allow proceedings to continue, noting that additional dates had already been scheduled to address issues surrounding the report.

“My Lord, we have other dates to take issues relating to the investigation report. We pray that today’s proceedings be exhausted,” he said.

Anineh subsequently ruled that the cross-examination of PW7 should proceed.

Following the ruling, Ojo resumed cross-examination of the witness, focusing on an email exchange between the Managing Director of NSPMC and global currency printing firm, De La Rue.

When asked who provided the email to the EFCC, PW7 said it was made available by the Managing Director of the Printing and Minting Company.

The witness identified the Managing Director as Ahmed Halilu and confirmed that he had directly interacted with him during the investigation, though he could not recall how many statements Halilu made.

Under questioning, the witness said he could not remember whether his team investigated if NSPMC had previously designed currency in Nigeria. He also stated that he was uncertain about when the investigation was concluded.

On whether the EFCC inquired about the quantity of redesigned naira notes released to commercial banks, PW7 confirmed that the team sought such information from CBN officials but said he did not have the figures readily available in court.

When asked if the information was documented, he responded that he could not be certain but agreed to refresh his memory.

The witness further testified that EFCC teams, working with other law enforcement agencies, were deployed across the country to monitor the distribution of the redesigned currency and ensure availability over bank counters.

He acknowledged being aware of reports that some banks allegedly hoarded the new notes but said he could not provide specific details.

Tensions rose when the defence asked whether any arrests were made in connection with alleged infractions by banks.

The prosecution objected, arguing that the witness was before the court to testify on matters relating to the approval and process of the naira redesign, not on issues outside the charges.

However, Ojo insisted that cross-examination was not limited strictly to evidence given during examination-in-chief.

In his response, PW7 stated that while he headed the investigation team and supervised other assignments, he was not physically present in all locations visited by EFCC task forces and therefore could not state whether arrests were made.

He also said he was not aware of any sanctions imposed on erring banks or whether the CBN directed the EFCC to visit and sanction financial institutions.

He added that he was not privy to whose specific instructions guided the EFCC’s nationwide visits.

The defence again sought an adjournment, citing information from the prosecution that the original statement of the Managing Director of the Printing and Minting Company was not available.

The prosecution countered that the Managing Director had already testified before the court as the second prosecution witness (PW2) and that all relevant documents were already before the court.

After hearing both sides, the presiding judge adjourned the matter to March 19; April 1 and 2; May 11 and 12; and June 9 and 10, 2026, for continuation of trial.