Market News

BY  Godwin Emefiele

From Sola Ojo

The Federal Capital Territory High Court sitting in Maitama, Abuja, on Tuesday declined a request by the defence counsel of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele seeking an adjournment in his ongoing trial over the alleged unlawful redesign of the naira.

Justice Maryanne Anineh ruled that proceedings should continue, despite objections by the defence that a key investigation report was served on them shortly before the hearing.

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 the resumed hearing, prosecution counsel, Abbas Mohammed, told the court that the matter was scheduled for the continuation of the cross-examination of the seventh prosecution witness (PW7), who was present in court.

However, Emefiele’s counsel, Olalekan Ojo, SAN, objected to proceeding with the cross-examination, stating that the prosecution had only made available the statement of the Managing Director of the Nigerian Security Printing and Minting Company barely 20 minutes before the sitting.

Ojo argued that the six-page document ought to have been disclosed to the defence at least 24 to 48 hours earlier to allow adequate preparation, noting that even the defendant had not had the opportunity to review it.

“My Lord, we have not had the chance to look at the report critically.

“This court is a court of record, and we respectfully seek an adjournment,” he said.

In response, Mohammed maintained that the prosecution did not deliberately withhold the document, explaining that the investigation report was produced following a demand made by the defence during the previous sitting.

He urged the court to direct the defence to proceed with the cross-examination, arguing that the report was a document to be produced through the witness.

Justice Anineh, however, dismissed the application for adjournment and ordered that the cross-examination of PW7 should continue.

During cross-examination, the witness told the court that an email exchange between the Managing Director of the Nigerian Security Printing and Minting Company and De La Rue was made available to the EFCC by the Managing Director, whom he identified as Ahmed Halilu.

The witness admitted that he could not recall the number of statements made by the Managing Director or the exact date the investigation was concluded.

He further stated that although EFCC teams were deployed across the country to monitor the distribution of the new naira notes, he could not provide specific details on the quantities released to commercial banks.

The witness also acknowledged being aware of reports that some banks hoarded the new currency but said he could not be specific.

When asked whether any arrests were made in relation to the alleged infractions, the prosecution objected, arguing that the line of questioning was outside the substance of the charge.

However, the defence insisted that cross-examination was not limited to evidence in chief, prompting the witness to state that he was not personally present at all locations and could not confirm whether arrests were made or sanctions imposed.

At the close of proceedings, the defence again sought an adjournment on the grounds that the prosecution did not have the original statement of the Managing Director of the Nigerian Security Printing and Minting Company.

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

Justice Anineh subsequently adjourned the case to 19 March; 1 and 2 April; 11 and 12 May; and 9 and 10 June 2026 for continuation of trial.