Market News

By Christopher Oji

Seventh Prosecution Witness, PW7, Chinedu Eneanya, in the trial of the former governor of the Central Bank of Nigeria( CBN), Godwin Ifeanyi Emefiele  yesterday, told Justice Maryanne Anineh of the Federal Capital Territory High Court, Maitama, Abuja, that Emefiele violated the provisions of the CBN Act in the 2022 naira redesign exercise.

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.

Testifying under cross-examination by defence counsel, Olalekan Ojo, SAN,  at yesterday’s proceedings, the witness disclosed that,“the investigation conducted by the team showed that the defendant disobeyed the provisions of the CBN Act, 2007. The Central Bank must have board recommendations before the currency is redesigned.”

Further in his testimony, the witness disclosed that Emefiele presented three sample designs of the proposed naira notes in the denominations of N1000, N500 and N200, which were approved by the President.

“The president approved on the 11th page and directed that the design be done locally. However, investigation showed that what was eventually produced was not what was presented to the president,” he said.

 On whether the EFCC invited members of the CBN Board of Directors or its Committee of Governors during the investigation, Eneanya stated that the Commission obtained the statement of the official in charge of the Apex Bank’s Corporate Secretariat.

Earlier in the cross-examination, the witness identified Exhibit N1 to be the statement made by Ahmed Aliyu, Managing Director of the Nigeria Security Printing and Minting Company Limited, NSPMC.

When asked if his investigation uncovered any contradiction in the content of Page six of Exhibit N1, the witness stated that the printing of the naira notes had been carried out locally before the investigation commenced. He also confirmed that the Central Bank of Nigeria paid NSPMC for the production of the currency.

Under re-examination, prosecution counsel, Abbas Mohammed, sought clarification on whether the President’s directive related to the design or production of the currency to which the witness stated that the redesign of the naira notes was carried out and given to President Buhari to approve. “Investigation shows that the design of the currency was already shown to the president and it was approved,” the witness explained.

Justice Anineh thereafter adjourned the matter till May 11, 2026 for continuation of trial.