Market News

By Ojochenemi Onje 

Edward Adamu, a key witness in the ongoing trial of Godwin Emefiele, former Governor of the Central Bank of Nigeria (CBN), testified that Emefiele did not obtain the necessary approvals for the 2023 naira redesign.

The revelation came during a hearing at the Federal Capital Territory (FCT) High Court in Maitama, presided over by Maryanne Anenih.

Adamu, who served as the fourth prosecution witness, stated that Emefiele bypassed the standard procedure required for currency redesign, which included approvals from former President Muhammadu Buhari, and the CBN board.

According to Adamu, neither of these approvals was secured.Led in evidence by Rotimi Oyedepo, prosecution counsel, Adamu explained that the formal process for redesigning the naira starts with a proposal from the director of currency operations to the Committee of Governors (COG), followed by CBN board approval, and finally, the president’s endorsement.

Adamu testified that Emefiele sidestepped this procedure, calling a meeting of the COG and presenting what he claimed was a presidential approval to proceed.

“I became aware of it in October 2022 when the governor informed us, the deputy governors, that he had received express approval for the redesign.

 “On October 26, 2022, we were formally informed of the presidential approval, and a public announcement followed. At a subsequent board meeting, we were again informed of this approval”, Adamu said.

Adamu further disclosed that the final designs of the naira notes—specifically the N200, N500, and N1000 denominations—were significantly different from what had initially been approved.

He accused Emefiele of unilaterally altering the designs without following the required protocols.

During cross-examination, Olalekan Ojo defence counsel, questioned Adamu about whether there had ever been instances where presidential approval preceded CBN board involvement.

Adamu replied that such actions were not standard practice during his tenure at the central bank. Anenih, however, discharged Adamu following his testimony and adjourned the trial until October 17, 2024, for further proceedings.