EX-CBN DEPUTY GOVERNOR INSISTS EMEFIELE VIOLATED PROCEDURE IN REDESIGNED NAIRA

Read Time:3 Minute, 9 Second

A former Deputy Governor of the Central Bank of Nigeria (CBN), Edward Adamu, on Wednesday told the Federal Capital Territory High Court Abuja that Godwin Emefiele, a former Governor of the Bank did not follow laid down procedure in the process that led to the redesign of some notes of the Nigerian currency.

Led in examination by Counsel to the Economic and Financial Crimes Commission (EFCC), Rotimi Oyedepo, Adamu, who is Principal Witness 4, also said that the redesign of the Naira notes launched by former President Muhammadu Buhari and currently in circulation was not the one approved by the ex-President or the Board of the CBN.

Adamu was testifying in the suit on a four-count charge instituted by the EFCC against Emefiele wherein he is accused of redesigning the N200, N500 and N1000 notes of the Nigerian currency without the approval of the President and the CBN Board.

The CBN Deputy Governor told the court that during his time as staff of the CBN, he has witnessed a previous redesign of the nation’s currency aimed at addressing issues of volume of currency in circulation, inflation, counterfeiting and general currency management, among others.

Adamu said that before the exercise carried out by Emefiele, the process of naira redesigning known to him originates from the Director of Currency Operations to the Committee Of Governors (COG) who passes it to the Board for approval before it gets to the President but Emefiele circumvented the process.

He said Emefiele simply called a meeting of the COG where he showed presidential approval for redesign and subsequently proceeded to implementation.

He also said that a look at Exhibit E2 indicates that the design of currencies currently in circulation is slightly different from that approved by the President and the Board as it was singlehandedly changed by the former governor.

Adamu stated this during cross-examination by Defence Counsel, Olalakan Ojo.

When asked whether before now there must be a Board recommendation before presidential approval, he answered in the affirmative.

The counsel to the defendant asked Adamu if he was aware of any previous practice where the president would give approval of a decision before the Board would be informed, he said it was not the practice while he was there.

The defence counsel specifically asked PW4 if he is aware of any time when the president had given approval for the release of funds to ECOWAS, the military or other countries without prior recourse to the Committee of Governors or Board of CBN, Adamu said he was aware of one.

Counsel to the defendant asked the witness if he was aware of any consequences for failure to abide by procedures or any provision in the CBN Act, he said he cannot remember.

Referring to an earlier statement made to the EFCC on February 24, 2024, Ojo asked the witness if he could recall saying the minutes of the CBN meeting 764 were adopted, but Adamu said he could not recall.

While citing Section 237, Ojo wanted to show PW4 was consistent with what he had told the EFCC but was opposed by Prosecution Counsel who insisted that that particular section can only be called upon when the defence wants to impeach the testimony of PW4 and moreover the statement is not in evidence before the court.

The judge ruled that the witness should be allowed to refresh his memory by going through the statement and he subsequently did and agreed.

Defence Counsel further asked the witness if he was privy to any discussion between the former CBN governor and the President on how the redesign should be done, and he answered in the negative.

After the Cross Examination, Justice Maryanne Anenih adjourned the suit to November 17 for continuation of trial.