EMEFIELE’S NAIRA REDESIGN POLICY INFLICTED HARDSHIP ON NIGERIANS - EFCC WITNESS TELLS COURT

Read Time:2 Minute, 19 Second

By Aishat Momoh. O.

The Economic and Financial Crimes Commission’s (EFCC) seventh prosecution witness, Chinelo Eneanya, told the Federal Capital Territory High Court, Maitama, on Thursday that the naira redesign policy implemented under former Central Bank of Nigeria (CBN) Governor Godwin Emefiele caused widespread hardship across the country.

Eneanya, an EFCC investigator, said he was part of the team that probed the controversial policy, which was executed in late 2022 and early 2023. Led in evidence by prosecution counsel Rotimi Oyedepo (SAN), he testified that multiple forms of evidence including documents, electronic records, and audiovisual materials were examined to determine the policy’s impact.

“We looked at the documentary, electronic, and audiovisual evidence of the effect of the naira redesign on the public,” Eneanya told the court.

The prosecution tendered several exhibits, including video clips from Channels Television, News Central, TVC News, and Arise News, which were admitted as evidence. The court also accepted certified true copies of delivery notes, notices of meetings, settlement bills, and a certificate of identification relating to the redesigned notes for 2022 and 2023.

Eneanya explained that the videos showed widespread frustration among Nigerians, as citizens and businesses struggled to access cash and meet daily needs during the cash crunch crisis triggered by the policy.

He added that investigations revealed that members of the CBN Board and Committee of Governors were not aware of the presidential approval until after the redesign had already been implemented.

“In the course of the investigation, we set out to determine how the laws guiding changes to the naira were applied or abused,” he said.

When the witness attempted to comment on the Supreme Court’s ruling that nullified aspects of the redesign policy, defence counsel Olalekan Ojo (SAN) objected, arguing that Eneanya could not testify on a public document he did not author. However, Justice Maryanne Anenih overruled the objection, holding that the testimony was valid since the witness was giving evidence on the document, not producing it.

Eneanya confirmed that Emefiele was interviewed by investigators and that his extra-judicial statements were tendered as part of the evidence.

He also said the EFCC questioned the former CBN governor about whether the policy had received formal approval from the CBN Board of Governors before implementation.

The court subsequently granted a request by the defence for more time to cross-examine the witness and adjourned proceedings to November 26, 2025.

In an earlier hearing held in March, Eneanya had alleged that Emefiele ignored the redesign plan approved by former President Muhammadu Buhari, instead implementing a version that omitted key security features, including colour variations and QR codes, which were meant to curb counterfeiting.

Emefiele is facing multiple charges relating to abuse of office, illegal implementation of the naira redesign policy, and financial impropriety.