EMEFIELE ALLEGEDLY VIOLATED CBN ACT IN 2022 NAIRA REDESIGN, WITNESS TELLS COURT

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By: Muftau Fatimo

A prosecution witness in the trial of former Central Bank of Nigeria (CBN) Governor Godwin Ifeanyi Emefiele told the Federal Capital Territory High Court, Maitama, Abuja, on Wednesday, April 1, 2026, that Emefiele allegedly violated provisions of the CBN Act during the 2022 naira redesign exercise.

The Seventh Prosecution Witness, Chinedu Eneanya, testified before Justice Maryanne Anineh that Emefiele acted contrary to the law by failing to obtain board recommendations before redesigning the currency, as required under the CBN Act, 2007.

Emefiele is facing a four-count charge by the Economic and Financial Crimes Commission (EFCC) related to the alleged unlawful printing of new naira notes.

Under cross-examination by defence counsel Olalekan Ojo, SAN, Eneanya said Emefiele presented three sample naira note designs—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,” the witness revealed.

Eneanya further noted that the original design of the old naira notes was managed by De La Rue, a UK-based company, and that the EFCC obtained statements from the official in charge of the CBN’s Corporate Secretariat, rather than the full Board of Directors.

The witness also identified Exhibit N1 as a statement by Ahmed Aliyu, Managing Director of the Nigeria Security Printing and Minting Company Limited (NSPMC), and confirmed that the notes were printed locally and paid for by the CBN.

During re-examination, Eneanya clarified that the redesign had been shown to President Buhari and received his approval prior to production.

Justice Anineh adjourned the trial to May 11, 2026, for continuation.