Emefiele bypassed naira redesign protocol, says ex-CBN D/Governor Adamu in court

A former Deputy Governor of the Central Bank of Nigeria (CBN), Edward Adamu, testified in a Federal Capital Territory High Court on Wednesday that Godwin Emefiele, the former CBN Governor, did not follow established procedures in the redesign of Nigerian currency notes.

Led in examination by the Economic and Financial Crimes Commission (EFCC) counsel, Rotimi Oyedepo, Adamu, the Principal Witness 4, stated that the redesigned Naira notes launched by former President Muhammadu Buhari were different from those approved by the President or the CBN Board.

Emefiele is facing a four-count charge from the EFCC for allegedly redesigning the N200, N500, and N1000 notes without proper approval.

Adamu told the court that previous naira redesign processes involved the Director of Currency Operations proposing to the Committee of Governors (COG), who then forwarded it to the Board for approval before reaching the President.

However, Emefiele circumvented this process by presenting presidential approval to the COG and proceeding with implementation.

He also highlighted discrepancies between the currency design approved by the President and the Board and the one currently in circulation, which he attributed to changes made by Emefiele.

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During cross-examination by Defense Counsel, Olalakan Ojo, Adamu confirmed that presidential approval was typically required before Board recommendations.

However, he acknowledged an instance where the President approved the release of funds without prior Board approval.

The defence counsel questioned Adamu about the consequences for failing to adhere to procedures or provisions in the CBN Act, but the witness could not recall specific details.

Referring to a previous statement made to the EFCC, Ojo asked Adamu if he remembered adopting the minutes of CBN meeting 764, which the witness initially could not recall. After reviewing the statement, he confirmed.

The defence counsel also inquired about discussions between Emefiele and the President regarding the redesign process, to which Adamu responded negatively.

Following the cross-examination, Justice Maryanne Anenih adjourned the suit to November 17 for continuation of the trial.