An investigator with the Economic and Financial Crimes Commission (EFCC) in Nigeria, Chinedu Eneanya, has alleged that former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, disregarded former President Muhammadu Buhari’s directive to award the 2022 naira redesign contract to a local company.
Testifying before the Federal Capital Territory High Court in Maitama on Thursday, Eneanya stated that Emefiele unilaterally outsourced the project to a UK-based firm, De La Rue, in violation of Buhari’s approval.
Eneanya, a detective with the EFCC, appeared as the prosecution’s seventh witness and was led in evidence by EFCC counsel Rotimi Oyedepo (SAN). He disclosed that four former CBN deputy governors—Adesonubi Folasodun, Adamu Edward, Kingsley Obiora, and Aisha Ahmed—had been questioned over their roles in the naira redesign process.
“The approval of the president in the memo was completely jettisoned,” Eneanya testified.
Emefiele is currently facing a four-count charge over the unauthorized redesign of the N200, N500, and N1,000 notes. The EFCC alleges that he executed the project without proper approval from both the President and the CBN Board, leading to financial losses.
According to Eneanya, the redesigned naira notes in circulation were not the ones approved by Buhari. The former president’s directive had specified additional security features, including a QR code and color modifications, which Emefiele allegedly ignored.
Further exposing alleged breaches, the witness revealed that Emefiele violated a direct presidential order by awarding the contract to De La Rue.
“For the design alone, the British firm was paid £205,000—over N111 million at the exchange rate at the time,” Eneanya disclosed.
The EFCC investigator emphasized that Emefiele’s actions resulted in substantial financial losses, as funds were spent on a process that deviated from the approved plan.
During cross-examination, Emefiele’s counsel, Olalekan Ojo (SAN), objected to the witness’s assertion that the former CBN governor “disobeyed” Buhari. He argued that Eneanya was not in a position to make such a claim.
However, presiding judge Justice Maryanne Anenih overruled the objection, allowing the witness to continue his testimony.
As the prosecution sought more time to present electronic evidence and call two UK-based witnesses to testify virtually, the defense objected, demanding a formal application.
The court, however, ruled that the EFCC had already submitted the names of the witnesses and their expected testimonies. Justice Anenih granted the prosecution’s request and adjourned the trial to April 29 for further hearings.
