The trial of former Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, resumed on Tuesday before the High Court of the Federal Capital Territory (FCT), unveiling crucial testimony regarding the Naira redesign project.
Mr. Ahmed Bello Umar, a former Director of Currency Operations at the CBN, took the stand to provide key evidence in the ongoing case. Umar confirmed that former President Muhammadu Buhari had approved the controversial redesign of the Naira. “The approval, dated October 6, 2022, was signed by former President Buhari and conveyed from the State House to the CBN under Mr. Emefiele’s leadership,” Umar testified.
The witness, led in evidence by the Economic and Financial Crimes Commission (EFCC) counsel Mr. Rotimi Oyedepo, SAN, presented a copy of the presidential approval letter for both the redesign and printing of the new Naira notes. “The Chief of Staff to President Buhari transmitted the written presidential approval to the CBN,” he stated.
Umar also tendered samples of the approved designs, noting discrepancies between the endorsed designs and what was eventually produced. “While the approved samples had the portraits on the right side and included a QR Code, the final printed currencies featured the portraits on the left and lacked the QR Code,” Umar highlighted during his testimony.
During cross-examination by Emefiele’s defense lawyer, Mr. Mahmoud Magaji, SAN, Umar reiterated that the presidency had sanctioned the Naira redesign project. He acknowledged that former President Buhari had publicly launched the redesigned notes on December 29, 2023, and that his own signature, as Director of Currency Operations, was essential for the currency’s legitimacy.
Trial Justice Maryann Anenih admitted the documents submitted by Umar as exhibits in the case, marking a significant development in the trial.
The EFCC had arraigned Emefiele on May 15, accusing him of printing N684 million notes worth N18.96 billion without proper authorization. Further allegations included the unauthorized withdrawal of N124.8 billion from the consolidated revenue fund.
Emefiele, who pleaded not guilty to all charges, was granted bail amounting to N300 million with two sureties. However, his trial continues amidst allegations of disobedience to the CBN Act and causing public injury through unauthorized financial decisions.
This trial follows President Bola Tinubu’s suspension of Emefiele on June 9, 2023, and his subsequent arrest by the Department of State Services (DSS). Emefiele faced various charges and spent time in custody before securing bail.
