Emefiele Violated Procedures in Naira Redesign, Former CBN Deputy Governor Claims

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

During his examination by Economic and Financial Crimes Commission (EFCC) counsel Rotimi Oyedepo, Adamu, serving as Principal Witness 4, stated that the redesigned Naira notes launched by former President Muhammadu Buhari and currently in circulation were not those approved by the ex-President or the CBN Board.

Adamu’s testimony comes as part of the EFCC’s four-count charge against Emefiele, who is accused of redesigning the N200, N500, and N1000 notes without proper approval from the President and the CBN Board.

Reflecting on his experience at the CBN, Adamu noted that he had previously witnessed a redesign of the nation’s currency intended to address issues such as the volume of currency in circulation, inflation, counterfeiting, and overall currency management.

He explained that prior to Emefiele’s actions, the process for redesigning the Naira typically began with the Director of Currency Operations, who would submit a proposal to the Committee of Governors (COG) for approval before it reached the President. Adamu claimed that Emefiele circumvented this established process by convening a meeting of the COG, where he presented what he claimed was presidential approval for the redesign, and then moved directly to implementation.

Adamu also pointed out that an examination of Exhibit E2 revealed that the design of the currently circulating currency differs slightly from what was approved by the President and the CBN Board, as it was unilaterally changed by Emefiele.

During cross-examination by Defense Counsel Olalakan Ojo, Adamu affirmed that prior to Emefiele’s actions, a Board recommendation was always necessary before presidential approval could be obtained. When asked if he was aware of any previous instances where the President approved a decision before informing the Board, Adamu stated that this was not the practice during his tenure.

Ojo also questioned Adamu about whether he knew of any instances when the President approved the release of funds to ECOWAS or other countries without prior consultation with the COG or CBN Board, to which Adamu confirmed he was aware of one such instance.

When asked if he remembered any consequences for failing to follow procedures outlined in the CBN Act, Adamu could not recall. He also could not remember details about a previous statement made to the EFCC on February 24, 2024, regarding the adoption of minutes from CBN meeting 764.

The defense sought to demonstrate consistency in Adamu’s statements to the EFCC, but prosecution counsel objected, arguing that the relevant section could only be invoked if the defense aimed to impeach Adamu’s testimony and that the statement was not entered into evidence.

The judge ruled that Adamu should be allowed to review his previous statement, after which he agreed to its content.

Finally, when asked if he was privy to any discussions between Emefiele and the President regarding the redesign process, Adamu answered in the negative.

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

Gathered By: Praise Inalegwu

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