EFCC Witness Links Banks to Naira Scarcity in Emefiele Trial
At the resumed hearing in the trial of former Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, an EFCC witness, Chinedu Eneanya, alleged that commercial banks played a role in the scarcity of redesigned Naira notes during the 2022–2023 policy rollout.
Eneanya, an EFCC investigator and head of the Inter‑Ministerial Probe Panel, made the disclosure under cross‑examination by Emefiele’s counsel, Olalekan Ojo, SAN. He admitted awareness of hoarding by bank officials but could not specify the number of banks involved or confirm whether arrests were made.
Emefiele is facing a four‑count charge in suit number FTC/HC/CR/264/2024. The EFCC alleges that between October 2022 and March 2023, he approved the printing of 375,520,000 redesigned ₦1,000 notes at a cost of ₦11 billion without the recommendation of the CBN Board or approval of then‑President Muhammadu Buhari. The prosecution claims this contravenes Section 19 of the CBN Act and Section 123 of the Penal Code, causing hardship to Nigerians. Emefiele has denied the charges.
During proceedings, Eneanya tendered video evidence showing the impact of the policy but struggled to recall key details, including the quantities of currency supplied to banks and whether vault inspections were conducted nationwide. He explained that EFCC teams, working with other agencies, monitored distribution but deferred to records not immediately available in court.
The defence pressed for disclosure of all investigative documents, including statements from the Nigerian Security Printing and Minting Plc (NSPM) and communications with De La Rue. Justice Maryanne Anenih adjourned the matter to March 19 for continuation of cross‑examination.
