Emefiele Trial: Witness Confirms Local Production of Redesigned Naira Notes
At the resumed hearing in the trial of former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, a prosecution witness, Mr. Chinedu Eneanya, testified before the High Court of the Federal Capital Territory (FCT) that the redesigned naira notes were produced locally, in line with the directive of former President Muhammadu Buhari.
Eneanya, the seventh prosecution witness (PW7), stated under cross‑examination by defence counsel, Olalekan Ojo (SAN), that the Nigerian Security Printing and Minting Company (NSPMC), in collaboration with the CBN, undertook the production of the notes. He confirmed that while the physical printing was done locally, the redesign was executed by a foreign firm, De La Rue, which was also the original designer of Nigeria’s banknotes.
Emefiele is facing a four‑count charge, marked CR/264/2024, brought by the Economic and Financial Crimes Commission (EFCC). The prosecution alleges that between October 19, 2022 and March 5, 2023, the defendant contravened Section 19 of the CBN Act by authorising the printing of 375,520,000 pieces of colour‑swapped ₦1,000 notes at a cost of ₦11,052,068,062, without the recommendation of the CBN Board or the express approval of the President. The EFCC contends that this act caused injury to the public and constitutes an offence under Section 123 of the Penal Code, Cap 89, Laws of the Federation, 1990. Emefiele has pleaded not guilty.
During proceedings, Eneanya confirmed that Emefiele had, by memorandum dated October 6, 2022, sought presidential approval to redesign, produce, and reissue the ₦1,000, ₦500, ₦200, and ₦100 notes. The former President minuted his approval with the instruction: “Approved. But to be produced locally.”
The witness further testified that the reasons advanced by Emefiele for the redesign included the rising incidence of counterfeiting, scarcity of notes in circulation, and hoarding of currency by members of the public. He added that the CBN raised settlement bills to NSPMC for the production, while payments to De La Rue were made in British Pounds Sterling for the redesign.
Eneanya acknowledged that the EFCC investigation confirmed Buhari’s eventual launch of the redesigned notes, though he could not recall whether the former President raised any objections. He also noted that the investigative focus was not on whether any Nigerian company had ever designed the naira notes.
When defence counsel sought to tender the EFCC’s investigative report, prosecution counsel Rotimi Oyedepo (SAN) objected, stating that the document was not in the custody of the prosecution. Justice Maryanne Anenih, however, directed the prosecution to make the report available to the defence to enable proper conduct of its case.
The matter was adjourned to 10 February for continuation of trial.
