By Nkechi Eze
The trial of former Central Bank of Nigeria (CBN) Governor, Godwin Ifeanyi Emefiele, continued on Wednesday at the Federal Capital Territory High Court in Maitama, Abuja, with a prosecution witness alleging that the 2022 naira redesign exercise breached provisions of the CBN Act.
The seventh prosecution witness, Chinedu Eneanya, told the court that investigations conducted by the Economic and Financial Crimes Commission (EFCC) revealed that the former apex bank chief did not comply with statutory procedures required before redesigning the nation’s currency.
Emefiele is currently being prosecuted by the anti-graft agency on a four-count charge bordering on the alleged unlawful printing of new naira notes.
Testifying under cross-examination by defence counsel, Olalekan Ojo, SAN, before Justice Maryanne Anineh, Eneanya stated that the investigative team discovered that the defendant failed to follow the provisions of the Central Bank of Nigeria Act 2007 in carrying out the currency redesign.
According to the witness, “the investigation conducted by the team showed that the defendant disobeyed the provisions of the CBN Act, 2007. The Central Bank must have board recommendations before the currency is redesigned.”
He further told the court that Emefiele had presented three sample designs of the proposed new naira notes in the denominations of ₦1000, ₦500 and ₦200, which were eventually approved by former President Muhammadu Buhari.
“The president approved on the 11th page and directed that the design be done locally. However, investigation showed that what was eventually produced was not what was presented to the president,” the witness stated.
Eneanya also revealed that the original design of the old naira notes was handled by De La Rue, a United Kingdom-based firm known for printing currencies for several countries.
Responding to questions on whether members of the CBN Board of Directors or the Committee of Governors were invited during the investigation, the witness explained that the EFCC obtained a statement from the official responsible for the apex bank’s Corporate Secretariat.
Earlier during cross-examination, Eneanya identified Exhibit N1 as the statement made by Ahmed Aliyu, Managing Director of the Nigeria Security Printing and Minting Company Limited.
When asked whether the investigation uncovered any contradictions on page six of Exhibit N1, the witness said the printing of the redesigned naira notes had already been carried out locally before the investigation commenced. He also confirmed that the Central Bank of Nigeria paid the printing and minting company for the production of the currency.
Under re-examination, prosecution counsel Abbas Mohammed sought clarification on whether the former president’s directive related to the design or production of the currency. In response, the witness said the redesigned currency had already been presented to President Buhari for approval.
“Investigation shows that the design of the currency was already shown to the president and it was approved,” Eneanya explained.
Following the proceedings, Justice Anineh adjourned the case until May 11, 2026 for the continuation of trial.
