Naira Redesign: Emefiele Complied with Buhari’s Directive on Local Production, Witness Tells Court 

Alex Enumah in Abuja 

Mr Chinedu Eneanya, a witness in the ongoing trial of former governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, on Tuesday, admitted before a High Court of the Federal Capital Territory (FCT) that the redesigned naira notes were produced locally as directed by former President Muhammadu Buhari.

According to the witness, the production was done by the Nigerian Security Printing and Minting Company (NSPMC) and the apex bank.

Emefiele is standing trial on a four-count charge bordering on disobedience to the direction of law and illegal act causing injury to the public.

In the charge, marked: CR/264/2024, the Economic and Financial Crimes Commission (EFCC) is alleging that Emefiele between October 19, 2022 and March 5, 2023 disobeyed the direction of Section 19 of CBN Act by approving the printing of 375,520,000 pieces of colour swapped N1,000 notes at a total cost of N11,052,068,062 without the recommendation of the CBN Board and strict approval of the President, Federal Republic of Nigeria, which caused injury to the public.

The offences allegedly committed by him, according to the prosecution, were against Section 123 of the Penal Code, Cap 89 Laws of the Federation, 1990 and punishable under the same law.

He, however, pleaded not guilty to the charge.

At the resumed trial, the witness under cross-examined by Emefiele’s lawyer, Olalekan Ojo (SAN), told the court that Emefiele wrote a memorandum, dated October 6, 2022, to former President Buhari, wherein he sought approval to redesign, produce and reissue the redesigned N1,000, N500, N200 and N100 notes.

Eneanya, who was testifying as the seventh prosecution witness (PW7), stated further that the former president approved the redesign of the naira notes in his minute on the memorandum but directed that the production of the notes be done locally.

“The defendant (Emefiele) sought approval of bank notes attached to the memorandum which had been redesigned already.

“The minute of the former president was that the production be done. He minuted: ‘Approved. But to be produced locally’,” the PW7 told the court. 

The witness further confirmed to the court that Emefiele had stated a number of reasons for the redesign policy, among which were high counterfeit rate and worsening shortage of bank notes in circulation.

Other reason he admitted the former CBN governor gave for the redesign was the hoarding of naira notes by members of the public.

Responding to further questions by Emefiele’s lawyer, the witness stated that the CBN raised bills of settlement to the Nigerian Security Printing and Minting Company (NSPMC) for the production of the redesigned notes.

Asked to confirm to the court if the naira notes were produced by NSPMC, the prosecution witness answered in the affirmative, saying: “The Nigerian Security Printing and Minting Company produced the redesigned notes. 

“This is in compliance with residential directive for local production of the naira notes.”

He, however, told the court that while NSPMC produced the notes locally, they were redesigned by a foreign company, De La Rue. 

He told the court that CBN in 2023 made payment to De La Rue in British Pound Sterling for the redesign of the notes, while it made payment to NSPMC for the production in naira. 

Eneanya confirmed that De La Rue was the company that originally designed the naira notes that became subject of redesign.

He added that the features in the notes were also products of the foreign company. 

The witness told the court that he could not remember if in the course of investigation, any of the deputy governors under Emefiele mentioned to the EFCC investigation team, if any Nigerian company ever designed naira notes for the Nigerian government.

He added that, that was not the focus of their investigation. 

The witness told the court that investigation revealed that Buhari eventually launched the redesigned notes but could not remember if the former president raised any complaints against the redesigned notes.

He told the court that the EFCC investigation team came up with an investigative report after its assignment. 

Ojo then asked if the investigation report is before the court because he wished to tender it.

The prosecution counsel, Rotimi Oyedepo (SAN), objected to the request by the defendant’s counsel.

He told the court that the prosecution is not in custody of the report.

However, the trial judge, Justice Maryanne Anenih, ordered the prosecution to avail the defence with the document to facilitate its defence. 

The court subsequently adjourned to February 10 for further trial.