Naira Redesign: Emefiele Ignored Buhari’s Approved Design – Witness

Naira Redesign: Emefiele Ignored Buhari’s Approved Design – Witness

A witness for the Economic and Financial Crimes Commission, Chinedu Eneanya, on Thursday told the Federal Capital Territory High Court in Abuja that former Central Bank of Nigeria Governor, Godwin Emefiele, disregarded the naira redesign approved by ex-President Muhammadu Buhari and implemented his own version.

Eneanya, an EFCC investigator who testified as Principal Witness 7, stated that Buhari had approved a design featuring advanced security features, including colour changes and a QR code.

However, Emefiele allegedly ignored these specifications and opted for a hastily executed plan.

Led in evidence by EFCC counsel, Rotimi Oyedepo (SAN), the witness said four deputy governors of the CBN—Adesonubi Folasodun, Adamu Edward, Kingsley Obiora, and Aisha Ahmed—were invited for questioning and confirmed that Buhari’s directive was discarded.

“The approval of the President in the memo was completely jettisoned,” Eneanya told the court.

Emefiele is standing trial on a four-count charge bordering on abuse of office and financial misconduct. He is accused of redesigning the N200, N500, and N1,000 notes without presidential or CBN Board approval.

The witness alleged that Emefiele’s insistence on his own design led to unnecessary expenditure, which could have been channelled into other national needs.

Eneanya further testified that Buhari had directed that the new naira notes be designed and printed locally. However, Emefiele allegedly awarded both contracts to a UK-based company, De La Rue, and authorized payments in pounds sterling.

“For the design alone, the British firm was paid £205,000, amounting to over N111m at the exchange rate at the time,” he said.

According to him, Emefiele and the Managing Director of the Nigerian Security Printing and Minting Company, Ahmed Halilu, decided to limit the changes to colour swapping to meet the CBN governor’s timeframe.

When the witness said Emefiele “disobeyed” the presidential directive, the defendant’s counsel, Olalekan Ojo (SAN), objected, arguing that the witness was not in a position to make such a claim. However, Justice Maryanne Anenih overruled the objection and allowed Eneanya to continue his testimony.

Prosecuting counsel Oyedepo, citing the extensive nature of PW7’s testimony, sought an adjournment for continuation.

The EFCC also informed the court that additional proof of evidence had been filed, including electronic evidence. The prosecution further disclosed its plan to call two witnesses based in the UK, who would testify virtually.

Ojo opposed the informal request, insisting that the EFCC must file a formal application specifying the witnesses’ names, testimonies, and reasons for preferring virtual testimony. However, the judge upheld the prosecution’s argument after reviewing the submitted application.

Justice Anenih adjourned the case to April 29 for the continuation of the witness’s testimony.