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A witness for the Economic and Financial Crimes Commission (EFCC), Chinedu Eneanya, testified on Thursday before the Federal Capital Territory High Court in Abuja, alleging that former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, disregarded the naira redesign plan approved by ex-President Muhammadu Buhari and instead implemented his own version.
Eneanya, an EFCC investigator who appeared as Principal Witness 7, stated that Buhari had sanctioned a design incorporating advanced security features such as color changes and a QR code. However, he claimed that Emefiele ignored these specifications and pursued an alternative plan.
Led in evidence by EFCC counsel Rotimi Oyedepo (SAN), the witness said four CBN deputy governors—Adesonubi Folasodun, Adamu Edward, Kingsley Obiora, and Aisha Ahmed—were questioned and confirmed that Buhari’s directive had been disregarded.
“The approval of the President in the memo was completely jettisoned,” Eneanya told the court.
Emefiele is facing a four-count charge related to abuse of office and financial misconduct, including allegations that he redesigned the N200, N500, and N1,000 notes without securing approval from the President or the CBN Board.
Eneanya further alleged that Emefiele’s actions led to unnecessary financial expenditures that could have been allocated to other national priorities. He claimed that while Buhari had directed that the new naira notes be designed and printed locally, Emefiele instead awarded both contracts to UK-based firm De La Rue and authorized payments in pounds sterling.
“For the design alone, the British firm was paid £205,000, amounting to over N111 million at the exchange rate at the time,” the witness stated.
According to Eneanya, Emefiele and the Managing Director of the Nigerian Security Printing and Minting Company, Ahmed Halilu, ultimately opted for a simpler design, limiting changes to color adjustments to meet the CBN governor’s timeline.
When the witness claimed that Emefiele had “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 conclusion. However, Justice Maryanne Anenih overruled the objection, allowing Eneanya to continue his testimony.
Prosecuting counsel Oyedepo, citing the extensive nature of the testimony, requested an adjournment for continuation.
The EFCC also informed the court that additional proof of evidence had been submitted, including electronic materials, and disclosed plans to call two UK-based witnesses to 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, after reviewing the submitted application, the judge upheld the prosecution’s argument.
Justice Anenih adjourned the case to April 29 for the continuation of the witness’s testimony.
The post How Emefiele Ignored Buhari Approved Naira Design appeared first on Naija News.
