Manny Ita-
A key prosecution witness in the trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele testified on Tuesday that the 2023 Naira redesign policy was explicitly approved by the late former President Muhammadu Buhari. Chinedu Eneanya, an investigator with the Economic and Financial Crimes Commission (EFCC) and the seventh prosecution witness (PW7), told the Federal Capital Territory (FCT) High Court that Emefiele sought and obtained written approval for the policy, albeit with a specific condition.
Under cross-examination by defense counsel Olalekan Ojo, SAN, the witness read from a memorandum dated October 6, 2022, sent by Emefiele to the then-President. According to the witness, Buhari’s handwritten minute on the document stated, “Approved. But to be produced locally.” Eneanya confirmed that this directive mandated the production of the new N200, N500, and N1,000 notes within Nigeria rather than abroad. He further clarified that while the actual redesigning of the notes was handled by a UK-based firm, De La Rue, the physical printing and production were carried out by the Nigerian Security Printing and Minting Company (NSPMC) in compliance with the presidential order.
The testimony also touched upon the justifications Emefiele provided for the redesign, which included the need to combat high rates of counterfeiting, currency hoarding by the public, and an acute shortage of banknotes in the banking system. The witness noted that the CBN raised settlement bills to both De La Rue and NSPMC for their respective roles, stating, “The Nigerian Security Printing and Minting Company produced the redesigned notes… this is in compliance with the presidential directive.”
Despite the evidence of presidential approval, the EFCC is pursuing charges against Emefiele for allegedly bypassing the CBN Board and the Committee of Governors in the initiation of the policy, as well as for “disobedience to the direction of law.” Justice Maryann Anenih has adjourned the matter until February 10, 2026, for the continuation of the trial, with ten additional days of hearings scheduled through June to conclude the case.
