Court grants EFCC's request for virtual testimonies in Emefiele’s Naira redesign trial

The Federal Capital Territory (FCT) High Court in Maitama has granted the Economic and Financial Crimes Commission (EFCC) permission to present two additional witnesses virtually in the trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, over the controversial 2022 Naira redesign policy.

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The trial judge, Maryanne Anenih, approved the EFCC’s request on Thursday, allowing the two witnesses, who are based in the United Kingdom, to testify remotely at a later date.

At the hearing, EFCC’s lead counsel, Rotimi Oyedepo, who is a Senior Advocate of Nigeria (SAN), informed the court of his intention to call two additional witnesses to establish the charges against Emefiele.

He also submitted additional proof of evidence to support the prosecution’s case.

However, Mr Emefiele’s lead counsel, Olalekan Ojo, also a SAN, objected, arguing that the anti-graft agency should file a formal application specifying the witnesses’ names, their testimonies, and reasons for preferring virtual testimony.

Ms Anenih overruled the objection, noting that the witnesses’ details and the justification for virtual testimony were already included in the prosecution’s submission.

Witness details Naira redesign process

During the proceedings, an EFCC witness, Chinedu Eneanya, who participated in the investigation, detailed how the complaint against Mr Emefiele was referred to his team.

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He explained that four former CBN deputy governors—Adesonubi Folashodun, Adamu Edward, Kingsley Obiora, and Aisha Ahmed—were invited for questioning and provided statements about their involvement in the redesign process.

The court admitted their statements, along with a separate statement from Ahmed Halilu, former Managing Director of the Nigeria Security Printing and Minting Company (NSPMC).

Mr Eneanya testified that on 6 October 2022, Mr Emefiele sent a memo to then-President Muhammadu Buhari seeking approval to redesign the N1,000, N500, N200, and N100 notes.

He said the memo, which included specimen designs, was immediately approved by Mr Buhari on the condition that the new notes be produced locally.

However, the witness said Mr Emefiele later altered the plan, citing the minting company’s inability to meet production deadlines.

Instead, he and Ahmed Halilu opted for a colour-swapping approach, involving a UK-based firm, De La Rue, which was paid £205,000 for consultancy services.

While fielding questions from the EFCC’s counsel, Mr Eneanya had alleged that Mr Emefiele breached presidential directives by deviating from the approved design and involving a foreign company in the process.

Background

The Naira redesign policy, implemented under Mr Emefiele’s leadership, sparked severe cash shortages in early 2023, causing public hardship.

Despite widespread criticism, Messrs Emefiele and Buhari defended the policy, insisting it was necessary to curb vote buying ahead of the 2023 general elections.

However, reports later emerged that the CBN board was not consulted before Mr Buhari approved the redesign.

At a previous hearing, Kingsley Obiora, a former deputy governor, testified that the board never recommended the policy.

Further revelations by another former acting CBN governor, Folashodun Shonubi, suggested that standard procedures were not followed, with Mr Emefiele allegedly acting unilaterally.

Mr Shonubi told the court that the CBN’s Currency Management Department had proposed a redesign as early as 2021, but Mr Emefiele repeatedly shelved the plan before secretly securing Buhari’s approval in 2022.

The Supreme Court later nullified Mr Buhari’s directive and extended the use of old notes, criticizing the administration’s disregard for due process and legal orders.