Naira Redesign Probe: Emefiele under fire.
The trial of former Governor of the Central Bank of Nigeria,Godwin Emefiele, resumed on Wednesday, with Edward Adamu, a former Deputy Governor of the CBN, testifying as the fourth witness. The former CBN governor is being prosecuted by the Federal Government in connection with the controversial naira redesign policy implemented by the CBN under his leadership in late 2022.
He faces four charges before Justice Maryanne Anenih at the Federal Capital Territory High Court in Maitama, Abuja. During his testimony as the fourth prosecution witness, Adamu informed the court that Emefiele had violated established procedures in the 2022 naira redesign exercise.
Adamu, while being led in evidence by the prosecuting counsel for the Economic and Financial Crimes Commission (EFCC), Rotimi Oyedepo (SAN), informed the court that during his tenure at the Central Bank of Nigeria (CBN), he witnessed previous naira redesigns aimed at addressing issues such as the volume of currency in circulation, inflation, counterfeiting, and overall currency management.
However, he alleged that the 2022 naira redesign carried out by Emefiele during the administration of former President Muhammadu Buhari was conducted without the necessary approval from either the President or the CBN Board, which was in violation of the law. Adamu clarified that the proper procedure for a naira redesign begins with the Director of Currency Operations, who submits it to the Committee of Governors before it is forwarded to the CBN Board for approval and then to the President.
He claimed that Emefiele bypassed the established process. According to Adamu’s testimony, Emefiele called a meeting of the Committee of Governors, where he presented what he claimed to be presidential approval for the redesign and moved forward with its implementation. Adamu further stated that, upon examining Exhibit E2, which was submitted as evidence, the design of the current naira notes slightly differed from what had been approved by both President Buhari and the CBN Board.
He asserted that these alterations were made solely by Emefiele. Further, during cross-examination, defence counsel Olalekan Ojo (SAN) asked Adamu whether, before the recent naira redesign, it was customary for a board recommendation to come before presidential approval. Adamu confirmed that this was the usual procedure.
Ojo then enquired if there had ever been instances where the president approved before the board was informed. Adamu responded that such a practice was not common during his time at the CBN. The defence counsel also asked if Adamu was aware of cases where the President authorised the release of funds to ECOWAS, the military, or other countries without prior consultation with the CBN Board or Committee of Governors. Adamu acknowledged being aware of one such instance.
Ojo asked Adamu if he was aware of any consequences for failing to follow the procedures outlined in the CBN Act. Adamu responded that he could not recall. Referring to a previous statement given to the EFCC on February 24, 2024, Ojo questioned Adamu about whether he remembered stating that the minutes of CBN Meeting 764 had been adopted. Adamu replied that he could not remember.
The defence counsel argued that the witness’s testimony in court was inconsistent with his statement to the EFCC. The prosecution counsel objected, stating that the witness’s testimony and prior statement had not yet been submitted as evidence before the court. The judge then permitted the witness to review his statement to refresh his memory, which he did.
The defence counsel proceeded to ask Adamu if he had any knowledge of discussions between the former CBN governor and the President regarding the redesign. Adamu denied having such knowledge. Justice Anenih adjourned the case to November 18 for the continuation of the trial.
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Content Credit| Igbakuma Rita Doom
Picture Credit | https://dailypost.ng/2023/12/11/emefieles-naira-redesign-renders-farmers-bankrupt-fg/
https://21stcenturychronicle.com/court-releases-emefiele-on-bail/
