Edward Adamu, fourth Prosecution
Witness (PW4) in the trial of the former governor of the Central Bank
of Nigeria, CBN, Godwin Emefiele on Wednesday, October 9, 2024
told Justice Maryanne Anenih of the Federal Capital Territory, FCT,
High Court, Maitama, Abuja, that Emefiele did
not did have the approval of either former President
Muhammadu Buhari or that of the CBN Board for the 2023 redesign of
naira notes as required by the rules.
Led in evidence by prosecution counsel Rotimi Oyedepo, SAN,
Adamu disclosed that the usual process for currency redesign begins
with the Director of Currency Operations submitting a proposal to the Committee
of Governors (COG). The COG then transmits the proposal to CBN Board for
approval, with the final stage being the seeking of presidential
endorsement.
Emefiele, he said, bypassed these
procedures by simply calling for a COG meeting and
presented what he claimed was a presidential approval and proceeded
with the redesign, straightaway.
“I became aware of it in October 2022 when the governor informed
us, the deputy governors, that he had gotten an express approval to redesign
the currency. Then on the 26th October, 2022, we were formally informed of the
presidential approval of the redesign, so that is what happened in October,
then there was a formal announcement of the currency redesign. At the meeting,
the governor showed us the approval of the president, by showing us
the page where the approval of the president is. Subsequently, there was a
board meeting of the board of directors, where we were also informed of the
presidential approval of the currency redesign,” he said.
He further disclosed that the current designs of
the notes fundamentally differ from what was originally
approved, stating that Emefiele unilaterally made
the changes. The redesign affected N200, N500, and
N1000 notes.
When the defence counsel, Olalekan Ojo SAN sought to
know if there had been instances where a presidential approval was
gotten for an action before the CBN Board was informed, the
witness stated that such was not the practice during his time at
the Apex Bank.
Justice Anenih discharged the witness from the dock at the
end of the cross-examination and adjourned the matter till October 17,
2024 for continuation of trial.
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