“Buhari Didn’t Approve Emefiele’s Naira Redesign” – CBN Ex-Deputy Gov.

A former CBN Deputy Gov., Edward Adamu, testified as the fourth witness in the trial of the immediate-past Governor of the CBN on Wednesday.

Emefiele is being prosecuted by the Federal Government over the chaotic naira redesign policy of the CBN under his watch in late 2022.

The ex-CBN helmsman faces four counts before Justice Maryanne Anenih of the Federal Capital Territory High Court, Maitama in Abuja.

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Appearing as the fourth prosecution witness on Wednesday, Adamu told the court that Emefiele breached the laid down procedure in the naira design exercise of 2022

Adamu, led in evidence by the prosecuting counsel for the Economic and Financial Crimes Commission, Rotimi Oyedepo, (SAN),  told the court that during his time as a CBN staff, he witnessed previous redesigns of the naira, carried out with the aim of addressing issues of volume of currency in circulation, inflation, counterfeiting, and general currency management, among others.

He, however, claimed that the 2022 naira redesign exercise carried out by Emefiele during ex-President Muhammadu Buhari’s administration was without the approval of either the President or the CBN Board, contrary to the law.

Adamu explained that the standard procedure for a naira redesign originates from the Director of Currency Operations and is passed on to the Committee of Governors, who then forward it to the CBN Board for approval before it reaches the President.

He alleged that Emefiele bypassed this process.

Instead, Adamu testified that Emefiele convened a meeting of the Committee of Governors, where he presented a purported presidential approval for the redesign and proceeded with implementation.

He further noted that, upon reviewing Exhibit E2, which was admitted as evidence, the design of the naira notes currently in circulation differed slightly from what was approved by both President Buhari and the CBN Board.

He asserted that these changes were made unilaterally by Emefiele.

During cross-examination, the defense counsel, Olalekan Ojo (SAN), asked Adamu if, prior to the recent naira redesign, it was customary for a board recommendation to precede presidential approval. Adamu confirmed that it was.

Ojo then asked if there had ever been a practice where the President gave approval before the board was informed. Adamu responded that such a practice was not the norm during his tenure.

The defence counsel further questioned Adamu on whether he was aware of instances where the President approved the release of funds to ECOWAS, the military, or other countries without prior consultation with the CBN Board or Committee of Governors. Adamu admitted to being aware of one such instance.

Ojo also inquired if Adamu knew of any consequences for not adhering to procedures outlined in the CBN Act. Adamu stated that he could not recall.

Referring to an earlier statement made to the EFCC on February 24, 2024, Ojo asked Adamu if he recalled saying that the minutes of CBN Meeting 764 were adopted. Adamu responded that he could not remember.

The defence counsel argued that the witness’s account in court was inconsistent compared to his statement to the EFCC.

The prosecution counsel objected, arguing that the witness’s testimony and prior statement were not yet in evidence before the court.

The judge subsequently allowed the witness to refresh his memory by reviewing his statement, which he did.

The defence counsel then asked Adamu if he was privy to any discussions between the former CBN governor and the President regarding the specifics of the redesign. Adamu responded in the negative.

Justice Anenih adjourned the case till November 18 for the continuation of the trial.