The trial of Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), resumed on Wednesday with Edward Adamu, a former CBN Deputy Governor, testifying as the fourth witness. Emefiele is facing prosecution by the Federal Government for the controversial naira redesign policy implemented during his tenure in late 2022.
Testifying before Justice Maryanne Anenih at the Federal Capital Territory High Court in Maitama, Abuja, Adamu stated that Emefiele violated established procedures during the naira redesign process. He highlighted that previous redesigns aimed to address issues such as currency volume, inflation, counterfeiting, and overall currency management.
According to Adamu, the 2022 naira redesign was conducted without the necessary approvals from either the President or the CBN Board, contravening legal protocols. He explained that the proper procedure begins with the Director of Currency Operations, who submits a proposal to the Committee of Governors. This committee then seeks approval from the CBN Board before presenting it to the President.
Adamu alleged that Emefiele circumvented this established process. Instead, he claimed that Emefiele called a meeting of the Committee of Governors, where he presented a supposed presidential approval for the redesign and moved forward with its implementation.
Adamu further asserted that the current naira notes in circulation differ slightly from the design approved by both President Muhammadu Buhari and the CBN Board, indicating that these modifications were made unilaterally by Emefiele.
During cross-examination, defense counsel Olalekan Ojo (SAN) questioned Adamu about whether it was customary for a board recommendation to precede presidential approval before a redesign. Adamu affirmed this was the case. When asked if there had ever been situations where the President approved funding to ECOWAS, the military, or other countries without consulting the CBN Board or Committee of Governors, Adamu acknowledged he was aware of such instances.
Ojo also pressed Adamu about any potential consequences for not following the procedures outlined in the CBN Act, to which Adamu admitted he could not recall specifics.
After a brief review of his previous statement to the Economic and Financial Crimes Commission (EFCC) on February 24, 2024, Adamu was unable to confirm whether he had previously stated that the minutes of CBN Meeting 764 were adopted.
The trial will continue on November 18, as Justice Anenih adjourned the case to allow further proceedings.
