EFCC Witness Claims Commercial Banks Violated Rules During Naira Redesign at Emefiele's Trial

On Tuesday, an investigative officer from the Economic and Financial Crimes Commission (EFCC) revealed in the FCT High Court in Abuja that numerous commercial banks committed violations, such as hoarding currency notes, during the troubled period of naira redesign that inflicted serious hardship on many Nigerians from late 2022 through early 2023.

However, the officer, Chinedu Eneanya, who is testifying as the seventh witness in the trial of Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), regarding the alleged illegal naira redesign, admitted he could not specify how many banks were implicated in the hoarding incidents.

This assertion came during a cross-examination led by Emefiele's counsel, Olalekan Ojo, a Senior Advocate of Nigeria (SAN).

Mr. Ojo queried, "Can you confirm to the honourable court that bank officials were hoarding new notes?"

In response, the witness acknowledged awareness of the issue, stating, "I am aware of that, but I cannot be specific."

He further reiterated his inability to recall the total number of banks involved in the infractions.

The EFCC has accused Mr. Emefiele of contributing to considerable chaos, losses, and distress caused by the currency redesign initiative initiated in 2022. Under this policy, the CBN restructured the N200, N500, and N1000 notes and significantly withdrew the old currency notes from circulation, which caused a prolonged crisis due to a shortage of the new notes.

Emefiele is facing charges of illegal redesign of currency notes, failing to comply with lawful guidance, and actions causing public distress. He has denied these allegations, which are part of several criminal cases initiated against him following his dismissal from office in 2023.

During the trial, Emefiele's defense team inquired whether any bank officials had been detained regarding the currency hoarding incidents. The prosecution counsel, A.O Mohammed, raised objections, asserting that the witness's role was confined to investigations, specifically about the validity of the naira redesign approval.

Yet, Mr. Ojo contended that the witness's contribution should cover more than just his initial testimony, highlighting the pertinent nature of his potential arrest powers as an investigative officer. He emphasized the relevance of this inquiry, especially given that the EFCC alleged Emefiele's actions resulted in unnecessary hardship for Nigerians linked to the redesigned currency shortage.

Upon confirming the witness's position, the trial judge, Maryann Anenih, instructed Mr. Eneanya to respond, to which he mentioned that the EFCC had a task force but clarified that he was not part of it and had no knowledge of the agency's actions against the bank officials responsible for the infractions.

In later court sessions, it was revealed that the Managing Director of Nigerian Security Printing and Minting Plc (NSPM), Ahmed Halilu, shared email correspondence with De La Rue about the currency redesign with the EFCC team.

Eneanya noted that the email had been reviewed in the presence of the investigation team but could not recall all statements made by Mr. Halilu.

This prompted further requests from Emefiele's lawyer for those statements.

Mr. Halilu was appointed by former president Muhammadu Buhari in September 2022 and was later relieved of his position in July 2024 by President Bola Tinubu, along with several other executives.

As the proceedings continued, the witness vacillated on whether NSPM had ever designed naira notes or the specific amounts of currency banks received, asking for time to refresh his memory on their records.

He stated that the EFCC had mobilized teams alongside other law enforcement agencies to ensure the availability of currency notes through nationwide stock-taking initiatives, maintaining that records of distributions to commercial banks were kept.

Emefiele's defense also insisted on obtaining these records for their preparation. When asked about the EFCC's checks of bank vaults, Eneanya admitted he was not involved in all the investigative teams.

The trial is set to continue with the witness cross-examination scheduled for March 19.