Witness Testifies That Buhari Approved Naira Redesign During Emefiele's Tenure

A prosecution witness testified in an FCT High Court on Tuesday that former President Muhammadu Buhari approved the redesign of the naira under the administration of former Central Bank of Nigeria Governor, Godwin Emefiele.

Chinedu Emere, a senior investigator with the Economic and Financial Crimes Commission (EFCC), made this statement while giving evidence in Emefiele's trial regarding alleged insubordination concerning the naira redesign initiative.

As the seventh prosecution witness, Emere stated that Emefiele sought Buhari's approval to redesign, produce, and reissue the N1,000, N500, N200, and N100 banknotes.

Under questioning by defense counsel Olalekan Ojo (SAN), the witness elaborated that once the presidential approval was granted, the naira redesign was carried out at the Nigerian Security Printing and Minting Company (NSPMC), with a foreign firm, De La Rue, managing the redesign process for payment made in British Pounds Sterling.

Emere further elaborated that Emefiele listed various justifications for the currency redesign, such as the rising rates of counterfeiting, severe shortages of banknotes in circulation, and the widespread hoarding of currency by the populace.

During the proceedings, Emere indicated that the EFCC had compiled an investigative report regarding the naira redesign initiative, prompting the defense to request access to this report. Justice Maryann Anenih dismissed an objection from prosecuting counsel, Rotimi Oyedepo (SAN), and ordered that the report be provided to the defense.

Emefiele is being charged by the EFCC before Justice Anenih, who presides over the case in Maitama, Abuja. He faces four counts, including disobeying legal directives and engaging in actions that allegedly caused public harm.

The defendant has pleaded not guilty to the accusations, and the case has been adjourned until February 10.