The seventh prosecution witness, Chinedu Eneanya, on Wednesday told the Federal Capital Territory High Court in Maitama, Abuja, that former Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, violated provisions of the CBN Act during the 2022 naira redesign exercise.
Mr Emefiele is being prosecuted by the Economic and Financial Crimes Commission, EFCC, on a four-count charge bordering on the alleged unlawful printing of new naira notes.
Testifying under cross-examination by defence counsel, Olalekan Ojo (SAN), the witness said investigations revealed that the defendant failed to comply with statutory requirements.
“The investigation conducted by the team showed that the defendant disobeyed the provisions of the CBN Act, 2007. The Central Bank must have board recommendations before the currency is redesigned,” Eneanya told the court.
He further disclosed that Emefiele presented three sample designs of proposed naira notes in N1,000, N500 and N200 denominations, which were approved by former President Muhammadu Buhari.
“The president approved on the 11th page and directed that the design be done locally. However, investigation showed that what was eventually produced was not what was presented to the president,” he said.
The witness also noted that the original design of the old naira notes was handled by De La Rue, a United Kingdom-based company.
On whether the EFCC invited members of the CBN Board of Directors or its Committee of Governors during the investigation, Eneanya said the commission obtained the statement of the official in charge of the bank’s corporate secretariat.
Earlier during cross-examination, the witness identified Exhibit N1 as the statement made by Ahmed Aliyu, Managing Director of the Nigeria Security Printing and Minting Company Limited (NSPMC).
When asked if his investigation uncovered contradictions in the document, Eneanya stated that the printing of the naira notes had already been carried out locally before the probe began. He also confirmed that the CBN paid NSPMC for the production of the currency.
Under re-examination, prosecution counsel Abbas Mohammed sought clarification on whether the president’s directive related to the design or production of the currency. The witness responded that the redesign had been completed and presented to the president for approval.
“Investigation shows that the design of the currency was already shown to the president and it was approved,” he added.
Justice Maryanne Anineh subsequently adjourned the matter until May 11, 2026, for continuation of trial.
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