An Abuja High Court  heard that former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, complied with a directive by late President Muhammadu Buhari that the redesigned Naira notes be produced locally.

 

Testifying before the court, Chinedu Emere, an investigator with the Economic and Financial Crimes Commission (EFCC), said Emefiele followed the former president’s instruction that the Nigerian Security Printing and Minting Company (NSPMC) handle the production of the redesigned currency.

 

Emefiele is standing trial on charges brought by the EFCC for alleged disobedience to the direction of law and committing an illegal act that caused injury to the public. The commission said the alleged offence contravened Section 123 of the Penal Code, Cap 89, Laws of the Federation, 1990, and is punishable under the same law. The former CBN governor, however, pleaded not guilty.

 

Emere, the seventh prosecution witness (PW7), told the court under cross-examination by Emefiele’s counsel, Olalekan Ojo, SAN, that the former CBN governor submitted a memorandum dated October 6, 2022, to then-President Buhari seeking approval to redesign and reissue the N1,000, N500, N200 and N100 notes.

 

According to the witness, Buhari approved the redesign but added a clear condition in his handwritten minute on the memo.

 

“The former president approved the redesign of the Naira notes in his minute on the memorandum but directed that the production of the notes be done locally,” Emere said. “He minuted: ‘Approved. But to be produced locally.’”

 

Emere explained that Emefiele cited several reasons for the redesign policy, including a high rate of counterfeiting, worsening shortages of banknotes in circulation, and widespread hoarding of cash by members of the public.

 

He told the court that the CBN subsequently raised bills of settlement to NSPMC for the production of the redesigned notes. When asked whether the notes were indeed produced by NSPMC, the witness answered in the affirmative.

 

“The Nigerian Security Printing and Minting Company produced the redesigned notes. This is in compliance with the presidential directive for local production of the Naira notes,” he said.

 

However, Emere clarified that while the notes were produced locally, the redesign itself was carried out by a foreign firm, De La Rue. He told the court that the CBN made payments to De La Rue in British pound sterling in 2023 for the redesign, while payments to NSPMC for production were made in naira.

 

The witness confirmed that De La Rue originally designed the Naira notes that were later redesigned and that the security features on the notes were also products of the foreign company.

 

Emere said he could not recall whether any deputy governors under Emefiele told investigators that a Nigerian company had ever designed Naira notes for the government, adding that the issue was not the focus of the EFCC’s investigation.

 

He further stated that investigations revealed that President Buhari eventually launched the redesigned notes and that he could not remember any complaints by the former president about them.

 

During proceedings, Ojo requested that the EFCC’s investigative report be tendered in court. The prosecution counsel, Rotimi Oyedepo, SAN, objected, arguing that the prosecution was not in custody of the document.

 

In her ruling, Justice MaryAnn Anenih ordered the prosecution to make the investigative report available to the defence to aid its case. She subsequently adjourned the matter until February 10 for further hearing.