Emefiele violated procedure in Naira redesign – Ex-CBN Deputy Governor insists

A former Deputy Governor of the Central Bank of Nigeria (CBN), Edward Adamu, testified on Wednesday before the Federal Capital Territory High Court in Abuja, alleging that ex-CBN Governor Godwin Emefiele violated established procedures in the redesign of the Naira notes.

During cross-examination by the Defence Counsel, Olalekan Ojo, Adamu, who is a key witness for the Economic and Financial Crimes Commission (EFCC), stated that the redesign of the N200, N500, and N1000 notes, launched under former President Muhammadu Buhari, did not follow proper channels.

He explained that the redesign did not receive approval from either the President or the CBN Board, as required by protocol.

Adamu further testified that the normal process for a currency redesign begins with the Director of Currency Operations, who submits a proposal to the Committee of Governors (COG).

The COG then passes the proposal to the CBN Board for approval, before the final stage of securing presidential endorsement.

However, he alleged that Emefiele bypassed these steps, simply calling a COG meeting and presenting what he claimed was a presidential approval before proceeding with the implementation.

Adamu also pointed out that the design of the currency currently in circulation differs from what had been originally approved, asserting that Emefiele had made unilateral changes.

When asked by the Defence Counsel whether there had ever been instances where a president gave approval before the CBN Board was informed, Adamu said that was not the practice during his time at the Bank.

He did, however, acknowledge one instance when funds were released to ECOWAS without prior board approval.

After cross-examination, Justice Maryanne Anenih, adjourned the trial to November 17 for continuation.

Emefiele violated procedure in Naira redesign – Ex-CBN Deputy Governor insists