CBN Ex-Deputy Governor Reveals Buhari Did Not Approve Emefiele’s Naira Redesign Plan
Edward Adamu, a former deputy governor of the Central Bank of Nigeria, testified as the fourth witness in the trial of the bank’s immediate past governor on Wednesday.
The Federal Government is suing Emefiele for overseeing the CBN’s disorganised naira redesign program in late 2022. Before Justice Maryanne Anenih of the Federal Capital Territory High Court, Maitama, the former CBN helmsman is accused of four counts.
Adamu informed the court on Wednesday, as the fourth prosecution witness, that Emefiele had violated the established protocol during the 2022 naira design exercise.
Rotimi Oyedepo (SAN), the prosecuting attorney for the Economic and Financial Crimes Commission, testified in court that he had seen earlier redesigns of the naira, which were done to address a variety of issues including circulation volume, inflation, counterfeiting, and general currency management.
But he asserted that it was illegal for Emefiele to have designed the 2022 naira during the government of former President Muhammadu Buhari to have done so without the consent of the CBN Board or the President.
Adamu clarified that the Director of Currency Operations initiates the regular process for a naira redesign, which is then sent to the Committee of Governors, who approve it before sending it to the head of state.
He claimed Emefiele got around this procedure. Adamu, on the other hand, said that Emefiele called a meeting of the Committee of Governors and then carried out the redesign after allegedly receiving presidential consent.
He added that the design of the naira notes that are currently in circulation differs somewhat from what was approved by the CBN board and President Buhari after examining Exhibit E2, which was submitted as proof.
He claimed that Emefiele had made these modifications on his own.
Under cross-examination, defence attorney Olalekan Ojo (SAN) questioned Adamu about the custom of board recommendation coming before presidential approval before the new redesign of the naira.
That was confirmed by Adamu. Ojo then enquired as to whether the President had ever approved a procedure without first notifying the board. Adamu retorted that he had not seen this kind of behaviour during his employment.
Adamu was also questioned by the defence attorney about his knowledge of any occasions in which the President authorised the distribution of monies to the military, ECOWAS, or other nations without first consulting the CBN Board or Committee of Governors.
Adamu acknowledged having heard of one such incident.
Ojo also asked Adamu if he was aware of any repercussions for breaking the CBN Act’s guidelines.
Adamu said he has no memory of anything. Ojo questioned Adamu about whether he remembered stating that the minutes of CBN Meeting 764 were approved, referencing a previous statement he had given to the EFCC on February 24, 2024.
In response, Adamu said he couldn’t recall.
The witness’s testimony in court, according to the defence attorney, differed from what he had told the EFCC.
The witness’s testimony and earlier statement, according to the prosecution’s objection, were not yet in the court’s possession.
The witness was then permitted by the judge to examine his statement to refresh his memory, which he duly did.
Next, the defence attorney questioned Adamu about any conversations that had taken place between the President and the former governor of the CBN over the specifics of the plan. Adamu gave a negative response. The case was postponed by Justice Anenih to November 18 to continue the proceedings.
