Korede Abdullah in Lagos
A startling revelation emerged in the trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele on Wednesday, October 9, 2024. Edward Adamu, the fourth prosecution witness, testified that Emefiele lacked approval from former President Muhammadu Buhari and the CBN Board for the 2023 naira redesign.
Adamu, led by prosecution counsel Rotimi Oyedepo, SAN, explained that the standard process for currency redesign involves submitting a proposal to the Committee of Governors (COG) and subsequently seeking CBN Board and presidential approval. However, Emefiele allegedly bypassed these procedures.
According to Adamu, Emefiele presented what he claimed was presidential approval at a COG meeting and proceeded with the redesign without following established protocols. Adamu also revealed that the current designs differ from the originally approved versions, with Emefiele unilaterally making changes.
The redesign affected the N200, N500, and N1000 notes. During cross-examination, Adamu stated that obtaining presidential approval before informing the CBN Board was not a common practice during his time at the Apex Bank.
Justice Maryanne Anenih discharged Adamu from the dock and adjourned the matter until October 17, 2024, for continuation of the trial.
