In a dramatic revelation at the trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, on Wednesday, October 9, 2024, prosecution witness Edward Adamu disclosed that Emefiele unilaterally pushed through the redesign of naira notes in 2023 without following proper approval protocols. The former CBN governor allegedly bypassed both former President Muhammadu Buhari and the CBN Board, as required by standard procedures, Adamu testified before Justice Maryanne Anenih at the Federal Capital Territory (FCT) High Court, Maitama.
Adamu, who served as the fourth Prosecution Witness (PW4), explained that the usual process for currency redesign involved a detailed chain of approvals. The procedure traditionally begins with the Director of Currency Operations submitting a proposal to the Committee of Governors (COG), which is then passed to the CBN Board for approval, before finally being endorsed by the President.
However, according to Adamu, Emefiele sidestepped this formal process. In October 2022, Emefiele informed his deputy governors that he had received express presidential approval for the redesign. Adamu recalled that during a COG meeting, Emefiele presented what he claimed was Buhari's endorsement of the currency redesign, despite skipping the board’s review.
Adamu further testified that the final designs of the new naira notes, which included changes to ₦200, ₦500, and ₦1000 denominations, deviated from what was originally approved. Emefiele, he alleged, made these adjustments unilaterally.
The defense, led by Olalekan Ojo SAN, questioned whether prior instances existed where the CBN board was informed of decisions after securing presidential approval. Adamu maintained that such practices were not the norm during his time at the Apex Bank.
Following the cross-examination, Justice Anenih discharged the witness and adjourned the case to October 17, 2024, for further proceedings.
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