Emefiele printed new naira notes different from what Buhari approved – Ex-CBN official

Emefiele printed new naira notes different from what Buhari approved – Ex-CBN official

The trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, continued at the Federal Capital Territory (FCT) High Court in Maitama on Thursday, November 14, 2024.

A former CBN Deputy Governor, Kingsley Obiora, who served in the policy department, testified that the newly printed naira notes issued during Emefiele’s tenure deviated from the approval granted by then-President Muhammadu Buhari.

In his testimony before Justice Maryann Anenih via Zoom, Obiora disclosed, “the approval by then President Muhammadu Buhari was different from what was eventually produced,” according to a statement from the Economic and Financial Crimes Commission (EFCC).

Obiora, responding to evidence presented by prosecution counsel Rotimi Oyedepo SAN, explained that he noticed discrepancies when comparing the naira notes in circulation with the President’s original directive.

During his seven-year tenure at the CBN, Obiora served on the Committee of Governors (COG), which he described as a body comprising “the governor, four deputy governors, and the director of corporate services.” He clarified, “The governor is the Chairman of the Committee, and during my tenure as Deputy Governor, Emefiele was our Chairman.” Obiora said the Committee met every Wednesday to address significant policy matters.

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Obiora recalled the initial introduction of the redesign plan during an event marking the one-year anniversary of the e-naira in Lagos on October 25, 2022. “The governor called all four deputy governors into a huddle and informed us of the plan to redesign the currency,” he said, expressing immediate concerns, as he felt “the event itself may not be the appropriate place to announce such a major policy.” He advised that the policy undergo further scrutiny before any public announcement.

Despite his reservations, Obiora noted that Emefiele proceeded with the plan, formally presenting it to the COG on October 26, 2022. “The governor mentioned that we had already had the president’s approval for the policy,” he stated, adding, “The deputy governor in charge of currency operations presented a memo, and it was discussed, deliberated upon.” Following this, a press conference was held to announce the redesign.

Obiora explained that the CBN Board was formally briefed on the naira redesign months later, in mid-December 2022. He said, “The policy was discussed at the board level mid-December. The board did not sit as day-to-day management but instead gave policy directions.” Obiora clarified that “the board’s involvement in the policy was limited to endorsing the COG’s prior decision, not initiating it.”

During cross-examination, defense counsel Olalekan Ojo, SAN, questioned Obiora about the timing of the board’s formal involvement. Ojo suggested that the December meeting “conforms with the naira notes currently in circulation,” to which Obiora responded, “Yes, sir.” He noted there had been no indication or directive from former President Buhari challenging the redesign.

Reflecting on past experiences with currency design, Obiora mentioned that while he was with the bank during the introduction of a redesigned N100 note in 2014, he was not directly involved in its development.

After delivering his testimony, Justice Anenih discharged Obiora and adjourned the case to December 4, 2024, and January 21, 2025, for further proceedings.

 

Emefiele printed new naira notes different from what Buhari approved – Ex-CBN official