I didn’t get memo on naira redesign, ex-CBN director tells court

I didn’t get memo on naira redesign, ex-CBN director tells court

A former Director of Currency Operations at the Central Bank of Nigeria (CBN), Mr. Ahmed Umar, yesterday told a Federal Capital Territory (FCT) High Court that the minutes of the meeting of the apex bank’s management on naira redesign was not sent to him.

Umar said this while testifying as the prosecution’s first witness (PW 1) in the alleged naira swap case filed against Godwin Emefiele, the suspended CBN governor.

In the four-count charge filed against him, the Economic and Financial Crimes Commission (EFCC) alleged that Emefiele disobeyed the law with intent to cause injury to the public during his implementation of the naira swap policy during former President Muhammadu Buhari’s administration.

He is standing trial before Justice Maryann Anenih.

Umar said he signed the memorandum for the redesign of the naira in 2022.

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When asked to comment on an October 26, 2023, meeting of the Committee of Governors (CoGs) of the CBN, he said: “The minutes of the meeting was only circulated among members of the CoG.”

Led in evidence by EFCC counsel, Mr. Rotimi Oyedepo (SAN), Umar said the management of the apex bank directed his department (Currency Operations) to “come up with a memo on the redesign of the naira notes in August 22, 2022”.

Umar said upon completion of the task, a memo was submitted to the CoG and subsequently listed for consideration.

The witness added that the CoG, which comprises the CBN governor as chairman, and four deputy governors as members, on October 26, 2022, held a meeting via zoom to deliberate on the memo his department submitted.

He added that he had joined the meeting only “to make my presentation and exited” afterwards.

Umar recalled that after the meeting, the Corporate Affairs Department conveyed anticipatory approval of the CoG pending ratification by the Board of Directors (BoD).

I didn’t get memo on naira redesign, ex-CBN director tells court