How Emefiele snubbed Buhari, headed Abroad for Naira redesign – Witness tells Court

A witness for the Economic and Financial Crimes Commission (EFCC), Chinedu Eneanya, has told the Federal Capital Territory High Court in Abuja that former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, disregarded the naira redesign approved by ex-President Muhammadu Buhari and implemented his own version.

Eneanya, who testified as Principal Witness 7 (PW7) on Thursday, revealed that Buhari had sanctioned a redesign with enhanced security features, including colour changes and a QR code. However, Emefiele allegedly abandoned these specifications in favour of a hurriedly executed plan.

Led in evidence by EFCC counsel Rotimi Oyedepo (SAN), the witness stated that four CBN deputy governors, Adesonubi Folasodun, Adamu Edward, Kingsley Obiora, and Aisha Ahmed, were questioned and confirmed that Buhari’s directive was ignored.

“The approval of the President in the memo was completely jettisoned,” Eneanya told the court.

Emefiele is currently facing a four-count charge related to abuse of office and financial misconduct, including claims that he redesigned the N200, N500, and N1,000 notes without the approval of the President or the CBN Board.

The EFCC witness further alleged that Emefiele’s unilateral decision led to unnecessary expenditure that could have been better allocated to national needs.

According to Eneanya, Buhari had specifically instructed that the new naira notes be designed and printed locally, but Emefiele allegedly awarded both contracts to UK-based company De La Rue and authorized payments in pounds sterling.

“For the design alone, the British firm was paid £205,000, amounting to over N111m at the exchange rate at the time,” he testified.

Eneanya also claimed that Emefiele and the Managing Director of the Nigerian Security Printing and Minting Company, Ahmed Halilu, opted for a simple colour change to fit within the CBN governor’s timeframe.

During the hearing, Emefiele’s lawyer, Olalekan Ojo (SAN), objected when the witness stated that the former CBN governor had “disobeyed” the presidential directive, arguing that the witness was not in a position to make such a claim. However, Justice Maryanne Anenih overruled the objection and allowed Eneanya to continue.

Prosecuting counsel Oyedepo requested an adjournment, citing the extensive nature of the testimony. The EFCC also disclosed that it had filed additional evidence, including electronic proof, and planned to present two UK-based witnesses who would testify virtually.

Ojo opposed the informal request, insisting that the EFCC must file a formal application detailing the witnesses’ identities, testimonies, and reasons for virtual testimony.

However, after reviewing the application, Justice Anenih upheld the prosecution’s request and adjourned the case to April 29 for the continuation of the witness’s testimony.