At the resumed hearing before the High Court of the Federal Capital Territory, Maitama, Abuja, a prosecution witness, Mr. Chinedu Emere Eneanya, an investigator with the Economic and Financial Crimes Commission (EFCC), testified that former President Muhammadu Buhari had indeed given approval for the local production of redesigned naira notes by the Central Bank of Nigeria (CBN) in 2022.
Eneanya, testifying as the seventh prosecution witness (PW7), stated that the Nigerian Security Printing and Minting Company (NSPMC) commenced and produced the redesigned notes locally, acting on Buhari’s directive. He confirmed that the CBN paid NSPMC for the production.
However, the EFCC maintains that Mr. Godwin Emefiele, former CBN Governor, violated Section 19 of the CBN Act, 2007, which requires a recommendation from the CBN Board before any currency redesign is approved by the President. The prosecution alleges that between October 19, 2022, and March 5, 2023, Emefiele authorized the printing of 375,520,000 pieces of N1,000 notes at a cost of ₦11,052,068,062 without proper board recommendation or strict presidential approval.
The charges, filed under FCT/HC/CR/264/2024, accuse Emefiele of disobedience to the law and illegal acts causing injury to the public, contrary to Section 123 of the Penal Code, Cap 89, Laws of the Federation, 1990. He pleaded not guilty and was granted bail.
During cross‑examination, Eneanya explained that Exhibit N1 contained the extrajudicial statement of NSPMC’s Managing Director, Ahmed Halilu, who confirmed Buhari’s directive for local production. He added that the notes eventually produced differed from the samples initially presented to the President for approval.
The witness further clarified that while Buhari approved the redesign, the EFCC investigation concluded that Emefiele acted outside the statutory framework by bypassing the CBN Board. He also noted that the original naira notes had been designed by De La Rue of the United Kingdom, not NSPMC.
On petitions from the public, Eneanya stated that his team did not receive any, nor was he aware of any submitted to the EFCC regarding the redesign.
Justice Maryanne Anenih adjourned the matter to May 11 for continuation of trial.
... Emefiele’s Trial: EFCC Witness Confirms Buhari Approved Local Naira Redesign, But Alleges Breach of CBN Act ... Naijaonpoint.