A witness of the Economic and Financial Crimes Commission, EFCC, has told the FCT High Court that the late President Muhammadu Buhari approved former CBN Governor Godwin Emefiele’s plan to redesign the Naira, specifying that the exercise should be done locally.
The witness disclosed this as the commission continued its prosecution of the former CBN Governor over alleged illegal printing of colour-swapped N1,000 notes.
Emefiele is facing a four-count charge before Justice Maryanne Anenih, including disobedience to the law and acts that caused injury to the public.
The EFCC claims he authorized the printing of 375,520,000 pieces of new N1,000 notes at a cost of over N11 billion without the approval of the CBN Board and the President, violating Section 19 of the CBN Act.
During cross-examination by Emefiele’s counsel, Olalekan Ojo, on Wednesday, Mr.Emere Chinedu, the seventh prosecution witness (PW7), said the Presidency’s letter directed that the Naira redesign be carried out locally, contrary to the actual printing of some notes abroad.
Chinedu, stated that the former CBN chief made six separate extrajudicial statements in October and November 2023 to defend his actions.
“In the course of our investigation, we extended our probe to the State House for records of approval for the Naira redesign. The State House’s response was communicated to the EFCC in writing
“The State House gave approval for the Naira redesign but with a proviso that it must be done locally,” Chinedu told the court.
Puncturing Emefiele’s claim that former EFCC Chairman Abdulrasheed Bawa first suggested the redesign to President Buhari, Chinedu said the commission did not have the power to propose changes to the colour of the Naira.
“Anything done in that regard must be advisory,” he added.
Chinedu also confirmed that the prosecution had submitted video clips from various Nigerian television stations showing Nigerians’ complaints about the hardships caused by the Naira redesign.
The clips, downloaded from the internet by the probe panel, were tendered in court to illustrate the public impact of the exercise.
He claimed ignorance of the staff who prepared the videos nor did he interview anyone from the stations.
The court fixed February 3 for continuation of the trial.