An investigator with the Economic and Financial Crimes Commission (EFCC) has testified that former Central Bank Governor, Godwin Emefiele, followed a specific directive from late President Muhammadu Buhari to have the redesigned Naira notes printed within Nigeria.
The revelation came on Wednesday at the Abuja High Court in Maitama, where Emefiele is being tried on charges of “illegal act causing injury to the public,” brought by the EFCC.
Under cross-examination by the defence counsel, Olalekan Ojo, SAN, the seventh prosecution witness, Chinedu Emere, detailed the approval process for the controversial 2022/2023 Naira redesign policy.
Emere, an EFCC investigator, told Justice Mary Anenih that Emefiele had sought presidential approval via a memorandum on October 6, 2022.
“In the memorandum, he sought approval to redesign, produce, and reissue the redesigned N1,000, N500, N200, and N100 notes,” Emere stated.
“The former president approved the redesign of the Naira notes in his minute on the memorandum but directed that the production of the notes be done locally.
“The minutes of the former president was that the production be done. He minuted: ‘Approved. But to be produced locally’,” the PW7 told the court.
The witness affirmed that the production contract was subsequently awarded to the Nigerian Security Printing and Minting Company (NSPMC) Plc, also known as The Mint, in compliance with the directive.
“The Nigerian Security Printing and Minting Company produced the redesigned notes,” Emere said. “This was in compliance with presidential directive for local production of the Naira notes.”
Foreign Design, Local Print
However, the testimony highlighted a key distinction: while printed locally, the new notes’ design originated abroad.
Emere disclosed that the redesign contract was awarded to De La Rue, the same British firm that designed the previous series of Naira notes. He confirmed the CBN paid De La Rue in British Pounds for the redesign, while the NSPMC was paid in Naira for the physical printing.
“The features in the notes were also products of the foreign company,” Emere added.
When pressed by the defence on whether any Nigerian firm had ever designed the currency, the witness said he could not recall and that it “was not the focus of their investigation.”
The proceeding saw a mild drama when defence counsel Ojo sought to tender the EFCC’s investigative report on the matter. The prosecution counsel, Rotimi Oyedepo, SAN, objected, stating the prosecution was not in possession of the report.
Justice Anenih overruled the objection, ordering the prosecution to provide the document to the defence to ensure a fair trial.
The judge subsequently adjourned the case until February 10 for the continuation of the hearing.