EFCC Witness tells court Emefiele obeyed Buhari’s order on local naira production

A prosecution witness told a federal court in Abuja on Tuesday that former Central Bank of Nigeria (CBN) Governor Godwin Emefiele complied with late President Muhammadu Buhari’s directive to produce redesigned Naira notes locally.

Chinedu Emere, the seventh prosecution witness and an EFCC investigator, said Emefiele submitted a memorandum on October 6, 2022, seeking approval to redesign, produce, and reissue the N100, N200, N500, and N1,000 notes.

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According to Emere, Buhari approved the redesign but specifically directed that the notes be produced within Nigeria.

“The former president’s minutes read: ‘Approved. But to be produced locally,’” Emere told the court.

The witness said Emefiele cited several reasons for the redesign, including high counterfeit rates, a shortage of banknotes in circulation, and widespread hoarding by the public.

He added that the CBN subsequently raised settlement bills to the Nigerian Security Printing and Minting Company (NSPMC), which carried out the local production of the redesigned notes.

While confirming that the notes were produced locally, Emere noted that the redesign itself was done by the foreign firm De La Rue.

Payments to De La Rue were made in British pounds, while NSPMC was paid in Naira.

He also confirmed that De La Rue had originally designed the notes and that the security features remain the work of the foreign company.

During cross-examination, Emere said he could not recall any deputy governors under Emefiele mentioning whether any Nigerian company had ever designed Naira notes.

He added that the investigation did not focus on that aspect.

Emere further stated that Buhari eventually launched the redesigned notes but could not confirm whether the former president raised any objections.

He also said the EFCC produced an investigative report at the conclusion of their assignment.

Read also: Emefiele: $6.23m withdrawn from CBN with forged documents, witness tells court

Emefiele, who is facing charges of disobedience to lawful authority and illegal acts causing public injury under Section 123 of the Penal Code, pleaded not guilty.

When defence counsel Olalekan Ojo SAN requested that the investigative report be tendered, prosecution counsel Rotimi Oyedepo SAN objected, saying the prosecution did not have custody of the document.

Justice MaryAnn Anenih, however, ordered that the report be made available to the defence to facilitate their case.

The court adjourned the matter to February 10 for further hearing.