A former Deputy Governor of the CBN testified in court that former President Buhari did not approve the controversial naira redesign, raising questions about the decision-making process behind the policy.
The trial of Godwin Emefiele, the ex-Governor of the Central Bank of Nigeria (CBN), continued on Wednesday. Notably, Edward Adamu, a former Deputy Governor at CBN, delivered significant testimony during this session.
Adamu testified as the fourth prosecution witness in the ongoing trial concerning the contentious naira redesign policy introduced during Emefiele’s leadership in late 2022.
Emefiele is being charged by the Federal Government over his management of the naira redesign, which resulted in significant public and economic upheaval.
The case is being presented to Justice Maryanne Anenih at the Federal Capital Territory High Court in Abuja.
In his testimony, Adamu disclosed that Emefiele had circumvented the standard procedures in the naira redesign process, which is a significant aspect of the prosecution’s case. Guided by Rotimi Oyedepo (SAN), prosecuting counsel for the Economic and Financial Crimes Commission (EFCC), Adamu shared that his past experiences with naira redesign initiatives adhered to a rigorous process designed to manage currency volume, curb inflation and counterfeiting issues, and enhance overall currency management.
Adamu, however, asserted that the 2022 redesign of the naira conducted under former President Muhammadu Buhari’s administration did not adhere to standard procedures.
He stated that the redesign was initiated without approval from either the President or the CBN Board, which he described as breaking the law.
He explained the usual procedure, noting that a naira redesign typically starts with the Director of Currency Operations submitting the proposal to the Committee of Governors.
Subsequently, the Committee forwards the proposal to the CBN Board for approval prior to involving the President. Adamu testified that Emefiele bypassed this procedure by asserting he secured presidential approval before engaging with either the Board or the Committee.
Adamu’s testimony gained additional support when he addressed the evidence presented in court, labeled as Exhibit E2. He pointed out that the present design of the naira notes showed minor differences from what was originally sanctioned by both President Buhari and the CBN Board. Adamu claimed these changes were made independently by Emefiele.
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While being cross-examined by defense counsel Olalekan Ojo (SAN), Adamu verified that in past redesigns, it was typical for a board recommendation to come before any presidential approval.
Ojo delved deeper, inquiring whether there had been occasions when the President authorized a redesign without prior consultation with the board. Adamu replied that such actions were not standard practice during his tenure.
Ojo also questioned other occasions where the President had approved funds for organizations like ECOWAS or the military without consulting the CBN Board or Committee of Governors. Adamu admitted to one such occurrence but insisted that this was an exception, not a regular practice.
At one time, Ojo questioned the reliability of Adamu’s testimony by highlighting possible inconsistencies between his statements in court and an earlier statement he made to the EFCC in February 2024.
The judge permitted Adamu to revisit his previous statement to refresh his memory prior to the continuation of the trial.
The defense also inquired if Adamu had access to any confidential discussions between Emefiele and the President about the naira redesign. Adamu indicated that he was not part of such conversations.
Justice Anenih postponed the trial to November 18, when additional proceedings and testimonies are anticipated. This case remains in the spotlight due to its potential impact on Nigeria’s monetary policy and governance standards.
