A witness for the Economic and Financial Crimes Commission (EFCC), Chinedu Eneanya, told the Federal Capital Territory High Court in Abuja that former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, did not follow the naira redesign plan approved by ex-President Muhammadu Buhari. Instead, he allegedly implemented his own version of the currency changes.
Eneanya, an EFCC investigator and the seventh principal witness in the case, stated that Buhari had approved a new naira design with advanced security features such as colour modifications and a QR code. However, Emefiele allegedly ignored these details and went ahead with a different plan, which was executed in a rush.
While being questioned by EFCC lawyer Rotimi Oyedepo (SAN), the witness noted that four CBN deputy governors—Adesonubi Folasodun, Adamu Edward, Kingsley Obiora, and Aisha Ahmed—were invited for questioning. They reportedly confirmed that Buhari’s instructions on the naira redesign were not followed.
“The approval of the President in the memo was completely jettisoned,” Eneanya told the court.
Emefiele is currently facing a four-count charge related to abuse of office and financial misconduct. He is accused of redesigning the N200, N500, and N1,000 notes without proper authorization from either the President or the CBN Board.
The witness further stated that Emefiele’s decision to implement his own design led to unnecessary government spending, which could have been allocated to other important national projects.
Eneanya also told the court that Buhari had specifically directed that the new currency notes be designed and printed within Nigeria. However, Emefiele allegedly disregarded this directive and awarded both contracts to a UK-based company, De La Rue, authorizing payments in British pounds.
“For the design alone, the British firm was paid £205,000, amounting to over N111m at the exchange rate at the time,” he said.
According to Eneanya, Emefiele and the Managing Director of the Nigerian Security Printing and Minting Company, Ahmed Halilu, decided to limit the changes to colour swapping to fit within the timeline set by the CBN governor.
During the proceedings, when Eneanya stated that Emefiele had “disobeyed” the presidential order, the defense lawyer, Olalekan Ojo (SAN), objected. He argued that the witness was not in a position to make such a claim. However, Justice Maryanne Anenih dismissed the objection and allowed the testimony to continue.
Prosecuting counsel Oyedepo, noting the extensive details in the witness’s testimony, requested an adjournment to allow further questioning.
The EFCC also informed the court that it had submitted additional evidence, including electronic records. The prosecution revealed that it planned to bring in two UK-based witnesses who would testify virtually.
Ojo opposed this move, arguing that the EFCC must officially file an application specifying the witnesses’ identities, testimonies, and the reason for virtual appearances. After reviewing the application, Justice Anenih ruled in favor of the prosecution.
The case has been adjourned to April 29 for the continuation of the witness’s testimony.
