Godwin Emefiele naira redesign caused hardship, EFCC witness tells Abuja court, citing evidence showing Nigerians suffered during cash crunch

Godwin Emefiele naira redesign has come under renewed scrutiny as the seventh prosecution witness of the Economic and Financial Crimes Commission, Chinelo Eneanya, told a High Court of the Federal Capital Territory, Maitama, Abuja, that the policy caused widespread hardship to Nigerians.

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Eneanya, an investigator with the EFCC, said he was part of the team that probed the alleged unlawful redesign exercise carried out by the Central Bank of Nigeria under its former governor, Emefiele.

Led in evidence by prosecuting counsel Rotimi Oyedepo, Eneanya told the court that video evidence tendered during the trial clearly depicted the suffering Nigerians endured as a result of the policy.

According to him, the investigative team reviewed extensive materials including documents, electronic data, and audiovisual evidence to determine the extent of public distress triggered by the cash shortage.

“We looked at the documentary, electronic and audiovisual evidence of the effect of the naira redesign on the public,” he testified.

Several exhibits were admitted by the court, including certified true copies of documents, video recordings, delivery notes, meeting notices, and a certificate of identification.

Six video clips sourced from Channels Television, News Central, TVC News, and Arise News were also played in open court.

The prosecution further presented bills of settlement related to the redesigned naira notes for 2022 and 2023, which the defence counsel, Olalekan Ojo, did not oppose.

Eneanya said the evidence revealed widespread frustration, with Nigerians struggling to meet basic needs and sustain their businesses during the cash crisis.

He told the court that the EFCC investigation discovered that the CBN Board and Committee of Governors only learned of the president’s approval after the policy had already been implemented.

“In the course of the investigation, we set out to determine how the laws on changes to the naira policy were applied or abused,” he added.

When Eneanya attempted to reference the Supreme Court’s judgment on the redesign policy, Ojo objected, insisting a witness could not comment on a public document he did not author.

However, Justice Maryanne Anenih overruled the objection, clarifying that Eneanya was giving evidence rather than merely submitting the document.

The witness also confirmed that Emefiele was interviewed by EFCC investigators and that his statements were tendered as evidence.

He said the former CBN governor was questioned on whether the redesign had received approval from the CBN Board.

Following a defence request for more time to cross-examine the witness, Justice Anenih adjourned the proceedings until November 26.

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Eneanya had earlier testified in March that Emefiele disregarded the naira redesign plan approved by ex-President Muhammadu Buhari, implementing a different version that lacked the enhanced security features such as colour variations and QR codes—originally sanctioned to prevent counterfeiting.