Adamu revealed that former CBN Governor Godwin Emefiele bypassed required approvals for the 2023 naira redesign, proceeding without board consent.
[dropcap]I[/dropcap]n the ongoing trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, Edward Adamu, the fourth prosecution witness, revealed that Emefiele bypassed crucial approval processes for the controversial 2023 naira redesign.
Also read: US report criticizes Nigeria’s handling of Emefiele, Kanu arrests
Adamu testified before Justice Maryanne Anenih at the Federal Capital Territory High Court in Abuja, stating that Emefiele did not secure proper approval from either former President Muhammadu Buhari or the CBN Board, as required by the institution’s regulations.
During his testimony on Wednesday, October 9, 2024, Adamu, a former deputy governor at the CBN, outlined the typical procedure for currency redesign.
He explained that the Director of Currency Operations usually submits a proposal to the Committee of Governors (COG). This proposal is then sent to the CBN Board for approval before seeking presidential endorsement.
According to Adamu, Emefiele circumvented these steps, presenting a supposed presidential approval to the COG and proceeding with the redesign without the board’s formal approval.
“I became aware of it in October 2022 when the governor informed us, the deputy governors, that he had received express approval to redesign the currency. On 26th October 2022, we were formally informed of the presidential approval, and a public announcement followed,” Adamu testified.
He noted that at the time, Emefiele showed a page with the president’s signature as proof of the redesign approval.
Adamu further stated that the naira redesign, which affected the N200, N500, and N1000 notes, significantly deviated from the initial designs approved.
He said Emefiele unilaterally altered the designs without prior consultation with the CBN Board.
During cross-examination, defence counsel Olalekan Ojo, SAN, inquired whether there had been previous cases where presidential approval was obtained before informing the CBN Board. Adamu responded that such practices were not common during his tenure at the bank.
Also read: Court orders forfeiture of Emefiele’s $2.4m, Lagos, Delta assets
Justice Maryanne Anenih discharged the witness following cross-examination and adjourned the trial until October 17, 2024, for its continuation.
Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator, who writes ruthlessly about pop culture, religion, politics and entertainment.
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