A witness testified before an Abuja High Court that Godwin Emefiele, former Central Bank of Nigeria governor, followed the late President Muhammadu Buhari’s instructions to manufacture redesigned Naira notes domestically.
Chinedu Emere, the seventh prosecution witness and an investigator with the Economic and Financial Crimes Commission, gave evidence during cross-examination by Emefiele’s senior counsel, Olalekan Ojo.
The EFCC has charged Emefiele with illegally harming public interest, an offense under Section 123 of the Penal Code. Emefiele denies the allegation.
Emere explained that Emefiele submitted a proposal on October 6, 2022, requesting authorization to redesign and reissue the N1,000, N500, N200, and N100 denominations. The former president granted approval but specified that manufacturing must occur within Nigeria.
“The minutes of the former president stated: ‘Approved. But to be produced locally,'” Emere told the court.
The witness confirmed that the Nigerian Security Printing and Minting Company fulfilled the production contract in compliance with the presidential directive. However, British firm De La Rue handled the actual design work and received payment in pounds sterling, while NSPMC was paid in Naira for manufacturing.
Emefiele justified the redesign policy by citing elevated counterfeit rates and critical shortages of banknotes in circulation, according to testimony.
When defense counsel requested the EFCC investigation report, prosecution counsel Rotimi Oyedepo stated his team did not possess the document. Justice Mary Anenih ordered prosecutors to provide the report to the defense and scheduled the next hearing for February 10.
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