Edward Adamu, a former Deputy Governor of the Central Bank of Nigeria (CBN), has told the Federal Capital Territory High Court in Abuja that former CBN Governor Godwin Emefiele did not follow the proper procedure in the controversial redesign of the Nigerian currency.
Adamu’s testimony came on Wednesday, during a trial involving Emefiele, who is facing charges brought by the Economic and Financial Crimes Commission (EFCC).
Led in examination by EFCC Counsel Rotimi Oyedepo, Adamu, who is the fourth prosecution witness (PW4), stated that the Naira redesign launched under former President Muhammadu Buhari did not follow the approval given by either the President or the CBN Board.
The redesign included the N200, N500, and N1000 notes, which are currently in circulation.
Adamu testified that in his experience, the standard process for redesigning the currency begins with the Director of Currency Operations, who submits a proposal to the Committee of Governors (COG). The COG then passes it on to the Board for approval before seeking presidential consent. However, according to Adamu, Emefiele bypassed these procedures.
The former Deputy Governor said that Emefiele had convened a meeting of the COG, where he presented presidential approval for the redesign, after which he proceeded with the implementation without further consultation with the Board.
Adamu also highlighted that the design of the newly issued notes differed slightly from the versions initially approved by the President and the CBN Board, alleging that the changes were made unilaterally by Emefiele.
During cross-examination by Defence Counsel Olalekan Ojo, Adamu affirmed that in his time at the CBN, presidential approval for currency redesign typically followed a Board recommendation.
Ojo questioned whether Adamu was aware of any instances where the President had given approval before Board consultation, to which Adamu replied that such a practice was not common during his tenure.
Ojo also asked if Adamu was aware of any occasions when the President approved funds for external bodies, such as ECOWAS or the military, without prior approval from the Committee of Governors or the CBN Board. Adamu acknowledged that he was aware of one such instance.
When pressed further on the consequences of failing to follow procedure as outlined in the CBN Act, Adamu said he could not recall any specific penalties.
Ojo attempted to reference a previous statement Adamu made to the EFCC on February 24, 2024, regarding CBN meeting minutes, but Adamu said he could not remember the details.
Following a ruling by Justice Maryanne Anenih, Adamu was permitted to refresh his memory by reviewing the statement, after which he agreed with its contents.
The trial is set to continue on November 17, when further testimony and evidence are expected to be presented.