Emefiele Did Not Receive Approval For Naira Redesign – Ex-CBN Director

In the ongoing trial of Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), Ahmed Umar, a former Director of Operations at the CBN, he testified against him on Tuesday.

The Economic and Financial Crimes Commission (EFCC) had arraigned Emefiele on charges of the alleged unlawful redesign and printing of new naira notes in late 2022.

Emefiele faces accusations under charge number CR/264/2024 for implementing the naira redesign policy without the approvals from the CBN Board and former President Muhammadu Buhari.

The EFCC claims Emefiele spent N18.96 billion on the project, which included printing new notes worth N684.5 million, in violation of Section 19 of the CBN Act, 2007.

During the trial, EFCC prosecutor Rotimi Oyedepo (SAN) led Umar in presenting evidence. Umar, who retired in July 2023 after 35 years at the CBN, explained that his department was instructed to draft a memo for the new naira design in August 2022. This memo was reviewed by the Committee of Governors (COG) but was not approved.

Umar stated, “We prepared the bill with the Committee of Governors and passed it through the Deputy Governor Operations to the Governor. It was listed for the COG’s consideration on October 26, 2022, but they did not approve it.” He added that the proper procedure required the Board of Directors’ recommendation and the President’s approval before any production could commence.

Justice Maryanne Anenih admitted into evidence the Certified True Copy of the memorandum from the Operations Department, marking it as Exhibit A.

The EFCC alleges that Emefiele authorised the printing of 375,520,000 pieces of coloured swapped N1,000 notes for N11.05 billion without necessary approvals. Additionally, he is accused of spending N4.4 billion on coloured swapped N500 notes and N3.4 billion on 137,070 pieces of coloured N200 notes between October 2022 and March 2023.

Furthermore, the EFCC charges that Emefiele unlawfully approved the withdrawal of N124.8 billion from the Consolidated Revenue Fund, aiming to harm the public by implementing the naira swap policy.

Emefiele has denied all charges, pleading not guilty. The trial continues as the court examines further evidence and testimonies regarding these serious allegations.

However, it would be recalled that In October 2022, with Buhari’s support, the Central Bank of Nigeria (CBN) announced its intention to redesign and release new versions of three of the eight existing banknotes.

The new N200, N500, and N1000 notes were scheduled to be introduced on December 15, 2022, while the old notes would continue to be accepted until January 31, 2023.

Buhari  also stated that his approval of the naira redesign policy was aimed at ensuring his “integrity became unquestionable.” He made this remark during his first interview with NTA after leaving office in May.

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