New Naira Notes: Judge’s Absence Stalls Hearing in FG’s Suit against Emefiele

Alex Enumah in Abuja

The absence of trial judge, Justice Maryanne Anenih of the High Court of the Federal Capital Territory (FCT), on Wednesday, stalled hearing in the federal government’s suit against the immediate past Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele.

The Economic and Financial Crimes Commission (EFCC) had on May 15 arraigned Emefiele on a four-count charge bordering on redesigning the country’s currency in 2022, allegedly without the approval of the Board of the CBN and former President Muhammadu Buhari.

Emefiele denied the charge and was admitted to bail in the sum of N300 million.

When trail commenced on Tuesday, the court adjourned hearing midway into the evidence of the First Prosecution Witness (PW1), a former Director of Currency Operations, CBN, Mr Ahmed Bello Umar.

Midway into Umar’s testimony, EFCC’s lawyer, Mr. Rotimi Oyedepo, SAN, prayed the court to adjourn the matter till the following day, to enable him attend a function held in honour of a former Chairman of EFCC, Mr Ibrahim Lamorde, who died few days ago.

Before the adjournment, the witness narrated how the management of the apex bank directed his department (Currency Operations) to “come up with a memo on the redesign of the naira notes sometimes in August 22, 2022”.

Umar stated that upon completion of the task the memo was submitted to the CoG and subsequently listed for consideration.

The witness added that the CoG, which comprised the CBN governor as chairman and four deputy governors as members, later on October 26, 2022 held a meeting via zoom to deliberate on the memo his department submitted.

He disclosed that he had joined the meeting only “to make my presentation and exited ” afterwards.

Umar further disclosed that after the meeting the Corporate Affairs Department conveyed anticipatory approval of the CoG pending ratification by the Board of Directors (BoD), which, according to him, was the highest management body.

He said the BoD was made up of 12 members, comprising the CBN governor as chairman, four deputy governors, Permanent Secretary, Ministry of Finance, Accountant General of the Federation, and five external members appointed by the president.

Speaking further, the witness said, “The CoG did not approve items 1 and 3, while item 2 was modified to include N200 denomination.

“But the proposal for the exercise to take place in 2023 was not accepted by CoG.”

The witness stated that a memo was afterwards prepared for consideration of the BoD and “it was considered on December 15, 2022”.

On the procedure for the issuance of naira notes, the witness stated that the BoD will have to recommend to the president for the design of the forms and devices that shall be contained in the currency.

“After the approval of the president, production of the currency will commence,” he said.

However, when asked by his lawyer about the October 26, 2023 Meeting of the Committee of Governors (CoGs) of the CBN, the witness said, “I have not seen the minutes of the meeting, it was only circulated among members of the CoG.”  The matter was adjourned till June 11, for continuation of the PW1’s testimony.

EFCC is prosecuting Emefiele for approving the printing of various quantities of the new Naira notes “without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria, which conduct of yours caused injury to the public and you thereby committed an offence”.

In count one Emefiele was accused of approving the printing of 375,520,000 notes at the cost of N11 billion, in count two he was accused of approving the printing of 172 million coloured swapped N500 notes at the cost of N4.4 billion. Also in count three, the former CBN boss was alleged to have approved for printing 137,070 pieces of coloured N200 notes at the cost of N3.4 billion.

He was in count four alleged to have withdrawn the sum of N124, 860, 227, from the Consolidated Revenue Fund of the Federation in a manner not prescribed by the National Assembly.