EFCC’s Witness Corroborates Claim Currency Redesign Did Not Follow Process

•Says presidential directive was complied with before BoD, CoG were notified

Alex Enumah in Abuja

A witness of the Economic Financial Crimes Commission (EFCC), Mr Edward Adamu, in the trial of former Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, yesterday, corroborated claims that the apex bank did not follow due process in the redesign of some of the nation’s currencies in 2022.

Adamu, who claimed to have retired last September as Deputy Governor, Corporate Services, said by virtue of his position and also membership of the Committee of Governors (CoG), he possessed an appreciable understanding of the processes of policies and operations of CBN.

While he hinted that his task as Deputy Governor Corporate Services entailed overseeing departments such as security, legal services, medical services, finance, human resources, procurement, capacity development and corporate communication.

He said the CoG as a management committee of the CBN was saddled with the task of considering and approving (or recommending to the board for approval) issues relating to the bank.

He, however, clarified that the Board of Directors (BoD) of the CBN, responsible for approving policies of the bank, budget of the bank and any other issue before it, was the highest decision making body of the CBN.

Testifying as the 4th Prosecution Witness (PW4) of the EFCC, Adamu faulted the redesign of the N1,000, N500 and N200 notes, just like earlier witnesses, observing that the redesign was only brought to their notice after the approval from then President Muhammadu Buhari was obtained.

He described currency redesign as the alteration of pictures, loop or balancing of the currency, adding that it might also include the production of new denominations.

Speaking further on the process of redesign the witness explained that the redesign of a legal tender or currency was approved by the President upon the recommendation of the Board of Directors of the CBN.

“The currency operations department of the operations directorate is charged with the responsibility of initiating the process. Their recommendation goes to the Deputy Governor  Operations), who passes it to the COG for consideration, and if okay, the COG will recommend to the Board for consideration. If the Board is okay with it they then recommend to the President,” the witness said.

He observed that this was not the case as he only became aware of the redesign in October 2022 when the governor informed them that he had obtained presidential approval to redesign the currency.

“On October 26, 2022, at the COG meeting we were formally informed that presidential approval had been obtained for the redesign. Then there was a formal announcement by the CBN about the redesign.

“At the COG meeting of October 26, the governor showed us the page where the president had approved for the redesign. Subsequently the board met where members were informed that presidential approval has been obtained for the redesign.

The witness identified exhibit E2 as the page shown to them at the COG meeting of October 26, conveying the presidential approval, claiming that no recommendation came to the board before the president’s approval.

When showed exhibits of what was approved and what was finally produced by the CBN, the witness observed “a slight difference”, adding that the CoG met on October 7, while the approval was obtained from the president on October 6.

Under cross examination by Emefiele’s lawyer, Mr Olalekan Ojo, SAN, the witness admitted that there were instances when approval of the president was complied with before the BoD and CoG were notified.

Trial continues on October 17.