A former Deputy Governor of the Central Bank of Nigeria (CBN), Edward Adamu, has testified that the 2022 naira redesign policy was carried out without the approval of former President Muhammadu Buhari.
Adamu made this statement while testifying as the fourth prosecution witness in the ongoing trial of former CBN Governor, Godwin Emefiele, at the Federal Capital Territory High Court in Maitama, Abuja.
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Adamu told the court that Emefiele bypassed standard procedures by implementing the redesign without first obtaining the approval of the CBN Board or the President, contrary to established guidelines. He claimed that the naira redesign, which took place during Buhari’s administration, was executed solely on the directive of Emefiele.
Led in evidence by the prosecuting counsel, Rotimi Oyedepo (SAN), Adamu explained that the typical process for redesigning currency begins with the Director of Currency Operations and is passed on to the Committee of Governors before it is presented to the CBN Board and, ultimately, the President for final approval.
“Emefiele did not follow this procedure,” Adamu told the court, alleging that the former CBN governor convened a meeting of the Committee of Governors, during which he presented what was claimed to be a presidential approval for the redesign, and proceeded with the implementation.
Adamu also noted that the naira notes currently in circulation differ slightly from what was approved by the CBN Board and the President, suggesting that changes were made unilaterally by Emefiele. Exhibit E2, presented in court, supported his testimony.
During cross-examination by Emefiele’s defence counsel, Olalekan Ojo (SAN), Adamu confirmed that it was customary for the CBN Board to recommend such redesigns before obtaining presidential approval. He added that he was unaware of instances where the President acted without the board’s recommendation.
Ojo questioned whether Adamu was aware of situations where the President approved financial releases to ECOWAS, the military, or other countries without CBN Board consultation. Adamu admitted to knowing of one such instance but noted that it was rare.
The defence counsel also highlighted inconsistencies between Adamu’s court testimony and his earlier statement to the Economic and Financial Crimes Commission (EFCC), particularly regarding the minutes of a CBN meeting. Adamu, however, stated that he could not recall specific details but was allowed by the judge to refresh his memory using his previous statement.
The trial, presided over by Justice Maryanne Anenih, has been adjourned until November 18 for the continuation of proceedings.
