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A prosecution witness in the ongoing trial of the immediate past Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, on Tuesday told a High Court of the Federal Capital Territory, FCT, that the redesigned naira notes were produced locally by the Nigerian Security Printing and Minting Company, NSPMC, in compliance with late President Muhammadu Buhari’s directive.
Emefiele is being prosecuted by the Economic and Financial Crimes Commission, EFCC, before Justice Maryann Anenih, sitting at Maitama, Abuja, on a four-count charge bordering on disobedience to the direction of law and illegal act causing injury to the public.
The charge, designated CR/264/2024, accused Emefiele, among others, of violating Section 19 of the CBN Act between October 19, 2022, and March 5, 2023, by permitting the printing of 375,520,000 pieces of color-swapped N1,000 notes at a total cost of N11,052,068,062 without the CBN Board’s recommendation or the President of the Federal Republic of Nigeria’s strict approval, causing harm to the public.
The offences allegedly committed by him, according to EFCC, were against Section 123 of the Penal Code, Cap 89 Laws of the Federation, 1990 and punishable under the same law.
But he entered a not guilty plea to the accusation.
At the resumed hearing in the case on Tuesday, while being cross examined by the counsel for Emefiele, Olalekan Ojo, SAN, the seventh prosecution witness, PW7, Chinedu Emere, an EFCC investigator, told the court that Emefiele wrote a memorandum, dated October 6, 2022, to former President Buhari seeking approval to redesign, produce and reissue the redesigned N1,000, N500, N200 and N100 notes.
He claimed that in his minute on the memorandum, the former president authorized the redesign of the naira notes but instructed that they be produced locally.
“The defendant (Emefiele) sought approval of bank notes attached to the memorandum which had been redesigned already.
“The former president ordered the production to be completed. “Approved,” he minuted. PW7 informed the court, “but to be produced locally.”
He said that Emefiele listed several reasons for the redesign policy, including the high rate of counterfeiting, the growing scarcity of banknotes in circulation, and public stockpiling of naira notes.
The witness further stated that in order to produce the revised notes, CBN raised bills of payment to Nigerian Security Printing and Minting Company, or NSPMC.
Asked to confirm to the court if the naira notes were produced by NSPMC, the prosecution witness answered in the affirmative, saying that, “The Nigerian Security Printing and Minting Company produced the redesigned notes. This complies with the direction from the president to produce the Nlnaira notes locally.
He, however, told the court that while NSPMC produced the notes locally, they were redesigned by a foreign company, De La Rue.
He told the court that in 2023, CBN paid NSPMC in naira for the fabrication of the notes and De La Rue in British pounds sterling for the designing.
The witness added that the features in the notes were also products of the foreign company, confirming that De La Rue was the company that had designed the naira notes that were undergoing redesign.
He told the court that he could not remember if in the course of investigation any of the deputy governors under Emefiele mentioned to the EFCC investigation team if any Nigerian company ever designed naira notes for the Nigerian government, adding that that was not the focus of the investigation.
The witness further stated that Buhari eventually introduced the updated notes, although he was unable to recall whether the former president voiced any objections.
He informed the court that the EFCC investigation team came up with an investigative report after its assignment.
Meanwhile, despite the prosecuting counsel, Rotimi Oyedepo, SAN, objecting to a request by Emefiele’s counsel for the prosecution to make the investigative report available to the defence, Justice Anenih ordered the prosecution to avail the defence with the document to facilitate its defence.
She then postponed the case’s next hearing until Tuesday, February 10, 2026.
