Emefiele’s CBN New Naira Notes Not Aligned with President’s Approval, Witness Testifies in Court

The trial of former Central Bank of Nigeria, CBN, Governor Godwin Emefiele continued on Thursday, November 14, 2024, at the Federal Capital Territory, FCT, High Court in Maitama, with a fifth prosecution witness, Kingsley Obiora, former CBN Deputy Governor in charge of policy, disclosing that the new naira notes printed and released into circulation under Emefiele’s leadership did not match the President’s approval.

Testifying before Justice Maryann Anenih via zoom, Obiora pointed out that, “the approval by the President was different from what was eventually produced.” He stated this after being shown evidence by the prosecution counsel, Rotimi Oyedepo SAN, noting that he recognized the discrepancy when he compared the President’s original approval with the currency that was put into circulation.

Obiora, who worked at the CBN for over seven years, clarified his involvement in the CBN’s Committee of Governors COG, a body he described as comprising “the governor, four deputy governors, and the director of corporate services.” He further explained, “The governor is the Chairman of the Committee, and during my tenure as Deputy Governor, Emefiele was our Chairman.” According to Obiora, the Committee met weekly on Wednesdays to deliberate on critical policy matters and updates within the bank.

Reflecting on how the redesign plan came about, Obiora recounted a CBN event held on October 25, 2022, in Lagos to mark the one-year anniversary of the e-naira. During the event, “the governor called all four deputy governors into a huddle and informed us of the plan to redesign the currency.” Obiora expressed immediate concerns, saying, “My personal reaction was that the event itself may not be the appropriate place to announce such a major policy”. He further urged that more time be allocated to study the policy thoroughly and make improvements.

Despite these concerns, Obiora said Emefiele pressed on and brought the plan forward in a formal meeting of the COG on October 26, 2022. “The governor mentioned that we had already had the president’s approval for the policy,” Obiora confirmed, adding, “The deputy governor in charge of currency operations presented a memo, and it was discussed, deliberated upon.” Following this, Emefiele and two other deputy governors joined him in a press conference to announce the policy to the public.

When asked about the CBN Board’s role in the redesign, Obiora explained that the board was only formally informed months later, in mid-December 2022, when the naira redesign was presented to them. He testified, “The policy was discussed at the board level mid-December. The board did not sit as day-to-day management but instead gave policy directions.” Obiora clarified that “the board’s involvement in the policy was limited to endorsing the COG’s prior decision, not initiating it.”

During cross-examination, defence counsel Olalekan Ojo, SAN, questioned Obiora about the board’s role in finalizing the redesign. Ojo suggested that the December board meeting “conforms with the naira notes currently in circulation,” to which Obiora replied, “Yes, sir.” He further clarified, saying there had been no directive or complaint from former President Muhammadu Buhari about the redesign.

Obiora also commented on his limited past involvement with currency design. He shared that during his initial role as Special Adviser at the CBN in 2014, the bank had introduced a redesigned N100 note. However, he emphasized, “I was not part of it, but I was at the bank then.”

After giving his evidence, Justice Anenih discharged him and adjourned the matter till December 4, 2024, and January 21, 2025 for continuation of trial.