Court Sets 10-Day Sprint to Wrap Up Emefiele’s Naira Redesign Trial

By Kayode Lawal

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A High Court of the Federal Capital Territory has scheduled a fresh 10-day period for the trial to reach conclusion in the corruption charges filed by the Economic and Financial Crimes Commission (EFCC) against former Central Bank of Nigeria (CBN) Governor, Mr. Godwin Ifeanyi Emefiele, over the naira redesign policy.

Justice Maryann Anenih fixed the 10 days on Wednesday following consensus between EFCC counsel, Mr. Rotimi Oyedepo (SAN), and Emefiele’s counsel, Mr. Olalekan Ojo (SAN).

The scheduled dates are February 3 and 10, April 1 and 2, May 11, 12, 13, and 14, as well as June 9 and 10, during which the trial— which began in 2024—is expected to be concluded.

Justice Anenih urged lawyers on both sides to adhere strictly to the appointed dates, assuring the court would accommodate them appropriately throughout the period.

During Wednesday’s proceedings, an EFCC witness, Mr. Emere Chinedu—an operative of the commission—admitted that the Presidency under former President Muhammadu Buhari sent a letter to the EFCC confirming approval for Emefiele to redesign the naira notes.

However, he clarified that the Presidency’s response to the EFCC’s enquiry specified that printing of the new notes must be done locally, unlike the foreign printing carried out under the former CBN governor.

Chinedu, who headed the Inter-Agency Probe Panel that investigated the former CBN boss, stated that Emefiele made six separate extra-judicial statements in his defense during interactions with the panel.

According to him, the statements were recorded on October 26, 27, 30, and 31, as well as November 1 and 2, 2023.

“In the course of our job, we extended our investigation to the State House for records of approval for the naira redesign. The State House’s response was communicated to the EFCC in writing,” the witness said.

“The State House gave approval for the naira redesign but with a proviso that it must be done locally,” he added.

Under cross-examination by Emefiele’s counsel, Olalekan Ojo (SAN), the EFCC witness declined to comment on Emefiele’s claim in one of his statements that Abdulrasheed Bawa, former Executive Chairman of the EFCC, was the first to suggest the naira redesign to President Muhammadu Buhari.

Instead, the witness stated that the EFCC has no power to propose changes to the naira’s colour or design, adding that any such action would only be advisory.

Regarding the series of video clips from various television stations tendered by the EFCC—showing Nigerians complaining of hardships—the witness admitted that the videos existed before his probe panel was established by the federal government.

He explained that the videos of news reports and programmes were downloaded from the internet by his panel and tendered to demonstrate the hardships Nigerians endured during the naira redesign.

He claimed he did not know any staff from the television stations who prepared the content and had not interviewed anyone from those stations.

Emefiele is being prosecuted in the charge marked FTC/HC/CR/264/2024 by the EFCC and has pleaded not guilty to the charges.

Meanwhile, further cross-examination of the witness by Emefiele’s counsel has been adjourned to February 3 by Justice Maryann Anenih.