Former Deputy Governor of the Central Bank of Nigeria (CBN), Edward Adamu, don testify for court say former CBN Governor, Godwin Emefiele, no follow the proper procedure for the redesign of naira notes in late 2022.
Adamu, who be the fourth prosecution witness, tell the Federal Capital Territory High Court in Abuja that Emefiele bypass the required approvals from President Muhammadu Buhari and the CBN Board before he go ahead with the redesign of the N200, N500, and N1,000 naira notes.
According to Adamu, the normal process involve the Director of Currency Operations submitting a proposal, which then go to the Committee of Governors (COG) and later to the CBN Board for approval before presidential approval be sought. But Emefiele no follow this process.
Emefiele allegedly convene a meeting of the COG in October 2022, where he claim say he get presidential approval for the redesign. However, Adamu say the final designs of the naira notes differ from the original concepts that were discussed, indicating that Emefiele make unilateral changes.
The Economic and Financial Crimes Commission (EFCC) accuse Emefiele of illegally approving the printing of currency without the necessary approvals, which cost the nation billions and breach Section 19 of the CBN Act, 2007.
Emefiele also face charges for illegally approving the withdrawal of about N124.8 billion from the consolidated revenue fund. The trial has been adjourned until November 17 for continuation.
