A former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Obiorah, testified on Thursday that the CBN board never recommended the 2022 Naira redesign to former President Muhammadu Buhari.
Obiorah made this statement while testifying virtually before the FCT High Court at the resumed hearing in the trial of the suspended CBN Governor, Godwin Emefiele.
Emefiele faces a four-count charge before Justice Maryanne Anenih, including disobedience to the law and actions injurious to the public.
The charges, filed by the Economic and Financial Crimes Commission (EFCC) on behalf of the Federal Government, are marked FCT/HC/CR/264/2024. Emefiele has pleaded not guilty.
Led by the prosecution counsel, Mr. Rotimi Oyedepo SAN, Obiorah, who once served as Special Adviser to Emefiele on Economic Matters and later became a Deputy Governor, testified that the CBN board first heard of the Naira redesign policy on December 15, 2022.
“To the best of my recollection, the first day this policy [Naira redesign] was discussed at the board meeting was in mid-December 2022, around December 15. The Governor [Emefiele] invited the Deputy Governor of Operations and the Director of Currency Operations to present the memo previously seen by the Committee of Governors in October. He also informed the board of the President’s approval,” Obiorah stated.
“I do not recollect any instance where the board made a recommendation for the Naira redesign to the President.”
Obiorah, the fifth prosecution witness (PW5), revealed that Emefiele informed the four CBN Deputy Governors of the redesign policy at an event in Lagos on October 25, 2022.
They advised against announcing it during the event commemorating the first anniversary of the E-Naira.
Obiorah explained that Emefiele emphasized the need for secrecy to ensure effective implementation of the policy.
On October 26, 2022, the Deputy Governor of Operations, Mr. Ade Shonubi, presented a memo on the redesign to the Committee of Governors (COG), who then deliberated on it.
Following the COG meeting, Emefiele and two deputy governors announced the policy to the public in a news conference.
During cross-examination by Emefiele’s counsel, Olalekan Ojo SAN, Obiorah confirmed that he had previously served as technical adviser to former President Goodluck Jonathan.
He stated that the CBN board ratified the COG’s decision on the Naira redesign at its December 15, 2022, meeting, referring to the redesigned Naira already in circulation.
He acknowledged that presidential approvals for disbursements to Chad, Niger Republic, and the military were typically implemented by the CBN before the board was informed.
Additionally, Obiorah noted that he was not shown any complaints from former President Buhari or other presidential officials regarding the redesigned Naira notes.
He also confirmed that one objective of the currency redesign was to combat currency trafficking and hoarding.
Justice Anenih adjourned further hearings to December 4.
