Emefiele complied with Buhari’s directive on local production of Naira notes – Witness

A witness, Chinedu Emere told an Abuja High Court that the former governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, complied with late President Muhammadu Buhari’s directive that the redesigned Naira be produced locally.

The Economic and Financial Crimes Commission, EFCC, charged Emefiele with illegal act causing injury to the public.
The offence, the EFCC said, contravened the provisions of Section 123 of the Penal Code, Cap 89 Laws of the Federation, 1990 and punishable under the same law.

He, however, pleaded not guilty to the charge.

Being cross examined by the counsel for Emefiele, Olalekan Ojo, SAN, the witness said Emefiele complied with the directive that the notes should be produced by the Nigerian Security Printing and Minting Company, NSPMC.

Emere, who is the seventh prosecution witness and an EFCC investigator, told the court that Emefiele submitted a memorandum, dated October 6, 2022, to former President Buhari .

“In the memorandum, he sought approval to redesign, produce and reissue the redesigned N1,000, N500, N200 and N100 notes.

“The former president approved the redesign of the Naira notes in his minute on the memorandum but directed that the production of the notes be done locally.

“The minutes of the former president was that the production be done. He minuted: ‘Approved. But to be produced locally’,” the PW7 told the court.

According to him, “The defendant stated a number of reasons for the redesign policy, among which were high counterfeit rate and worsening shortage of bank notes in circulation.”

He added that Emefiele also included wholesome hoarding of Naira notes by members of the public was another reason stated.

Emere said that CBN raised bills of settlement to NSPMC, for the production of the redesigned notes.

Asked to confirm to the court if the Naira notes were produced by NSPMC, the prosecution witness answered in the affirmative, saying, “The Nigerian Security Printing and Minting Company produced the redesigned notes.

“This was in compliance with residential directive for local production of the Naira notes.”
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 CBN in 2023 made payment to De La Rue in British Pound Sterling for the redesign of the notes, while it made payment to NSPMC for the production in Naira.

Emere confirmed that De La Rue was the company that originally designed the Naira notes that became subject of redesign.

He added that the features in the notes were also products of the foreign company.

The witness 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.

He added that, that was not the focus of their investigation. Emere said that investigation revealed that Buhari eventually launched the redesigned notes but he could not remember if the former president raised any complaints against the redesigned notes.

He told the court that the EFCC investigation team came up with an investigative report after its assignment.

Ojo then asked if the investigation report was before the court because he wished to tender it.
The prosecution counsel, Rotimi Oyedepo, SAN, objected to the request by the defendant’s counsel.
He told the court that the prosecution was not in custody of the report.

However, Justice MaryAnenih ordered the prosecution to avail the defence with the document to facilitate its defence. Anenih then adjourned until February 10, for further hearing.

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