Naira Redesign: Court to Conclude Emefiele’s Trial in 10 Days

An Abuja High Court has fixed 10 fresh trial dates to conclude the corruption case against former Governor of the Central Bank of Nigeria (CBN), Godwin Ifeanyi Emefiele, over the controversial naira redesign policy.

Justice Maryann Anenih, on Wednesday, approved the schedule following an agreement between counsel to the Economic and Financial Crimes Commission (EFCC), Rotimi Oyedepo (SAN), and Emefiele’s lawyer, Olalekan Ojo (SAN).

The trial has been slated for February 3 and 10; April 1 and 2; May 11, 12, 13 and 14; as well as June 9 and 10. The court expressed optimism that proceedings would be concluded within the period.

Justice Anenih urged both parties to comply strictly with the dates, assuring them of the court’s readiness to accommodate their needs to ensure speedy determination of the matter.

During proceedings, an EFCC witness, Emere Chinedu, an operative who led the Inter-Agency Probe Panel investigating Emefiele, told the court that the Presidency under former President Muhammadu Buhari approved the naira redesign.

However, he noted that the approval letter specified that the new currency notes were to be printed locally in Nigeria, rather than abroad, as allegedly done under Emefiele’s leadership.

Chinedu also disclosed that the former CBN governor made six extrajudicial statements between October 26 and November 2, 2023, in an attempt to defend himself during the investigation.

“In the course of our investigation, we sought records of approval from the State House. The State House confirmed in writing that the redesign was approved, with the condition that it must be carried out locally,” Chinedu said.

Under cross-examination, the witness denied Emefiele’s claim that former EFCC Chairman Abdulrasheed Bawa was the first to suggest the naira redesign to President Buhari.

He maintained that the EFCC has no authority to initiate changes to the currency design, stressing that such actions can only be advisory.

Chinedu also admitted that video clips presented by the EFCC showing Nigerians’ hardships during the naira redesign were sourced online and predated the formation of his probe panel. He said the videos were used to demonstrate the difficulties experienced by citizens at the time.

Emefiele, who is being prosecuted in suit number FTC/HC/CR/264/2024, has pleaded not guilty to all charges.

Justice Anenih adjourned the matter until February 3 for continuation of cross-examination.