A witness in an Abuja High Court has given testimony that casts fresh light on how Nigeria’s redesigned Naira notes came to be.
According to Chinedu Emere, an investigator with the Economic and Financial Crimes Commission (EFCC), the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, acted strictly on the instructions of late President Muhammadu Buhari when the currency redesign was rolled out.
Why Emefiele Is Standing Trial
The EFCC has charged Emefiele with an offence described as an illegal act that allegedly caused harm to the public.
Prosecutors say the charge falls under Section 123 of the Penal Code and carries punishment under the same law.
When the charge was read in court, Emefiele rejected it outright, entering a plea of not guilty.
Inside the Cross-Examination
While being questioned by Emefiele’s lawyer, Olalekan Ojo, SAN, Emere was clear on one major point: the former CBN governor followed presidential instructions to the letter.
He told the court that the directive was explicit — the redesigned Naira notes were to be produced locally by the Nigerian Security Printing and Minting Company (NSPMC).
The Memo That Set Everything in Motion
Emere, who appeared as the seventh prosecution witness, explained that Emefiele formally wrote to President Buhari on October 6, 2022.
In that memo, Emefiele requested approval to redesign and reissue the N1,000, N500, N200, and N100 notes.
The approval came, but with a condition.
Buhari endorsed the redesign but added a handwritten instruction making it clear that production must happen within Nigeria.
The witness quoted the note exactly as it appeared: “Approved. But to be produced locally.”
Reasons Behind the Redesign Policy
According to Emere, the memo didn’t just ask for approval — it also laid out the logic behind the policy.
Emefiele reportedly pointed to the rising problem of counterfeit currency and an increasing shortage of banknotes in circulation as key reasons why the redesign was necessary.
Who Printed the Notes and Who Designed Them
The witness confirmed that NSPMC handled the physical printing of the redesigned notes, and that CBN issued settlement bills to the company for the job.
He told the court there was no doubt that the notes were produced in Nigeria, in line with the presidential directive.
However, production and design were not handled by the same entity.
Emere explained that while NSPMC printed the notes locally, the actual redesign was done by De La Rue, a foreign company.
Payments and Currency Details
The court heard that in 2023, the CBN paid De La Rue in British pounds for the redesign work, while NSPMC was paid in naira for the printing.
Emere also confirmed that De La Rue was the original designer of the Naira notes before the redesign and that the security features on the new notes were also developed by the foreign firm.
What Investigators Didn’t Focus On
During testimony, Emere admitted he could not recall whether any deputy governors under Emefiele ever told investigators about a Nigerian company designing Naira notes in the past.
He stressed that this line of inquiry was not central to the EFCC’s investigation.
Buhari’s Role After the Redesign
Emere told the court that President Buhari eventually launched the redesigned notes.
However, he said he could not remember if the former president ever expressed dissatisfaction or raised concerns about the new currency after its release.
The Missing Investigation Report Drama
As proceedings continued, Emefiele’s lawyer asked whether the EFCC’s investigation report was before the court, saying he wanted to tender it as evidence.
The prosecution, led by Rotimi Oyedepo, SAN, objected, arguing that the report was not in their possession.
Justice MaryAnenih stepped in and directed the prosecution to make the document available to the defence, saying it was necessary for a fair trial.
What’s Next?
The court has adjourned the case until February 10, when hearings are expected to continue and the defence will have access to the investigation report that could shape the next phase of the trial.
