Emefiele's Naira Redesign Controversy: Uncovering the Truth

CBN Governor Embroiled in Naira Redesign Scandal 

“At the meeting, the governor showed us the approval of the president, by showing us the page where the approval of the president is...”

Ex-CBN Governor Emefiele's Naira Redesign Scandal: Witness Reveals Unapproved Design Changes - Former Deputy Governor Edward Adamu testifies against Emefiele, alleging unilateral design changes and bypassing standard procedures.

The controversy surrounding Central Bank of Nigeria (CBN) Governor Godwin Emefiele's alleged fabrication of President Buhari's approval for the naira redesign has sparked intense debate. According to reports, Emefiele outsourced the redesign of the naira without proper approval. However, it's crucial to note that former President Buhari did give his approval for the naira redesign project, and even publicly launched the re-designed currency on December 29, 2023.

Former CBN Deputy Governor Edward Adamu testified that standard currency redesign procedures were disregarded. Typically, the Director of Currency Operations proposes changes to the Committee of Governors (COG), which then forwards the plan to the CBN Board for approval, followed by presidential endorsement.

Adamu alleged that ex-CBN Governor Godwin Emefiele bypassed these steps. Emefiele reportedly presented purported presidential approval at a COG meeting and promptly initiated the redesign, according to a statement from Dele Oyewale, EFCC Head of Media and Publicity.

The fourth witness was quoted as saying, “I became aware of it in October 2022 when the governor informed us, the deputy governors, that he had gotten an express approval to redesign the currency.

“Then on the 26th October 2022, we were formally informed of the presidential approval of the redesign, so that is what happened in October, then there was a formal announcement of the currency redesign.

“At the meeting, the governor showed us the approval of the president, by showing us the page where the approval of the president is. Subsequently, there was a board meeting of the board of directors, where we were also informed of the presidential approval of the currency redesign.”

Former CBN Deputy Governor Edward Adamu dropped a bombshell in court, revealing that the current designs of the naira notes - specifically the N200, N500, and N1,000 notes - deviate significantly from what was initially approved. This suggests that ex-CBN Governor Godwin Emefiele made these changes unilaterally, without following standard procedures.

During cross-examination, defense counsel Olalekan Ojo, SAN, asked if there had been instances where presidential approval was obtained before informing the CBN Board. Adamu responded that this was not typical during his tenure at the central bank, implying that Emefiele's actions were irregular.

Trial Update

After the cross-examination concluded, Justice Maryanne Anenih dismissed Adamu from the stand and adjourned the case until October 17, 2024, for the continuation of the trial. The Economic and Financial Crimes Commission (EFCC) is prosecuting Emefiele for allegedly implementing the naira redesign scheme without permission from the CBN Board and former President Muhammadu Buhari.

The naira redesign policy has been marred by controversy, with critics arguing that it fell short of its objectives due to a lack of public trust in digital financial products. At the center of this controversy is Tunde Sabiu, a nephew and close aide to former President Muhammadu Buhari, who allegedly instructed Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), to redesign the naira notes.

Sabiu's influence was reportedly instrumental in the policy's implementation, which was carried out without the approval of the CBN board. The policy aimed to curb corruption and hoarding of cash, but its execution was plagued by issues, including insufficient supply of new notes and restrictions on withdrawals.

Vital Points of Controversy:

Alleged Lack of Transparency: Emefiele reportedly awarded the contract for the naira redesign to the Nigerian Security Printing and Minting Plc on October 31, 2022, without informing the CBN board until December 15, 2022.

Presidential Approval: Former President Buhari approved the naira redesign project, contradicting claims of fabrication.

Public Launch: Buhari publicly launched the re-designed naira currency on December 29, 2023, further solidifying his involvement.

Lack of Public Confidence: The policy's reliance on digital financial products was met with skepticism by many Nigerians.

Alleged Presidential Influence: Tunde Sabiu's role in instructing Emefiele to redesign the naira notes has raised questions about the former president's involvement.

Insufficient Planning: The policy's implementation was criticized for being rushed and poorly executed.

These concerns have sparked heated debates about the effectiveness of the policy and the motivations behind its implementation.