BY ANTHONY OCHELA, ABUJA
Former Deputy Governor of the Central Bank of Nigeria (CBN), Edward Adamu, has told the Federal Capital Territory(FCT) High Court, Abuja that Godwin Emefiele, a former Governor of the Bank did not follow the institution’s laid down procedure in the process that led to the redesign of some notes of the Nigerian currency.
Led in examination by Counsel to the Economic and Financial Crimes Commission (EFCC), Rotimi Oyedepo,SAN, Adamu who is Principal Witnes 4, also said that the redesign of the Naira notes launched by President Buhari and currently in circulation was not the one approved by the President or the Board of the CBN.
Mr. Adamu was testifying in the suit on a four-count charge instituted by the EFCC against Emefiele wherein he is accused of redesigning the N200, N500 and N1000 notes of the Nigerian currency without approval of the President and the CBN Board.
The ex-CBN Deputy Governor, told the court, presided over by Justice Maryanne Anenih, that during his time as staff of the CBN he has witnessed previous redesigns of the nation’s currency aimed at addressing issues of volume of currency in circulation, inflation, counterfeiting and general currency management, among others.
He said that before the last exercise carried out by Mr. Emefiele the process of naira redesigning known to him originates from the Director of Currency Operations to the Committee Of Governors (COG) who passes it to the Board for approval before it gets to the President but Emefiele circumvented the process.
PW4 said for Emefiele’s, he simply called a meeting of the COG where he showed a Presidential approval for redesign and subsequently proceeded to implementation.
He also said that a look at Exhibit E2 indicate that the design of currencies currently in circulation are slightly different from that approved by the President and the Board as it was singlehandedly changed by the former Governor.
During cross examination by Defence Counsel, Olalakan Ojo, SAN Mr. Adamu when asked whether before now there must be a Board recommendation before presidential approval he answered in the affirmative.
The counsel to defendant who asked Adamu if he was aware of any previous practice where the president will give approval of a decision before the Board will be informed, he said it was not the practice while he was there.
The defence counsel specifically asked PW4 if he is aware of any time where the president had given approval of release of funds to ECOWAS, the military or other countries without prior recourse to the Committee of Governors or Board of CBN, Mr. Adamu said he was aware of one.
Counsel to defendant asked the witness if he is aware of any consequences for failure to abide by procedures or any provision in the CBN Act, he said he cannot remember.
Referring to an earlier statement made to the EFCC February 24, 2024 Mr Ojo asked the witness if he can recall saying the minutes of the CBN meeting 764 was adopted, but Adamu said he cannot recall.
Ojo citing Section 237 he wants to show PW4 was consistent with what he had told the EFCC but was opposed by Prosecution Counsel who insisted that that particular section can only be called upon when the defence wants to impeach the testimony of PW4 and moreover the statement is not in evidence before the court.
The judge ruled that witness should be allowed to refresh his memory by going through the statement and he subsequently did and agreed
Defence Counsel further asked the witnes if he was privy to any discussion between the former CBN governor and the President on how the redesign should be done, he answered in the negative.
Justice Maryanne Anenih adjourned the suit to November 17 for continuation of trial.
