An Abuja High Court has drawn up an accelerated timetable to conclude the trial of former Central Bank of Nigeria (CBN) Governor, Godwin Ifeanyi Emefiele, over alleged abuse of office arising from the controversial naira redesign exercise.
Justice Maryann Anenih, on Wednesday, fixed a ten-day trial window after counsel to the Economic and Financial Crimes Commission (EFCC), Rotimi Oyedepo, SAN, and Emefiele’s defence lawyer, Olalekan Ojo, SAN, reached a consensus on expediting proceedings. The court slated hearings for February 3 and 10; April 1 and 2; May 11, 12, 13 and 14; and June 9 and 10, with the expectation that the matter would be concluded within the period.
In a decisive move reflecting judicial efficiency, Justice Anenih urged both parties to strictly adhere to the schedule, assuring them of the court’s readiness to accommodate any genuine procedural needs. The stance underscores the court’s determination to bring swift closure to a case that has generated significant national interest and policy debate.
Testifying for the EFCC, an operative, Emere Chinedu, told the court that the Presidency under former President Muhammadu Buhari granted approval for the naira redesign. However, he said the approval was conditional, stressing that the new notes were to be printed locally rather than abroad, contrary to what was eventually done.
Chinedu, who chaired the inter-agency probe panel that investigated Emefiele, revealed that the former CBN governor made six extrajudicial statements between October 26 and November 2, 2023, in which he sought to defend his actions.
According to the witness, investigators formally requested records of the approval from the State House and received written confirmation endorsing the redesign, with a clear directive on local production. “The approval was granted with the stipulation that the printing must be done in Nigeria,” he said.
During cross-examination, Chinedu dismissed claims that a former EFCC chairman, Abdulrasheed Bawa, initiated the naira redesign proposal to President Buhari. He maintained that the EFCC has no authority to propose changes to the nation’s currency design, noting that its role, at best, is advisory.
He also explained that video clips tendered by the prosecution showing Nigerians narrating hardships experienced during the currency changeover were sourced online and predated the setting up of his panel. The videos, he said, were used to illustrate the socio-economic impact of the policy. He added that he neither knew the producers of the clips nor interviewed any staff of the television stations involved.
Emefiele is being prosecuted in a case marked FTC/HC/CR/264/2024 and has pleaded not guilty to all the charges. Justice Anenih adjourned proceedings to February 3 for the continuation of cross-examination, reinforcing the court’s resolve to ensure a timely determination.
As the trial enters a critical phase, it is poised to test questions of individual responsibility and institutional governance around major monetary policy decisions—issues that remain fresh in public consciousness amid lingering memories of the naira redesign fallout.
