A prosecution witness yesterday told the Federal Capital Territory High Court, Abuja, that the controversial redesigned naira notes were printed locally in line with a clear directive from the late President Muhammadu Buhari.
Testifying in the ongoing trial of the immediate past Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, the witness said the Nigerian Security Printing and Minting Company (NSPMC) handled the production of the new notes after presidential approval.
Emefiele is standing trial before Justice Maryann Anenih on a four-count charge brought by the Economic and Financial Crimes Commission (EFCC), bordering on alleged disobedience to lawful directives and acts said to have caused injury to the public.
According to the charge marked CR/264/2024, the former apex bank governor allegedly approved the printing of over 375 million colour-swapped N1,000 notes between October 2022 and March 2023 at a cost exceeding N11 billion, without the recommendation of the CBN Board and the required presidential approval. He has pleaded not guilty.
At the resumed hearing, the seventh prosecution witness, an EFCC investigator, Mr Chinedu Emere, gave detailed testimony under cross-examination by Emefiele’s counsel, Olalekan Ojo, SAN.
Emere told the court that Emefiele, in a memorandum dated October 6, 2022, formally sought President Buhari’s approval to redesign, produce and reissue the N1,000, N500, N200 and N100 notes.
He said the former President granted approval but expressly directed that the production be carried out within Nigeria.
“The minute of the former President on the memorandum was clear: ‘Approved. But to be produced locally,’” the witness said.
He explained that Emefiele justified the redesign policy on grounds including the rising incidence of counterfeiting, acute cash shortages and widespread hoarding of naira notes.
The witness confirmed that the CBN subsequently raised settlement bills to NSPMC, which produced the redesigned notes locally in compliance with the presidential directive.
However, he added that while production took place in Nigeria, the redesign itself was handled by a foreign firm, De La Rue. He told the court that payments were made to De La Rue in British pounds for the redesign, while NSPMC was paid in naira for production.
Emere further said De La Rue had originally designed the naira notes and their security features prior to the redesign exercise. He could not confirm whether any Nigerian company had ever designed naira notes for the country, noting that this was not within the scope of the EFCC’s investigation.
He also confirmed that President Buhari later formally launched the redesigned notes, adding that he could not recall the former President raising any objections to them.
During proceedings, a dispute arose over access to the EFCC’s investigative report. Despite objections from the prosecuting counsel, Rotimi Oyedepo, SAN, Justice Anenih ordered the prosecution to make the report available to the defence in the interest of fair hearing.
The judge adjourned further hearing to February 10, 2026.
