EXPOSED: How Emefiele illegally redesigned the naira in 2022, CBN ex-deputy governor breaks silence

• Edward Adamu, a former CBN Deputy Governor, testified that Emefiele bypassed established procedures by not seeking the required approvals from former President Buhari or the CBN Board
• Adamu explained that the standard procedure for currency redesigns involves approval from the CBN Board before reaching the President
• During cross-examination, defense counsel questioned Adamu about inconsistencies in his testimony compared to earlier statements to the EFCC

FCT, Abuja - The trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele resumed on Wednesday.

The trial featured testimony from Edward Adamu, a former CBN Deputy Governor, as the fourth witness.

Ex-deputy CBN governor speaks on how Godwin Emefiele redesigned the naira Photo credit: Godwin Emefiele
Source: Facebook

Legit.ng reports that Emefiele faces prosecution from the Federal Government over the controversial naira redesign policy implemented in late 2022.

CBN ex-deputy governor on naira design approval Process

Adamu, testifying before Justice Maryanne Anenih at the Federal Capital Territory High Court in Maitama, asserted that Emefiele violated established procedures during the naira redesign process, The Punch reported.

He claimed that the 2022 redesign was executed without the necessary approvals from either former President Muhammadu Buhari or the CBN Board.

Adamu said:

“During my tenure at the CBN, I witnessed previous naira redesigns aimed at addressing currency management issues.“The standard procedure involves the Director of Currency Operations forwarding a proposal to the Committee of Governors, who then seek approval from the CBN Board before presenting it to the President."

Adamu accuses Emefiele of bypassing protocol

Adamu alleged that Emefiele circumvented this established process by holding a meeting with the Committee of Governors, where he claimed to have received presidential approval for the redesign.

Upon examining Exhibit E2, Adamu noted discrepancies between the naira notes currently in circulation and those approved by both the President and the CBN Board.

During cross-examination, defense counsel Olalekan Ojo (SAN) questioned Adamu about the customary practices regarding board recommendations preceding presidential approval.

Adamu confirmed that such a practice was standard.

Ojo pressed further, asking if Adamu was aware of instances where the President authorized funds without consulting the CBN Board.

Adamu acknowledged one such instance, complicating the defense's argument.

Court raises concerns on Adamu's inconsistencies

The defense also highlighted perceived inconsistencies in Adamu's testimony compared to earlier statements made to the Economic and Financial Crimes Commission (EFCC).

Adamu struggled to recall certain details but was allowed by Justice Anenih to review his previous statement to refresh his memory.

In closing, Ojo inquired whether Adamu had any knowledge of discussions between Emefiele and the Buhari regarding the redesign. Adamu responded negatively.

Court adjourns Emefiele's trail

Justice Anenih adjourned the case until November 18 for further proceedings.

The trial continues to unfold as critical questions regarding the naira redesign policy and its approval process linger.

Northern group calls for thorough cleanup of Nigeria's Central Bank

In another development, Legit.ng reported that the Northern Ethnic Youth Group Assembly (NEYGA) has made a public appeal to the Central Bank of Nigeria to conduct a careful cleanup of the financial institution following the bruising revelations emerging from the prosecution of its former governor, Godwin Emefiele.

The group warns that any remnant influence of the estranged former head of the bank could threaten its security.

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Source: Legit.ng