In the ongoing trial of former Central Bank of Nigeria (CBN) Governor Mr. Godwin Emefiele, Chinedu Eneanya, a witness for the Economic and Financial Crimes Commission (EFCC), accused commercial banks on Tuesday of causing the shortage that greeted the federal government’s Naira redesign policy in late 2022 and early 2023.

Under cross-examination by Mr. Olalekan Ojo, SAN, Emefiele’s attorney, the witness—a Commission investigator—made the revelation.

The former CBN governor is on trial for four counts that include revamping the Naira without the Board of the CBN’s and the Committee of Governors’ (COG) approval, as well as failing to obtain the consent of the late President Muhammadu Buhari.

The anti-graft agency claimed in the lawsuit, FTC/HC/CR/264/2024, that Emefiele violated Section 19 of the CBN Act between October 19, 2022, and March 5, 2023, by permitting the printing of 375,520,000 pieces of color-swapped N1,000 notes at a total cost of N11,052,068,062 without the CBN Board’s recommendation and the President of the Federal Republic of Nigeria’s strict approval, causing harm to the public.

The indictment states that the offense was penalized under Section 123 of the Penal Code, Cap 89 Laws of the Federation, 1990.

However, the defendant had refuted the accusation.

During his Evidence-in-Chief, the witness had tendered video evidence claiming that the redesign of the Naira notes by the Emefiele-led CBN brought untold hardship for many Nigerians.

Eneanya, the leader of the Inter Ministerial Probe Panel and the seventh prosecution witness (PW7), disclosed claimed violations by certain commercial banks in the nation throughout the policy’s implementation in 2022–2023, however, during cross-examination on Tuesday.

However, he said he couldn’t remember how many banks had bank officials hoarding currency.

“Can you confirm to the Honourable Court that bank officials were hoarding mints?” was the question posed to him.

He answered, “I know that, but I can’t be specific.”

Additionally, the witness was unable to establish whether the anti-graft agency had detained bank personnel who were supposedly in charge of stockpiling the cash.

In response to the inquiry, A.O. Mohammed, the prosecution’s attorney, said, “His beat was specific; whether his (naira redesign) was a valid approval.”

But Emefiele’s attorney retorted that the witness had the authority to make an arrest as an investigative officer and was not restricted to his evidence in chief.

Since the anti-graft agency claims that Emefiele caused Nigerians undue hardship because of the shortage of the redesigned coins, Ojo emphasized that the question was also essential.

In response, the judge asked the witness to respond to the question after verifying his designation.

Eneanya responded, “I told this court that the EFCC established a task force; I didn’t say it was my team.” He also said he didn’t know what the EFCC did to the bank officials that resulted in the alleged violations.

In the meantime, the witness said he was “not privy to that information” when asked to confirm under what authorization they visited the nation’s commercial banks.

In response, the defendant’s attorney asked for an adjournment and to be provided with all case-related documents.

In a brief decision, Justice Maryanne Anenih postponed the witness’s cross-examination until March 19.

The witness said earlier in the day’s proceedings that Ahmed Halilu, the Managing Director (MD) of Nigerian Security Printing and Minting Plc (NSPM), had given the EFCC team access to the email exchange between De La Rue and himself.

“The NMPS MD provided my team with access to the email, and it was then opened in front of the team,” he stated.

He acknowledged that he was unable to remember every statement Halilu had written.

Ojo requested the statements as a result.

When questioned about whether the NSPM had ever created naira notes, he replied that he “could not remember.”

Additionally, the witness was unable to remember how many different currencies commercial banks had access to.

He asked to be permitted to review the documents in order to jog his recollection.

“We have a team that went nationwide in conjunction with other law enforcement agencies, taking stock and ensuring that those currencies were made available in public,” he added when asked if the EFCC team contacted the commercial banks to verify the precise sums sent to them.

He added that the group maintained a log of the inventory of the resources made accessible to commercial banks.

Ojo also requested that the defense be given access to the information.

The witness said he “was not there in all the teams” when asked if the EFCC also examined bank vaults.

Fifteen minutes prior to the start of the day’s hearings, Emefiele’s attorney told the court that they had only received the Investigative Report that the defense had requested at the previous hearing.

“The decision to produce the Investigative Report was not made to deprive the defendant and his counsel of the opportunity to ask for the said document,” the EFCC attorney countered.

He noted that the witness was asked to produce the document in court, which he complied with.

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The redesigned naira notes were made locally by the Nigerian Security Printing and Minting Company, or NSPMC, per the directive of late President Muhammadu Buhari, according to a prosecution witness in the ongoing trial of Godwin Emefiele, the immediate past governor of the Central Bank of Nigeria, or CBN, in the Federal Capital Territory, or FCT, on Tuesday.

The Economic and Financial Crimes Commission, or EFCC, is prosecuting Emefiele in front of Judge Maryann Anenih in Maitama, Abuja, on four counts of violating the law and committing an unlawful act that harms the public.

Among other things, Emefiele was accused in the charge, designated CR/264/2024, of violating Section 19 of the CBN Act between October 19, 2022, and March 5, 2023, by permitting the printing of 375,520,000 pieces of color-swapped N1,000 notes at a total cost of N11,052,068,062 without the CBN Board’s recommendation or the President of the Federal Republic of Nigeria’s careful approval, causing harm to the public.

The offences allegedly committed by him, according to EFCC, were against Section 123 of the Penal Code, Cap 89 Laws of the Federation, 1990 and punishable under the same law.

On the other hand, he entered a not guilty plea.

The seventh prosecution witness, PW7, Chinedu Emere, an EFCC investigator, told the court during the case’s resumed hearing on Tuesday that Emefiele wrote a memo to former President Buhari on October 6, 2022, requesting permission to redesign, produce, and reissue the redesigned N1,000, N500, N200, and N100 notes while being cross-examined by Emefiele’s attorney, Olalekan Ojo, SAN.

He claimed that in his minute on the paper, the previous president authorized the redesign of the naira notes but mandated that they be made locally.

“The defendant (Emefiele) sought approval of bank notes attached to the memorandum which had been redesigned already.

“The former president ordered that the production be completed. “Approved,” he wrote. but to be made locally,” PW7 informed the judge.

Emefiele cited a number of reasons for the redesign policy, including the public hoarding of naira notes, the high rate of counterfeiting, and the growing scarcity of banknotes in circulation.

The witness further stated that in order to produce the updated notes, CBN raised bills of settlement to Nigerian Security Printing and Minting Company, or NSPMC.

Asked to confirm to the court if the naira notes were produced by NSPMC, the prosecution witness answered in the affirmative, saying that, “The Nigerian Security Printing and Minting Company produced the redesigned notes. This complies with the presidential order that the Nlnaira notes be produced locally.

Even though NSPMC produced the notes locally, he informed the court that a foreign company called De La Rue had redesigned them.

In 2023, he told the court, CBN paid De La Rue in British pounds sterling for the redesign of the notes, and it paid NSPMC in naira for the production.

The witness added that the features of the notes were also products of the foreign company, confirming that De La Rue was the original designer of the naira notes that were later redesigned.

He told the court that the investigation was not focused on whether any Nigerian company had ever designed naira notes for the Nigerian government and that he could not recall any deputy governors under Emefiele mentioning this to the EFCC investigative team over the course of the probe.

The witness also stated that Buhari eventually introduced the updated notes, although he was unable to recall whether the former president voiced any objections.

He informed the court that the EFCC investigation team came up with an investigative report after its assignment.

In the meantime, Justice Anenih ordered the prosecution to provide the defense with the investigative report in order to support its defense, even though Rotimi Oyedepo, SAN, the prosecuting attorney, objected to Emefiele’s attorney’s request.

After that, she postponed the case’s next hearing until Tuesday, February 10, 2026.

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David Jaiyeoba, a witness of the Economic and Financial Crimes Commission (EFCC), has told the Federal Capital Territory (FCT) high court in Abuja that $2.045 million in cash and several property documents were traceable to Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN).

During his testimony in the current trial, Jaiyeoba, the 12th prosecution witness and an EFCC agent, connected the money and real estate purchases to bank transactions, approvals, and statements gathered during the commission’s investigation.

The witness, who was led in testimony by Rotimi Oyedepo, the EFCC head of public prosecutions, found many internal CBN memoranda authorizing payments for furnishing, power supply, landscaping, and refurbishment of the former Apex Bank governor’s private property in Ikoyi, Lagos.

The witness informed the court that a number of documents, including an internal CBN memorandum authorizing payments to Architeco Nigeria Limited for renovations in Emefiele’s home, were introduced as exhibits.

A contract agreement outlining the landscaping services provided by the same company at the Ikoyi property was also submitted.

He also cited another internal CBN memo that asked for permission to pay Architeco Nigeria Limited N97,998,416.38 for office equipment, stressing that Emefiele had granted the request.

Furthermore, the witness identified exhibit A8 as an internal memo related to a contract for the Ikoyi residence’s dedicated power line installation. He claimed that the paper had the defendant’s consent and was supported by an interim payment certificate.

Jaiyeoba further informed the court that the EFCC sent a letter to Zenith Bank to follow the defendant’s bank account as part of the investigation.

He recognized Exhibits ED1, ED2, and ED3 as Zenith Bank’s reply concerning Emefiele’s account.

The witness claimed that N4 million was paid to Architeco Nigeria Limited on January 13, 2015, through a debit transaction on account number 2020000064.

The investigation resulted in the recovery of $2.045 million, multiple properties, and title documents from Zenith Bank Plc’s Lagos headquarters, the court was further informed.

“My Lord, the $2,045,000 in funds, along with a number of properties and title documents, were found in the possession of Mr. Collins Omeke, the defendant’s attorney, at the Zenith Bank Plc headquarters in Lagos,” he stated.

He stated that Omeke told investigators he had been purchasing houses and preparing title paperwork on the directions of the defendant.

The witness said, “When asked how he financed these purchases, My Lord, he confirmed that the defendant was in the habit of giving him cash sums in foreign currency, specifically US dollars, for the acquisition of those properties.”

The witness further informed the court that Omeke claimed that Eric Ocheme Udoh had handed the money that had been recovered from him on behalf of the defendant, and that some of the money had been used to renovate portions of Emefiele’s property.

The prosecution requested at the conclusion of the session that the trial be continued on March 3, 5, 16, and 17, 2026.

Matthew Burkaaa, defence counsel, did not oppose the application but argued there was repetition of evidence, adding that an earlier witness, PW7, had already identified approvals pertaining to the transactions.

He cautioned that if the pattern persisted in later sessions, the defense would raise an objection.

In response, the prosecution begged the court to permit it to present its case as it saw fit, arguing that the consistency of its case justified the strategy.

The trial judge, Hamza Muazu, expressed concern in his remarks that the prosecution seemed “too careful” and frequently needed the court’s encouragement, but he said he would make accommodations.

As a result, he postponed the trial until March 5, 16, and 17, 2026.

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The Federal High Court in Abuja has dismissed a N1 billion lawsuit filed against former President Muhammadu Buhari and former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, concerning the hardships caused by the naira redesign policy.

The lawsuit, brought by lawyer Uthman Isa Tochukwu, alleged that the policy violated the plaintiff’s fundamental rights, including his freedom of movement and dignity. He claimed that the difficulties in accessing money from banks during the implementation of the policy in early 2023 had caused him significant hardship. The plaintiff sought N1 billion in damages from Buhari, Emefiele, the CBN, and two commercial banks.

However, during the court session on April 28, 2025, Justice Inyang Edem Ekwo ruled to dismiss the suit due to the plaintiff’s repeated absence from hearings since the case was filed in 2023. The court found that the plaintiff had abandoned the case and failed to provide any explanation or legal representation for his absences.

Counsel for Emefiele and the CBN, Chikelue Amasiani, highlighted the plaintiff’s lack of commitment to the case and requested the court to strike out the suit. The judge agreed with this request, stating that the case could be revived if the plaintiff showed more seriousness moving forward.

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