From Victor Osula, Abuja
Dr Kingsley Obiora, a prosecution witness at the ongoing trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has told the Federal Capital Territory High Court in Abuja that the apex bank’s Committee of Governors (COG) and its board, indeed ratified the Presidential approval for the redesigned naira notes.
Obiora, a former deputy governor of the CBN, in charge of economic policy, made the clarification on Thursday, before Justice Maryann Anenih.
The Economic and Financial Crimes Commission (EFCC), had on May 15, arraigned Emefiele on a four-count charge before Justice Anenih, at the Maitama Division of the FCT High Court in Abuja.
The Federal Government through the EFCC had alleged that Emefiele acting in violation of law and “with intent to cause injury to the public”, printed the new naira notes without the approval of the CBN Committee of Governors and its Board before seeking the authority of former President, Muhammadu Buhari.
The former apex bank Chief is specifically charged with obtaining Presidential approval for the currency redesign before the approval of the COG and the Board. Emefiele had earlier in his plea, denied the charge.
Speaking on Thursday, at the resumption of the trial, an EFCC witness, Dr Obiora, confirmed that the COG and Board indeed ratified the prior approval of President Buhari for the redesigned naira notes.
Under cross-examination by the defence counsel, led by Lekan Ojo (SAN), Dr Obiora said it was normal for the apex bank’s Committee of Governors (COG) to implement approvals/requests from the President for actions that require the approval of the Committee of Governors (COG) and the Board.
He confirmed that other than the President’s approval for currency redesign, the Committee of Governors had severally implemented Presidential requests for disbursement of funds to Niger Republic Chad, Cameroon and the Nigerian Military in defence of Nigerian security prior to COG and Board approvals.
Dr Obiora confirmed that the Committee of Governors and the CBN Board indeed ratified President Buhari’s approval of the redesigned naira notes.
Pressed further to explain what he meant by the word “ratification“, Dr Obiora, further defined the word “ratification“ to mean the Validation of an earlier approval of President Buhari.
However, an EFCC witness, a former Director of Currency Operations at the CBN, Ahmed Umar, had on June 26, told the court that former President Buhari actually gave his approval for the printing of the redesigned naira notes.
Umar, who admitted that the re-designed currency has his signature as Director of Currency Operations, had said that no currency becomes legal tender without his seal.
Also, another EFCC witness, the Managing director of the Nigerian security printing and minting company PLC, Ahmed Halilu, had revealed that in October 2022, Emefiele informed him of presidential approval for the redesign of the N100, N200, and N500 notes
Former President Muhammadu Buhari had, on different occasions, explained the reasons for the redesign of Naira banknotes as well as his approval for the printing.
Speaking at the launch of the redesigned banknotes on November 23, 2022, Buhari explained in detail the basis for his approval to the CBN to redesign the N200, N500 and N1,000 banknotes.
“The new Naira banknotes have been fortified with security features that make them difficult to counterfeit”, he said, adding that the new banknotes would help the Central Bank design and implement better monetary policy objectives as well as enrich the collective memory of Nigeria’s heritage.
The former President had commended Emefiele and his deputies as well as the Managing Director, Executive Directors and Staff of the Nigerian Security Printing and Minting PLC “for working tirelessly with the apex bank to make the currency redesign a reality.
“As is known, our local laws – specifically the Central Bank of Nigeria Act of 2007 – grant the Central Bank of Nigeria the power to issue and redesign the Naira
“There was an urgent need to take control of currency in circulation and to address the hoarding of Naira banknotes outside the banking system, the shortage of clean and fit banknotes in circulation, and the increase in counterfeiting of high-denomination Naira banknotes. It is on this basis that I gave my approval for the redesign of the N200, N500 and N1,000 banknotes.
“While this may not be apparent to many Nigerians, only 4 out of the 54 African countries print their currencies in their countries, and Nigeria is one. Hence, a majority of African countries print their currencies abroad and import them the way we import other goods.
“That is why it is with immense pride that I announce to you that these redesigned currencies are locally produced right here in Nigeria by our Security Printing and Minting PLC.”
