On Wednesday, Edward Adamu, a former Deputy Governor of the Central Bank of Nigeria (CBN), testified at the Federal Capital Territory High Court in Abuja, asserting that Godwin Emefiele, the former CBN Governor, bypassed established protocols during the redesign of certain Nigerian currency notes.

During his examination by the Economic and Financial Crimes Commission (EFCC) counsel, Rotimi Oyedepo, Adamu—designated Principal Witness 4—revealed that the redesigned Naira notes, launched by former President Muhammadu Buhari, were not those approved by either the ex-President or the CBN Board.

Adamu’s testimony is part of a four-count charge filed by the EFCC against Emefiele, who faces allegations of redesigning the N200, N500, and N1000 notes without proper approval from the President or the CBN Board.

In court, Adamu recounted his experiences as a CBN staff member, highlighting a previous currency redesign effort that aimed to tackle issues such as inflation, counterfeiting, and the overall management of currency circulation. He emphasized that the typical process for redesigning the Naira involves recommendations originating from the Director of Currency Operations, which are then passed to the Committee of Governors (COG) for Board approval before reaching the President. However, he claimed that Emefiele sidestepped this protocol by convening a COG meeting to present a supposed presidential approval before proceeding with the redesign.

Adamu pointed out discrepancies in the current currency designs, indicating that they differ from what had been authorized by the President and the CBN Board, having been unilaterally modified by Emefiele.

During cross-examination by the defense counsel, Olalakan Ojo, Adamu confirmed that prior procedures mandated a Board recommendation before presidential approval. When questioned about any prior instances of the President approving actions without Board notification, he acknowledged a specific case involving the release of funds to ECOWAS and the military but maintained that such practices were not the norm during his tenure.

The defense counsel probed further into the consequences of not adhering to the CBN Act’s procedures, but Adamu could not recall specific ramifications. He was also asked to clarify earlier statements made to the EFCC, to which he struggled to remember specific details.

After reviewing his statements, Adamu affirmed the accuracy of his testimony. The defense continued to inquire whether he had knowledge of any discussions between Emefiele and the President regarding the redesign process, to which he responded negatively.

Following the cross-examination, Justice Maryanne Anenih adjourned the case until November 17 for the continuation of the trial.