EFCC’s Witness Corroborates Claim Currency Redesign Did Not Follow Process_1

A witness for the Economic Financial Crimes Commission (EFCC), Mr. Edward Adamu, took the stand yesterday in the trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele. He claimed that the central bank did not follow due process during the redesign of several currency notes in 2022.

Adamu, who retired as Deputy Governor of Corporate Services last September, explained that his role on the Committee of Governors (CoG) gave him a comprehensive understanding of the CBN’s policies and operations. His responsibilities included overseeing a range of departments—from security and legal services to medical, finance, human resources, procurement, capacity development, and corporate communication.

He elaborated on the CoG’s responsibility as part of the management committee to review and either approve or recommend issues to the Board of Directors (BoD). “The BoD is the central decision-making body at the CBN,” Adamu emphasized, noting its significance in approving the bank’s policies and budget.

As the fourth prosecution witness, Adamu voiced criticism over the redesign of the N1,000, N500, and N200 notes, aligning with concerns raised by earlier witnesses. He pointed out that discussions about the redesign only occurred after the approval from then-President Muhammadu Buhari was secured.

According to Adamu, the currency redesign process involves altering the design elements of the currency and could also include introducing new denominations. He explained the required approval pathway, stating, “The currency operations department initiates the process. Their recommendations go to the Deputy Governor of Operations, who submits it to the CoG. If the CoG approves, it then goes to the BoD, which presents it to the President.”

Adamu criticized the process, recalling that he learned about the redesign in October 2022, when the governor informed the CoG of the presidential approval. “During the CoG meeting on October 26, 2022, we were officially told that the redesign had received the President’s approval, followed by a public announcement from the CBN,” he said.

He recalled that, in that meeting, the governor displayed a page confirming the President’s approval, asserting that no prior recommendation was submitted to the BoD before obtaining that approval.

When presented with documents comparing the proposed designs to the final versions produced by the CBN, Adamu noted a “slight difference.” He highlighted the timeline, pointing out that the CoG met on October 7, while presidential approval was granted just a day earlier, on October 6.

During cross-examination by Emefiele’s attorney, Mr. Olalekan Ojo, SAN, Adamu conceded that there have been instances where presidential directives were executed before the BoD and CoG were informed. The trial is scheduled to continue on October 17.