Emefiele complied with Buhari’s directive on local production of naira – EFCC witness

An Economic and Financial Crimes Commission (EFCC) witness, Chinedu Emere, on Tuesday told the Federal Capital Territory (FCT)  High Court that the former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, complied with late President Muhammadu Buhari’s directive on the local production of the redesigned Naira notes.

The EFC.C  charged Emefiele with disobedience to the direction of law and illegal act causing injury to the public.

The offence, the commission said, contravened the provisions of Section 123 of the Penal Code, Cap 89 Laws of the Federation, 1990 and punishable under the same law.

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He, however, pleaded not guilty to the charge.

The witness, who was cross-examined by Emefuele’s counsel, Olalekan Ojo (San), said the defendant complied with the directive that the notes should be produced by the Nigerian Security Printing and Minting Company (NSPMC).

Emere, who is the  seventh prosecution witness and an EFCC investigator, , told the court that Emefiele submitted a memorandum, dated October 6, 2022, to former President Buhari .

“In the memorandum, he sought approval to redesign, produce and reissue the redesigned N1,000, N500, N200 and N100 notes.

“The former president approved the redesign of the Naira notes in his minute on the memorandum but directed that the production of the notes be done locally.

“The minutes of the former president was that the production be done. He minuted: ‘Approved. But to be produced locally’,” he told the court.

According to him, the defendant stated a number of reasons for the redesign policy, among which were high counterfeit rate and worsening shortage of bank notes in circulation.