The Economic and Financial Crimes Commission (EFCC) has alleged that former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, violated a presidential directive by awarding the 2022 naira redesign contract to a foreign firm, contrary to former President Muhammadu Buhari’s instructions to patronize local contractors.
The revelation was made on Wednesday at the Federal Capital Territory High Court, where EFCC operative Chinedu Eneanya testified as the seventh prosecution witness in the ongoing trial.
Eneanya, led in evidence by EFCC counsel Rotimi Oyedepo (SAN), told the court that Emefiele sidelined the president’s approval memo, which clearly mandated that the project be executed domestically.
According to Eneanya, four former deputy governors of the apex bank—Adesonubi Folasodun, Adamu Edward, Kingsley Obiora, and Aisha Ahmed—were also questioned during investigations and made statements regarding their involvement in the controversial currency redesign.
“The approval of the president in the memo was completely jettisoned,” Eneanya stated.
Emefiele is currently facing a four-count charge over his alleged unauthorized redesign of the N200, N500, and N1,000 notes.
The EFCC claims that the former CBN chief bypassed the necessary approvals from both the President and the CBN Board, a move that reportedly caused significant financial losses to the country.
The anti-graft agency further told the court that the final currency designs released into circulation differed markedly from what was originally sanctioned by the presidency.
The approved version, according to EFCC, was to feature enhanced security elements such as a QR code and distinct color changes—features that were ultimately omitted.
The EFCC witness also disclosed that Emefiele contracted UK-based firm De La Rue for the redesign and printing of the currency notes, in direct contradiction of Buhari’s directive to execute the project locally in order to strengthen national security and promote local industry.
“For the design alone, the British firm was paid £205,000—equivalent to over N111 million at the exchange rate at the time,” Eneanya told the court.
He further noted that the entire process was rushed under an impractical timeline, leading to a poorly implemented project that failed to meet its intended objectives.