Trial of Former CBN Governor Continues Amid Allegations of Procedure Bypass

The trial of the former Governor of the Central Bank of Nigeria (CBN) continued on Wednesday, with Edward Adamu, a former CBN Deputy Governor, appearing as the fourth prosecution witness. The Federal Government is prosecuting Godwin Emefiele over his management of the naira redesign policy implemented by the CBN in late 2022.

The case is being heard by Justice Maryanne Anenih at the Federal Capital Territory High Court in Maitama, Abuja. Emefiele is facing four charges, including allegations of bypassing laid-down procedures during the 2022 naira redesign exercise, according to Edward Adamu’s testimony.

Under questioning by Rotimi Oyedepo (SAN), prosecuting counsel for the Economic and Financial Crimes Commission, Adamu detailed that previous naira redesigns were executed with the intent to manage currency issues such as circulation volume, inflation, and counterfeiting. He added that such procedures were traditionally initiated by the Director of Currency Operations and required approval from the CBN Board and the President.

Adamu alleged that Emefiele circumvented the standard process by presenting a supposed presidential approval directly to the Committee of Governors, leading to the policy’s implementation without Board consent. He also noted that the final design of the naira notes differed from what was initially approved, suggesting unilateral changes by Emefiele.

During cross-examination, defense counsel Olalekan Ojo (SAN) questioned the witness about the procedural norms and exceptions to the rule regarding presidential and board approvals. Adamu confirmed that bypassing the board was not standard practice.

Ojo further inquired about whether he knew of instances where funds were released under presidential authority without CBN Board approval, to which Adamu admitted knowledge of one case. However, he could not recall any repercussions for deviations from the CBN Act procedures.

The defense attempted to highlight inconsistencies in Adamu’s courtroom testimony compared to a previous statement made to the EFCC. However, the court allowed Adamu to review his prior statement for clarity.

Justice Anenih has adjourned the case until November 18, when the trial will continue.