The trial of Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), resumed on Wednesday with testimony from Edward Adamu, a former Deputy Governor of the CBN.
Emefiele is facing prosecution by the Federal Government due to the controversial naira redesign policy implemented during his tenure in late 2022.
Adamu, appearing as the fourth witness for the prosecution, stated that Emefiele violated established procedures during the naira redesign process.
He explained that typically, such a process begins with the Director of Currency Operations and is then reviewed by the Committee of Governors before being submitted for approval to both the CBN Board and the President. However, Adamu alleged that Emefiele bypassed these protocols entirely.
During his testimony, Adamu indicated that Emefiele convened a meeting with the Committee of Governors, where he presented what he claimed was presidential approval for the redesign. This action was contrary to legal requirements, as neither former President Muhammadu Buhari nor the CBN Board had sanctioned the changes made to the currency notes currently in circulation.
Adamu noted that there were discrepancies between these notes and what had been approved by both the President and the CBN Board.
In cross-examination, defense counsel Olalekan Ojo questioned Adamu about standard practices regarding presidential approvals and board recommendations.
Adamu confirmed that it was customary for board recommendations to precede any presidential approval. When asked if he was aware of instances where funds were released without prior consultation with the CBN Board, Adamu acknowledged such occurrences but could not recall specific consequences for procedural violations outlined in the CBN Act.
The defense also highlighted inconsistencies between Adamu's courtroom testimony and his earlier statements to the Economic and Financial Crimes Commission (EFCC).