The trial of the former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, resumed on Thursday at the Federal Capital Territory (FCT) High Court in Maitama, with new revelations about inconsistencies in the naira redesign process.
Kingsley Obiora, the former Deputy Governor of Policy at the CBN and the fifth prosecution witness, testified via Zoom before Justice Maryann Anenih. During his testimony, Obiora disclosed that the redesigned naira notes circulated under Emefiele’s leadership differed from the initial approval granted by the then-President.
“The approval by the President was different from what was eventually produced,” Obiora stated, referring to evidence presented by prosecution counsel Rotimi Oyedepo SAN. He noted that the discrepancy became apparent when he compared the President’s original authorization with the final currency released.
Obiora, who served at the CBN for over seven years, outlined the role of the Committee of Governors (COG) in the naira redesign process. The COG, chaired by the governor and comprising four deputy governors and the director of corporate services, met weekly to discuss key policy decisions.
He clarified that while the COG made significant decisions, the CBN Board was not involved in the day-to-day management of the institution but primarily served as a policy endorsement body. According to him, the board was only formally informed of the naira redesign in mid-December 2022, several months after the COG had already deliberated on the matter.
Obiora emphasized, “The board’s role was to endorse policies, not to initiate them,” highlighting the limited scope of its involvement in the redesign.
Reflecting on his tenure at the CBN, Obiora mentioned a previous currency redesign in 2014, involving the N100 note, during his early years as a special adviser. However, he admitted that his direct experience with currency design processes was limited.
The trial continues, with further scrutiny on Emefiele’s leadership and the decision-making processes surrounding the controversial naira redesign policy.
