Former deputy governor of the Central Bank of Nigeria (CBN), Mr Edward Adamu, has given former President Muhammadu Buhari a clean bill of health in the controversial naira redesign policy of the former governor of the apex bank, Mr Godwin Emefiele.
He testified as the fourth witness in the four-count trial of Emefiele before Justice Maryanne Anenih of the Federal Capital Territory High Court, Maitama in Abuja.
Led in evidence by the counsel for the Economic and Financial Crimes Commission (EFCC), Mr Rotimi Oyedepo, the witness claimed that the 2022 naira redesign exercise carried out by Emefiele during Buhari’s administration was neither approved by the president nor the CBN board, contrary to the law.
He told the court that during his time as a CBN staff, he witnessed previous redesigns of the naira, carried out with the aim of addressing issues of volume of currency in circulation, inflation, counterfeiting and general currency management, among others.
Adamu explained that the standard procedure for a naira redesign originates from the director of currency operations and is passed on to the committee of governors, who then forward it to the CBN board for approval before it reaches the President.
He alleged that Emefiele bypassed the process.
Instead, Adamu testified that Emefiele convened a meeting of the committee of governors, where he presented a purported presidential approval for the redesign and proceeded with implementation.
He further noted that, upon reviewing Exhibit E2, which was admitted as evidence, the design of the naira notes currently in circulation differed slightly from what was approved by both President Buhari and the CBN Board.
He asserted that these changes were made unilaterally by Emefiele.
During cross-examination, the defence counsel, Mr Olalekan Ojo, asked Adamu if, prior to the naira redesign, it was customary for a board recommendation to precede presidential approval, to which he answered in the affirmative.
Ojo then asked if there had ever been a practice where the president gave approval before the board was informed, to which he said such a practice was not the norm during his tenure.
The defence counsel further questioned Adamu on whether he was aware of instances where the president approved the release of funds to ECOWAS, the military, or other countries without prior consultation with the CBN board or committee of governors, to which he admitted to being aware of one such instances.
Ojo also inquired if Adamu knew of any consequences for not adhering to procedures outlined in the CBN Act, which he said he could not recall.
Referring to an earlier statement made to the EFCC on February 24, 2024, Ojo asked Adamu if he recalled saying that the minutes of CBN Meeting 764 were adopted, to which he responded that he could not remember.
The defence counsel argued that the witness’s account in court was inconsistent compared to his statement to the EFCC.
The prosecution counsel objected, arguing that the witness’s testimony and prior statement were not yet in evidence before the court.
The judge subsequently allowed the witness to refresh his memory by reviewing his statement, which he did.
The defence counsel then asked Adamu if he was privy to any discussions between the former CBN governor and the president regarding the specifics of the redesign, to which he said no.
Justice Anenih adjourned the case till November 18 for the continuation of the trial.
SOURCE: newsgazette.com.ng