Court Fixes 10 Days to Conclude EFCC’s Naira Redesign Trial Against Ex-CBN Governor Emefiele

A High Court of the Federal Capital Territory (FCT), Abuja, has fixed ten additional days for the conclusion of the trial of former Central Bank of Nigeria (CBN) Governor, Godwin Ifeanyi Emefiele, over alleged corruption linked to the controversial naira redesign policy introduced during the final months of the Muhammadu Buhari administration.

Justice Maryann Anenih set the dates on Wednesday following an agreement between counsel to the Economic and Financial Crimes Commission (EFCC), Rotimi Oyedepo, SAN, and Emefiele’s defence counsel, Olalekan Ojo, SAN. The court-approved dates are February 3 and 10; April 1 and 2; May 11, 12, 13, and 14; as well as June 9 and 10. The trial, which commenced in 2024, is expected to be concluded within this timeline.

Justice Anenih emphasised the need for commitment and discipline from both parties, urging lawyers to respect the court’s schedule. She assured them that the court would make adequate provisions to ensure proceedings are conducted smoothly and without unnecessary delays.

At the resumed hearing, testimony from an EFCC witness, Mr Emere Chinedu—an operative of the anti-graft agency—added a significant twist to the prosecution’s case. Chinedu, who headed the inter-agency probe panel that investigated Emefiele, admitted under oath that the Presidency under former President Muhammadu Buhari formally approved the redesign of the naira notes.

According to the witness, the approval was communicated to the EFCC in writing following an inquiry to the State House. However, he noted that the approval came with a critical condition: the redesigned naira notes were to be printed locally within Nigeria. This condition, he said, was allegedly breached, as the printing of the new notes was carried out outside the country during Emefiele’s tenure.

“In the course of our investigation, we wrote to the State House to confirm whether approval was granted for the naira redesign,” Chinedu told the court. “The response confirmed that approval was given, but with a proviso that the printing should be done locally.”

The EFCC witness further disclosed that Emefiele made six separate extrajudicial statements during the investigation. These statements, he said, were recorded on October 26, 27, 30, and 31, as well as November 1 and 2, 2023, and were intended by the former CBN governor to explain and defend his role in the policy.

During cross-examination, Emefiele’s counsel attempted to explore claims allegedly made by the defendant that a former EFCC Chairman, Abdulrasheed Bawa, was the first to suggest the naira redesign to President Buhari. However, the witness declined to substantiate that claim, stating that the EFCC lacks the authority to propose changes to the design or colour of the naira.

“The EFCC has no power to recommend or initiate a naira redesign,” Chinedu said, adding that any such involvement by the agency would be purely advisory and not directive.

The witness also addressed a collection of video clips tendered by the EFCC, showing Nigerians complaining of severe hardship during the cash scarcity triggered by the naira redesign and cashless policy. He admitted that the videos predated the establishment of the probe panel and were downloaded from the internet.

Chinedu acknowledged that he neither knew the journalists nor the television stations’ staff who produced the clips, nor did he interview any of the individuals featured in the broadcasts. He said the videos were presented solely to demonstrate the alleged suffering endured by Nigerians as a result of the policy.

Emefiele is being prosecuted under charge number FTC/HC/CR/264/2024 and has pleaded not guilty to all allegations. The case has drawn widespread public attention due to the far-reaching impact of the naira redesign policy, which caused acute cash shortages, disrupted businesses, and sparked nationwide outrage in late 2022 and early 2023.

Public reactions to the ongoing trial remain deeply divided. While some Nigerians insist that Emefiele must be held accountable for the economic hardship associated with the policy, others argue that the prosecution is politically motivated and lacks sufficient evidence to secure a conviction. Critics have also questioned why responsibility appears to rest largely on the former CBN governor, despite the policy being approved at the highest level of government.

Supporters of Emefiele maintain that the naira redesign and cashless drive, though poorly implemented, were aimed at curbing inflation, reducing kidnapping, limiting vote-buying, and strengthening monetary control. They argue that systemic failures, infrastructure deficits, and political interference ultimately undermined the policy.

With the court now setting firm deadlines, many Nigerians are eager to see the matter brought to a definitive conclusion. Justice Anenih adjourned further cross-examination of the EFCC witness to February 3, signaling the court’s determination to prevent the case from dragging indefinitely.

As the trial enters its final phase, its outcome is expected to shape public perception not only of Emefiele’s legacy but also of Nigeria’s broader approach to accountability, institutional responsibility, and the intersection of politics and economic policy.