Alleged money laundering: Buhari approved naira redesign under Emefiele

A prosecution witness on Tuesday told an FCT High Court that the late former President, Muhammadu Buhari, approved the local redesign of the naira during the tenure of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.

A senior investigator with the Economic and Financial Crimes Commission (EFCC), Chinedu Emere, made the disclosure while testifying in the ongoing trial of Emefiele over alleged disobedience related to the naira redesign policy.

Emere, who appeared as the seventh prosecution witness, told the court that Emefiele wrote to Buhari seeking approval to redesign, produce and reissue the N1,000, N500, N200 and N100 notes.

Led in evidence by defence counsel, Olalekan Ojo (SAN), the witness said that following the presidential approval, the naira redesign was executed at the Nigerian Security Printing and Minting Company (NSPMC), while a foreign firm, De La Rue, handled the redesign after being paid in British Pounds Sterling.

The witness further explained that Emefiele cited several reasons for the currency redesign, including a high rate of counterfeiting, worsening shortages of banknotes in circulation and widespread hoarding of the currency by members of the public.

Meanwhile, following Emere’s disclosure that the EFCC had produced an investigative report on the naira redesign policy, the defence applied for the report to be made available to it.

Justice Maryann Anenih overruled the objection raised by prosecuting counsel, Rotimi Oyedepo (SAN), and directed him to furnish the defence with a copy of the report.

Emefiele is being prosecuted by the EFCC before Justice Anenih, sitting in Maitama, Abuja, on a four-count charge bordering on disobedience to the direction of law and committing an illegal act that allegedly caused injury to the public.

The defendant pleaded not guilty to the charges, and the case was adjourned to February 10.