Emefiele’s naira redesign brought hardship on Nigerians — EFCC witness

A Federal Capital Territory High Court in Maitama heard startling testimony on Thursday regarding the controversial naira redesign policy implemented under former Central Bank Governor Godwin Emefiele. An Economic and Financial Crimes Commission investigator testified that the currency overhaul inflicted significant hardship on Nigerian citizens.

Chinelo Eneanya, serving as the seventh prosecution witness in Emefiele’s trial, provided detailed evidence about the investigation into the alleged unlawful naira redesign. The EFCC investigator stated his team thoroughly examined the policy’s implementation and its devastating effects on the public.

Under examination by prosecuting lawyer Rotimi Oyedepo (SAN), Eneanya revealed that video evidence presented in court clearly demonstrated how the naira redesign exercise injured ordinary Nigerians. The witness explained that his investigation specifically focused on whether the defendant’s actions had caused public harm.

“Our investigation looked at the allegation that the conduct of the defendant caused injury to the people,” Eneanya told the court. He emphasized that the currency redesign severely affected citizens across the nation, with investigators reviewing comprehensive documentary, electronic, and audiovisual evidence.

The prosecution presented substantial evidence including six video recordings from major television networks: News Central, Channels Television News, TVC News, and Arise News. These videos captured the widespread public frustration and difficulties Nigerians experienced during the currency swap period.

As detailed in the complete version, there are several key factors to consider.

Additional documents admitted as evidence included the certificate of identification, certified true copies of delivery notes, meeting notices, and settlement bills for the redesigned naira notes from 2022 and 2023. Defence lawyer Olalekan Ojo (SAN) raised no objections to admitting these materials.

When questioned about the investigation’s findings from the video evidence, Eneanya described scenes of widespread public frustration. Citizens struggled to meet daily needs while businesses suffered significant disruptions due to the abrupt currency change.

The witness revealed another crucial finding: board members and the CBN’s Committee of Governors only learned about presidential approval after the exercise had been approved. This discovery suggested potential procedural irregularities in the policy’s implementation.

Eneanya explained that investigators specifically examined how laws governing currency policy changes were applied or potentially abused during the redesign process. The investigation aimed to determine whether established protocols were properly followed.

The proceedings encountered a legal objection when Ojo challenged the witness’s attempt to reference the Supreme Court’s judgment on the naira redesign. The defence lawyer argued that no witness could give evidence on a public document they didn’t create.

Justice Maryanne Anenih overruled the objection in a brief ruling, siding with the prosecution’s position. The judge clarified that the argument concerned giving evidence about a document rather than improperly submitting evidence to the court.

Eneanya confirmed that investigators had interviewed Emefiele during their probe and subsequently tendered the defendant’s extrajudicial statements as evidence. The investigation specifically questioned the former CBN governor about whether the Board of Governors had properly approved the naira redesign exercise.

Following Ojo’s request for adjournment to prepare for cross-examination, which the prosecution didn’t oppose, Justice Anenih scheduled the next hearing for November 26. The case continues to unfold as both sides prepare for further examination of evidence and witnesses.