Chinedu Eneanya, a witness in the ongoing trial of former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has told a High Court in the Federal Capital Territory (FCT), Abuja, that the redesigned naira notes were produced locally on the directive of the late ex-President Muhammadu Buhari.
Eneanya, who testified on Tuesday as the seventh prosecution witness, said the production of the redesigned notes was carried out by the Nigerian Security Printing and Minting Company (NSPMC) in line with Buhari’s approval.
The witness, under cross-examination by Olalekan Ojo, Emefiele’s counsel, said the former CBN governor had written a memorandum dated October 6, 2022, to Buhari, requesting approval to redesign and reissue the N1,000, N500, N200 and N100 notes.
He told the court that the late former president approved the request but gave a specific directive that the notes should be produced within Nigeria.
“The defendant (Emefiele) sought approval of bank notes attached to the memorandum which had been redesigned already,” Eneanya said.
“The minute of the former president was that the production be done. He minuted: ‘Approved. But to be produced locally’.”
The witness further told the court that Emefiele outlined several reasons for the redesign policy in the memorandum, including the high rate of counterfeiting, worsening scarcity of cash in circulation, and the hoarding of naira notes by members of the public.
Eneanya said following the approval, the CBN raised bills of settlement to NSPMC for the production of the redesigned notes.
Asked whether the redesigned notes were eventually produced by the minting company, he responded in the affirmative.
“The Nigerian Security Printing and Minting Company produced the redesigned notes. This is in compliance with presidential directive for local production of the naira notes,” he said.
However, the witness clarified that while the production was done locally, the redesign was carried out by De La Rue, a foreign company.
He told the court that the CBN made payments to De La Rue in pounds sterling for the redesign in 2023, while payments to NSPMC for production were made in naira.
Eneanya confirmed that De La Rue was the company that originally designed the naira notes that were later redesigned, adding that the security features incorporated into the new notes were also developed by the foreign firm.
The witness said he could not recall whether any of the CBN deputy governors informed the Economic and Financial Crimes Commission (EFCC) during the investigation that a Nigerian company had ever designed naira notes for the country, noting that the focus of the investigation was not on that issue.
The witness also told the court that Buhari eventually launched the redesigned notes but said he could not remember if the late former president raised any complaint about them.
