By Joke Kujenya
A DRAMATIC turn of events occurred on Tuesday as Ahmed Umar, a former Director of Operations at the bank, testified against him in the ongoing trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele.
Umar revealed that the controversial naira redesign policy implemented in 2022 was carried out without the necessary approval from the Committee of Governors.
Led in evidence by Economic and Financial Crimes Commission (EFCC) prosecutor Rotimi Oyedepo (SAN), Umar recounted the sequence of events leading up to the redesign. He explained that in August 2022, his department was instructed to draft a proposal for new naira notes. “The management of CBN directed my department to come up with a memo on the design of the naira note sometime in August 2022,” Umar stated.
The proposal, prepared by Umar’s department, was subsequently reviewed by the Committee of Governors, which included the CBN Governor and four other members. However, during the presentation on October 26, 2022, the committee did not fully endorse the plan. “We humbly requested the implementation of the amendment. The extract from the Committee of Governors did not approve item one and item three. While item two was modified to include the N200 denomination, the proposal for the exercise in 2023 wasn’t approved by the committee,” Umar testified.
The EFCC has charged Emefiele with spending N18.96 billion on the printing and distribution of new naira notes without the necessary approvals from the CBN Board and then-President Muhammadu Buhari. Despite these allegations, Emefiele has maintained his innocence and pleaded not guilty to the charges.
The trial continues to unfold, shedding light on the internal processes and decisions that led to the controversial naira redesign policy, which has had significant implications for Nigeria’s economy and governance.
