PEOPLES GAZETTE
A former deputy governor of the Central Bank of Nigeria (CBN), Kingsley Obiorah, said on Thursday that the board of the apex bank had never recommended the 2022 naira redesign to former President Muhammadu Buhari.
Mr Obiorah said this while testifying virtually before the FCT High Court at the resumed hearing in the ongoing trial of the suspended governor of the CBN, Godwin Emefiele.
Mr Emefiele is standing trial before Justice Maryanne Anenih on a four-count charge bordering on disobedience to the direction of the law and an illegal act causing injury to the public.
He is being prosecuted by the Economic and Financial Crimes Commission (EFCC) on behalf of the federal government in the charge marked FCT/HC/CR/264/2024. He, however, pleaded not guilty to the charge.
Led in evidence-in-chief by the prosecution counsel, Rotimi Oyedepo (SAN), Mr Obiorah said he served as a special adviser to Mr Emefiele on economic matters.
Mr Obiorah, who later became deputy governor, said the CBN board first heard of the naira redesign policy on December 15, 2022.
“To the best of my recollection, the first day this policy (naira redesign) was discussed at the board meeting was mid-December 2022. I think it was around December 15, 2022.
“The governor (Emefiele) invited the deputy governor, Operations and Director, Currency Operations, to present that same memo that the Committee of Governors (COG) saw in October. He also informed the board of the president’s approval.
“I do not recollect any instance where the board made a recommendation for naira redesign to the president. The board did not recommend the naira redesign,” said Mr Obiorah, who testified as the fifth prosecution witness (PW5).
He earlier told the court that Mr Emefiele informed the four CBN deputy governors of the naira redesign policy at an event in Lagos on October 25, 2022, adding that they advised him against announcing the policy at the event.
“On that day, we were in Lagos to commemorate the first anniversary of the digital currency, E-Naira. During the break between the first two sessions of the event, the governor (Emefiele) called the four deputy governors and informed us of plans to redesign the currency.
“He was contemplating announcing it that day at the event. My personal reaction was that the event may not be in the appropriate place. That was the first time I became aware of the plan.
“Secondly, my comment was that we would need time to study the policy and make inputs,” the witness told the court.
According to Mr Obiorah, Mr Emefiele told the four deputy governors that the secrecy of the redesign policy was to ensure its effective implementation.
He said that on October 26, 2022, the defendant, the deputy governor in charge of operations, Ade Shonubi, circulated and presented a memo for naira redesign.
“The deputy governor, operations, presented the memo to the COG and it was deliberated on. During the discussion, the governor mentioned that he got the approval of the president for the policy.
“After the COG meeting, the governor and two deputy governors joined a news conference to announce the policy to the public. All this happened on October 26, 2022,” he told the court.
Under cross-examination by counsel for Mr Emefiele, Olalekan Ojo (SAN), the witness confirmed that he had previously worked as a technical adviser to former President Goodluck Jonathan.
He said at its December 15, 2022 meeting, the CBN board ratified the decision of the COG on the naira redesign policy, saying, “This ratification is in respect of the redesigned Naira already in circulation.”
The PW5 also said he was aware of instances of presidential approval for the disbursement of funds to Chad, the Niger Republic and the military, which the CBN complied with.
“Such a presidential request would come to the governor. He would usually let the committee (COG) know, and it…
