A key prosecution witness in the ongoing trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele has testified that Emefiele fully complied with former President Muhammadu Buhari’s instruction that the redesigned Naira notes be produced locally in Nigeria.
Chinedu Emere, the seventh prosecution witness (PW7) and an investigator with the Economic and Financial Crimes Commission (EFCC), gave the testimony during cross-examination at the Abuja High Court presided over by Justice MaryAnenih.
Emefiele is facing trial on charges including an alleged illegal act causing injury to the public, said to contravene Section 123 of the Penal Code, Cap 89 Laws of the Federation 1990, and punishable under the same law. He pleaded not guilty to the charge.
Under cross-examination by Emefiele’s counsel, Olalekan Ojo, SAN, Emere confirmed that Emefiele submitted a memorandum dated October 6, 2022, to then-President Buhari seeking approval to redesign, produce, and reissue the N1,000, N500, N200, and N100 notes.
According to the witness, Buhari approved the redesign but added a handwritten minute: “Approved. But to be produced locally.”
Emere told the court that Emefiele cited several reasons for the redesign policy, including the high rate of counterfeiting and worsening shortages of banknotes in circulation.
He stated that the CBN subsequently raised bills of settlement to the Nigerian Security Printing and Minting Company (NSPMC) for the production of the redesigned notes.
When asked to confirm whether the notes were in fact produced by NSPMC, Emere answered in the affirmative: “The Nigerian Security Printing and Minting Company produced the redesigned notes. This was in compliance with presidential directive for local production of the Naira notes.”
However, Emere clarified that while production occurred locally at NSPMC, the actual redesign of the notes—including their features—was handled by the British firm De La Rue.
He explained that in 2023, the CBN made payments to De La Rue in British Pound Sterling for the redesign work, while payments to NSPMC for production were made in Naira.
Emere further confirmed that De La Rue was the original designer of the Naira notes that were later subjected to redesign, and that the security features incorporated were products of the foreign company.
When asked whether any of Emefiele’s deputy governors had told EFCC investigators during the probe if any Nigerian company had ever designed Naira notes for the government, Emere said he could not recall any such statement, adding that it was not the focus of their investigation.
He also stated that the investigation revealed Buhari eventually launched the redesigned notes publicly, but he could not remember whether the former president raised any complaints about them afterward.
Emere confirmed that the EFCC investigation team prepared an investigative report upon completion of their assignment.
Ojo then requested to tender the report in court, but prosecution counsel Rotimi Oyedepo, SAN, objected, stating that the prosecution was not in custody of the document.
Justice MaryAnenih overruled the objection in part and ordered the prosecution to make the investigative report available to the defence to facilitate its case.
The matter was adjourned to February 10, 2026, for continuation of hearing.
Related developments mentioned in court proceedings and coverage include:
– A previous witness taking responsibility for an alleged $2.5 million illegal withdrawal from the CBN.
– EFCC tendering a petition in a separate trial involving former Minister of Labour Chris Ngige over alleged contract fraud.
This testimony forms part of the EFCC’s case against Emefiele, who has faced multiple charges since his arrest following the end of the Buhari administration.
