Emefiele To Know Fate Soon As Court Sets Timeline

The Federal Capital Territory (FCT) High Court in Abuja has fixed ten additional hearing dates to conclude the high-profile corruption trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, over the controversial naira redesign policy.

Justice Maryanne Anenih scheduled the new dates after both the Economic and Financial Crimes Commission (EFCC) and Emefiele’s legal team reached an agreement in court. The EFCC is represented by Rotimi Oyedepo (SAN), while Olalekan Ojo (SAN) is leading the defence.

The court set the following dates to speed up proceedings and bring the long-running case to an end: February 3 and 10; April 1 and 2; May 11, 12, 13 and 14; and June 9 and 10. Justice Anenih urged lawyers on both sides to strictly keep to the schedule, assuring that the court would provide the necessary support to ensure the trial is concluded without further delays. The case, which began in 2024, has continued to attract nationwide attention due to its connection to Nigeria’s currency crisis and economic reforms.

During the latest hearing, an EFCC operative, Emere Chinedu, who headed the inter-agency investigative panel on Emefiele, made a key revelation. He confirmed that the Presidency under former President Muhammadu Buhari approved the naira redesign policy, but with a condition that the printing of the new notes should be carried out locally in Nigeria rather than abroad.

According to the witness, the approval was communicated to the EFCC through an official written response from the State House after the agency sought confirmation of the authorization. He stated that the Presidency granted approval for the naira redesign but insisted it must be done locally.

Chinedu also disclosed that Godwin Emefiele made six separate extra-judicial statements while appearing before the investigative panel as part of his defence. The statements were reportedly made on October 26, 27, 30 and 31, as well as November 1 and 2, 2023.

Under cross-examination by Emefiele’s counsel, the EFCC witness declined to support claims that former EFCC Chairman Abdulrasheed Bawa was the first to suggest the naira redesign to President Buhari. He maintained that the EFCC does not have the authority to propose changes to the colour or design of the naira, adding that any role the commission might play would only be advisory.

The EFCC also tendered video clips from various Nigerian television stations showing citizens complaining about economic hardship during the naira redesign period. However, the witness admitted that the videos already existed before the investigative panel was set up, were downloaded from the internet, and were not directly obtained from the media organisations. He further stated that no staff of the television stations were interviewed and the original creators of the content were not verified.

Justice Anenih subsequently adjourned further cross-examination of the EFCC witness to February 3, which marks the first of the newly scheduled hearing dates. The outcome of the Emefiele naira redesign trial is expected to have significant implications for Nigeria’s financial governance, anti-corruption efforts, and public confidence in monetary policy decisions.