Former CBN Deputy Governor Edward Adamu testified before the Federal Capital Territory High Court in Abuja on Wednesday, alleging that ex-CBN Governor Godwin Emefiele bypassed protocols in the Naira redesign.
Adamu, a key witness for the EFCC, claimed that the redesign of the N200, N500, and N1000 notes, initiated during former President Muhammadu Buhari’s administration, lacked required approvals from the President and the CBN Board.
He explained that the proper procedure begins with a proposal from the Director of Currency Operations, which is then passed to the Committee of Governors (COG) and the CBN Board, before receiving presidential approval. However, Adamu alleged that Emefiele skipped these steps, presenting what he called a presidential approval directly to the COG.
Adamu also noted discrepancies between the approved currency design and what was issued, accusing Emefiele of making changes on his own. When questioned by Defence Counsel Olalekan Ojo, Adamu admitted that during his tenure, it was not common for a president to approve a redesign without CBN Board involvement, though he recalled one instance when funds were released to ECOWAS without prior board approval.
Justice Maryanne Anenih adjourned the trial until November 17.
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