Ex-CBN Governor Emefiele Lacked Approval for N18.9 Billion Naira Redesign

Ahmed Umar, a former Director of Operations at the Central Bank of Nigeria (CBN), has made significant claims in court. 

He stated that the decision to redesign the naira notes by former Governor Godwin Emefiele did not receive the necessary approvals. 

It alleged that Emefiele, “knowingly disobeying the direction of Section 19 of the CBN Act, 2007”  approved “the printing of N375,520,000 pieces of colour swapped N1,000 notes, at the total cost of N11,052, 068,062 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria, among other things.”

Details of Ex-CBN Governor Alleged Misconduct

This testimony was part of the ongoing trial concerning Emefiele’s actions while he was in office.

The court case, overseen by Justice Maryanne Anenih, gained attention after the Economic and Financial Crimes Commission (EFCC) filed charges against Emefiele. The charges accuse him of redesigning and printing new naira notes without approval from the CBN Board or former President Muhammadu Buhari.

Details from the EFCC allege that Emefiele authorized spending nearly N19 billion on new currency, which was not legally approved. 

This includes a significant amount on new N1,000 notes and other denominations, totalling more than N11 billion, without following proper procedures.

Umar, who retired in 2023 after working at the CBN for 35 years, explained the usual process for such decisions. 

Testimony from Ex-Director

He noted that a memo about the new naira design was drafted in August 2022 and later reviewed. 

However, it failed to gain approval from the Committee of Governors in October 2022.

“The necessary approvals for the proposed changes, including the introduction of a new N200 note and the project’s timeline for 2023, were not secured,” Umar stated. 

He emphasized that CBN regulations require a recommendation from the Board and the President’s approval before any new currency production can start.

This case continues to unfold, highlighting critical governance and oversight issues within Nigeria’s central banking system. 

The court also accepted a key document from the CBN Operations Department as part of the evidence against Emefiele.