The trial of the former Governor of the Central Bank of Nigeria, Mr. Emefiele, the former CBN Deputy Governor, Edward Adamu, testified as the fourth witness.
Emefiele is facing prosecution by the Federal Government over the controversial naira redesign policy that took place under his leadership in late 2022.
The trial is being held at the Federal Capital Territory High Court in Abuja, with Justice Maryanne Anenih presiding. The prosecution’s fourth witness, Edward Adamu, testified that Emefiele did not follow the proper procedure for the naira design exercise in 2022.
Adamu claimed that the redesign was carried out without the necessary approvals from the President or the CBN Board, which goes against the established protocol.
Adamu further alleged that Emefiele bypassed the standard procedure for the naira redesign and made unilateral changes to the design of the naira notes currently in circulation. During cross-examination, Adamu confirmed that it was customary for a board recommendation to precede presidential approval and stated that such a practice was not the norm during his tenure.
The defense counsel questioned Adamu about his knowledge of instances where the President approved the release of funds without prior consultation with the CBN Board or Committee of Governors. Adamu admitted to being aware of one such instance.
The defense also pointed out inconsistencies in Adamu’s testimony compared to his previous statement to the EFCC. The trial has been adjourned until November 18 for the continuation of the proceedings.
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