Investigation reveals public struggle during cash crunch under former CBN Governor Emefiele.
The Economic and Financial Crimes Commission (EFCC) on Thursday presented its seventh prosecution witness, Chinelo Eneanya, who told a Federal Capital Territory (FCT) High Court that the naira redesign policy under former Central Bank of Nigeria (CBN) Governor Godwin Emefiele caused significant hardship for ordinary Nigerians.
Eneanya, an EFCC investigator involved in probing the alleged unlawful redesign exercise, explained that his team examined a wide range of evidence, including documents, electronic materials, and audiovisual recordings, to determine the policy’s impact on the public.
“We looked at the documentary, electronic, and audiovisual evidence of the effect of the naira redesign on the public,” Eneanya said.
The court admitted multiple exhibits, including documents, video recordings, certificates of identification, certified delivery notes, and notices of meetings. Six video clips produced by four national television stations were played in court, alongside bills of settlement for the redesigned naira notes in 2022 and 2023. Defence counsel, Olalekan Ojo (SAN), raised no objection to the submissions.
Eneanya told the court that the videos revealed widespread frustration, with many Nigerians struggling to sustain their businesses and meet daily needs amid the cash shortage. He also noted that members of the CBN Board and Committee of Governors only learned of presidential approval after the redesign had been implemented.
“In the course of the investigation, we set out to determine how the laws on changes to the naira policy were applied or abused,” he added.
When Eneanya attempted to discuss the Supreme Court’s judgment regarding the redesign, the defence objected, arguing that a witness could not comment on a public document he did not author. Justice Maryanne Anenih overruled the objection, ruling that evidence could be given on the document’s content.
The witness confirmed that Emefiele was interviewed during the investigation, and that his extra-judicial statements to EFCC investigators were submitted as evidence. Eneanya also stated that the former governor was questioned on whether the Board of Governors approved the policy.
Justice Anenih adjourned the case to November 26 after the defence requested additional time to cross-examine the witness.
About the Author
