High-Stakes Trial: Emefiele's Naira Redesign Case Unravels in Court
The trial of former CBN Governor <b>Godwin Emefiele</b> continues as the EFCC tenders certified newspaper publications regarding the alleged unlawful naira redesign policy. The exhibits, including reports from major newspapers, were admitted without objection from the defense. Emefiele faces charges of disobeying the law and causing public injury through unauthorized currency printing.
In the ongoing trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, before Justice Maryanne Anineh of the Federal Capital Territory High Court in Maitama, Abuja, additional exhibits were admitted on Monday, focusing on the alleged unlawful redesign of the naira.
The Economic and Financial Crimes Commission (EFCC), prosecuting Emefiele, tendered certified newspaper publications and corresponding payment receipts through its eighth prosecution witness, Jegede Oluwasegun, an official of the National Library.
Led in evidence by EFCC counsel, Rotimi Oyedepo (SAN), Oluwasegun presented certified copies of reports from prominent Nigerian newspapers, including The Punch, ThisDay, Vanguard, Daily Sun, and The Nation. These publications contained reports directly related to the controversial naira redesign policy.
Oyedepo clarified to the court that these documents were provided in response to a motion on notice filed by the defence on March 31, 2026, which requested the prosecution to supply all press releases and newspaper publications concerning the alleged unlawful act. The defence team raised no objections, leading to the admission of these documents as evidence.
Emefiele is facing a four-count charge, marked CR/264/2024, brought by the EFCC. The charges primarily border on disobedience to the direction of law and illegal acts causing injury to the public. Specifically, he is alleged to have, between October 19, 2022, and March 5, 2023, violated Section 19 of the CBN Act. This was by approving the printing of 375,520,000 pieces of colour-swapped N1,000 notes at a total cost of N11,052,068,062 without the mandatory recommendation of the CBN Board and the strict approval of the President of the Federal Republic of Nigeria, thereby causing injury to the public.
These alleged offences are contrary to Section 123 of the Penal Code, Cap 89, Laws of the Federation, 1990, and are punishable under the same law. Emefiele has pleaded not guilty to the charges.
During cross-examination by defence counsel, Olalekan Ojo (SAN), Jegede Oluwasegun clarified the scope of his responsibilities at the National Library.
He stated that his duties were limited to assisting readers with information needs and certifying newspaper documents. He explicitly informed the court that he neither authored the newspaper reports nor possessed personal knowledge of their contents beyond his role in certifying their authenticity.
Oluwasegun affirmed, “What I do is to certify the newspapers. I cannot 100 per cent say the content of the papers is right. I am not the author.” Ojo subsequently referred to and tendered a This-Day publication from January 31, 2023, along with its certification, which the witness confirmed. The prosecution did not object, and this document was also admitted as an exhibit. Following these proceedings, Justice Maryanne Anenih adjourned further trial until May 12.