The High Court of the Federal Capital Territory, Abuja, has fixed ten fresh hearing dates to conclude the trial of former Central Bank of Nigeria Governor Godwin Emefiele, who is facing charges related to the naira redesign, filed by the Economic and Financial Crimes Commission. The trial judge, Justice Maryann Anenih, set the dates on Wednesday following an agreement between counsel to the EFCC, Rotimi Oyedepo (SAN), and Emefiele’s lawyer, Olalekan Ojo (SAN), signaling the court’s intent to bring the proceedings, which commenced in 2024, to a timely conclusion.
Justice Anenih scheduled the trial to continue on February 3 and 10; April 1 and 2; May 11, 12, 13, and 14; and June 9 and 10, assuring both parties that adequate arrangements would be made to accommodate the trial and urging counsel to adhere strictly to the timetable. The judge emphasized the importance of discipline in following the set schedule to ensure the smooth and orderly progression of the case, underscoring the court’s commitment to delivering justice efficiently.
At Wednesday’s resumed hearing, EFCC witness Emere Chinedu, an operative of the commission and head of the inter-agency probe panel investigating Emefiele, testified that the Presidency under the late former President Muhammadu Buhari approved the redesign of the naira notes. Chinedu stated that the approval was communicated to the EFCC in writing following the commission’s enquiry, a key point meant to clarify the origin of the directive and counter claims that the redesign was implemented without presidential approval.
The witness highlighted, however, that the approval came with a specific condition: the printing of the redesigned naira notes was to be done locally, contrary to allegations that the notes were printed abroad under Emefiele’s watch. “The State House gave approval for the naira redesign, but with a proviso that it must be done locally,” Chinedu told the court, establishing that the implementation was subject to explicit presidential instructions.
Chinedu further told the court that Emefiele made six extra-judicial statements while appearing before the probe panel on October 26, 27, 30, 31, and November 1 and 2, 2023. These statements, according to the witness, formed part of the investigation process and were intended to clarify Emefiele’s actions and decisions during the period in which the naira redesign was executed.
During cross-examination, Chinedu declined to comment on claims by Emefiele that a former EFCC Chairman, Abdulrasheed Bawa, initially suggested the naira redesign to President Buhari. He emphasized that the EFCC has no authority to propose changes to the colour or design of the naira and that any role the commission played in the redesign could only have been advisory. This position, he noted, was consistent with the EFCC’s statutory mandate and the limits of its involvement in monetary policy decisions.
Chinedu also confirmed that video clips tendered by the EFCC to demonstrate the hardship suffered by Nigerians during the naira redesign existed prior to the establishment of the probe panel. He said the videos were downloaded from the internet and submitted as evidence to illustrate the alleged difficulties, adding that no staff of the television stations that produced the clips were interviewed, thereby clarifying the source and purpose of the material in court.
The EFCC witness stressed that the probe aimed to investigate the procedural and policy aspects of the naira redesign and that the evidence presented, including the extra-judicial statements and videos, were intended to provide context for the commission’s allegations. He reinforced that the commission’s interest was limited to evaluating compliance with existing regulatory and administrative directives.
Emefiele, who is standing trial under charge number FCT/HC/CR/264/2024, pleaded not guilty to the allegations filed against him by the EFCC. His legal team, led by Olalekan Ojo (SAN), has maintained that the former CBN governor acted within the scope of his authority and in line with the directives received from the Presidency, challenging the claims that he engaged in misconduct.
The court proceedings further highlighted the careful documentation undertaken by the EFCC during its investigation, including the collection of written approvals, recorded statements, and evidence of communications with the Central Bank and other relevant authorities. The court was presented with materials intended to substantiate the claims surrounding the redesign process and Emefiele’s role in executing the policy.
Justice Anenih adjourned the matter to February 3 for the continuation of cross-examination of Emere Chinedu, signaling the court’s structured approach to ensuring that all testimony is thoroughly examined before proceeding with further stages of the trial. The judge reminded counsel of the need to maintain focus on the evidence and to avoid digressing into matters outside the scope of the charges.
The ten scheduled dates, spanning from February to June 2026, are intended to allow adequate time for the completion of witness testimonies, cross-examinations, and submission of legal arguments, reflecting the court’s determination to handle the complex nature of the case methodically. This approach also underscores the significance of the trial in the context of Nigeria’s financial governance and accountability.
Both counsel for the EFCC and Emefiele have committed to adhering to the schedule, with the understanding that any delay could impact the timely conclusion of the proceedings. Justice Anenih’s insistence on adherence to the timetable reflects the judiciary’s focus on procedural discipline, especially in high-profile cases involving former public officials.