Emefiele’s Rebellion: The Shocking Truth Behind Ignoring Buhari’s Naira Design Approval

Eneanya, an EFCC investigator and Principal Witness 7, claimed that Buhari had approved a design featuring advanced security elements, including color changes and a QR code. However, Eneanya testified that Emefiele disregarded these specifications and proceeded with an alternative design. Led by EFCC counsel Rotimi Oyedepo (SAN), the witness stated that four CBN deputy governors—Adesonubi Folasodun, Adamu Edward, Kingsley Obiora, and Aisha Ahmed—were questioned and confirmed that Buhari’s directive had been ignored.

“The approval from the President in the memo was entirely disregarded,” Eneanya told the court.

Emefiele faces a four-count charge relating to abuse of office and financial misconduct, including claims that he redesigned the N200, N500, and N1,000 notes without approval from the President or the CBN Board.

Eneanya further alleged that Emefiele’s actions led to unnecessary financial expenditures that could have been used for other national priorities. He claimed that although Buhari had ordered that the new naira notes be designed and printed locally, Emefiele awarded both contracts to the UK-based firm De La Rue and made payments in pounds sterling.

“For the design alone, the British firm was paid £205,000, which amounted to over N111 million at the prevailing exchange rate,” the witness stated.

Eneanya also testified that Emefiele and the Managing Director of the Nigerian Security Printing and Minting Company, Ahmed Halilu, eventually opted for a simpler design, making only color adjustments to meet the CBN governor’s timeline.

When the witness claimed that Emefiele had “disobeyed” the presidential directive, Emefiele’s counsel, Olalekan Ojo (SAN), objected, arguing that the witness could not make such a conclusion. However, Justice Maryanne Anenih overruled the objection, allowing Eneanya to continue with his testimony.

Prosecuting counsel Oyedepo, citing the length of the testimony, requested an adjournment for its continuation.

The EFCC also informed the court that additional evidence, including electronic materials, had been submitted, and disclosed plans to call two UK-based witnesses to testify virtually.