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Ex-CBN Governor Emefiele Reveals How Banks Sparked Cash Crisis In Nigeria
The trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele resumed on Tuesday at a High Court in the Federal Capital Territory, Abuja, with a prosecution witness claiming that commercial banks’ cash hoarding contributed to the scarcity of the redesigned naira notes.....KINDLY READ THE FULL STORY HERE▶
Emefiele is facing a four-count charge filed by the Economic and Financial Crimes Commission (EFCC).
Testifying as the seventh prosecution witness (PW-7), EFCC operative Chinedu Eneanya stated that investigations revealed widespread hoarding of cash by banks during the implementation of the naira redesign policy.
Under cross-examination, Eneanya said the alleged hoarding caused significant hardship across the country, though he admitted he could not immediately identify which banks were involved.
He explained that the EFCC had set up a separate task force to address issues related to the hoarding. “My lord, as I stated earlier, the EFCC raised a task force for that. I did not say it was my team,” Eneanya told the court.
During proceedings, defence counsel Olalekan Ojo (SAN) asked whether the EFCC had arrested any bank officials connected to the alleged hoarding. The prosecution, led by A. Mohammed, objected, arguing that the question was beyond the witness’s scope, which was limited to confirming whether the naira redesign had proper approval.
Ojo insisted the question was relevant, noting that the hardship caused by the redesign policy formed a key part of the case against Emefiele.
In a bench ruling, Justice Maryann Anenih directed the witness to answer. Eneanya stated that he was not aware of any EFCC action against bank officials accused of hoarding and did not know who authorized EFCC visits to the banks during the period in question.
The court adjourned the trial until March 19 for the continuation of cross-examination.
Emefiele, who was CBN Governor during the contentious naira redesign exercise, continues to contest the EFCC’s charges.
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