Ahmed Umar, a former Director of Currency Operations at the Central Bank of Nigeria (CBN) has revealed deviations in the Naira re-design project, pointing out differences in the designs approved by President Muhammadu Buhari and those eventually produced.
Led by prosecuting counsel Rotimi Oyedepo, SAN, of the Economic and Financial Crimes Commission (EFCC), Umar, at the ongoing trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele at the Federal Capital Territory High Court, Abuja, explained that President Buhari’s approved design included specific features such as a QR code and the portrait positioned on the right.
However, Umar noted that the notes implemented under Emefiele’s direction did not include these elements and featured a different numbering style.
He also said the president wanted the re-designed naira notes to be locally produced.
Under cross-examination by Mahmoud Magaji SAN, counsel to Emefiele, the witness admitted that former President Buhari approved the naira redesign project, and also, publicly launched the redesigned naira currency on December 29, 2022, for the use of Nigerians as legal tender.
The witness also admitted that the re-designed currency has his signature as Director of Currency Operations adding that no currency becomes legal tender without his signature.
Another Witness, Ahmed Halilu, Managing Director of Minting and Printing, provided critical testimony regarding the re-designed Nigeria’s currency.
He revealed that in October 2022, the then Governor of the Central Bank of Nigeria (CBN) informed him of the presidential approval for re-designing the N100, N200, and N500 notes, emphasising the necessity of local production to align with domestic capabilities.
During a meeting at the CBN Governor’s office, Halilu was given a preliminary paper design of the new notes. He suggested that his team review the design and return with a proposal, highlighting significant changes needed at the substrate and printing levels, such as the numbering system, QR codes, and watermark positioning.
Halilu and his team recommended involving De La Rue, a UK-based company and the original designer of Nigeria’s currency, to ensure the redesign met the necessary security standards and production capabilities. De La Rue’s engagement was crucial due to the complex security features required to prevent counterfeiting, including QR codes for youth engagement and enhanced watermarking.
Despite their efforts, Halilu confirmed that the initial samples produced by his team did not match Exhibit E, the series presented in court, stating, “The redesigned notes by De La Rue lacked the QR codes initially proposed. After De La Rue completed the redesign, the samples were submitted to the CBN Governor for approval, which was granted on October 19, 2022. The approved notes were later produced and admitted as Exhibits F and H in court.
Halilu disclosed that De La Rue was paid £205,000 by the CBN, but was uncertain whether the president specifically approved the payment. The witness also verified that the series of FGH and J notes presented in court matched the redesigned currency notes.
This testimony underscores the complexities and challenges faced in the currency redesign process, with emphasis on local capacity considerations and international expertise.
The EFCC had on May 15, arraigned Emefiele on a four-count charge which Emefiele denied, and was admitted to bail in the sum of N300million naira before Justice Maryanne Anenih of the Abuja High Court Maitama.
In the four-count charge, the anti-graft agency claimed that Emefiele embarked on the naira redesign without the approval of the Board of the CBN as well as then President, Muhammadu Buhari.
Specifically, the EFCC accused Emefiele of approving the printing of various quantities of the new Naira notes “without the recommendation of the Board of Central Bank and the strict approval of the President of the Federal Republic of Nigeria whose conduct of yours caused injury to, and the public and you thereby committed an offence”.
Count one accused the former CBN Governor of approving the printing of 375,520,000 notes at the cost of N11 billion, while count two accused him of approving the printing of 172 million coloured swapped N500 notes at the cost of N4.4 billion.
Also in count three, the former CBN boss was alleged to have approved for printing137, 070 pieces of coloured N200 notes at the cost of N3.4 billion. Count four alleged that he withdrew N124,860,227 from the Consolidated Revenue Fund of the Federation in a manner not prescribed by the National Assembly.
When cross-examined by defendant counsel Mahmud Magaji SAN on whether the redesign notes were legal tender approved by the president he answered in affirmative.
