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The Seventh prosecution witness of the Economic and Financial Crimes Commission, Chinelo Eneanya, told a High Court of the Federal Capital Territory, Maitama, in Abuja, on Thursday, that the naira redesign policy implemented by the Central Bank of Nigeria under its former Governor, Godwin Emefiele, caused severe hardship to Nigerians.
Eneanya, who is an investigator with the Commission, told the trial court that he was part of the team that investigated the alleged unlawful redesign exercise.
Led in evidence by the prosecuting counsel, Rotimi Oyedepo, Eneanya said video evidence tendered in court showed that the policy inflicted hardship on members of the public.
According to him, his team examined various forms of evidence, including documents, electronic materials and audiovisual recordings, to assess the impact of the policy.
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“We looked at the documentary, electronic and audiovisual evidence of the effect of the naira redesign on the public,” he said.
The court admitted several exhibits tendered by the prosecution, including documents, video recordings, a certificate of identification, certified true copies of delivery notes and notices of meetings.
Six video clips produced by four television stations, News Central, Channels Television, TVC News and Arise News were played in court.
The prosecution also tendered the bills of settlement relating to the redesigned naira notes for 2022 and 2023.
Defence counsel, Olalekan Ojo, did not object to their admission.
Eneanya told the court that the videos revealed widespread public frustration, as many Nigerians struggled to meet their daily needs and sustain their businesses during the cash crunch.
He further stated that the investigation showed members of the CBN’s Board and Committee of Governors only became aware of the president’s approval after the redesign exercise had already been approved.
“In the course of the investigation, we set out to determine how the laws on changes to the naira policy were applied or abused,” the witness added.
When Eneanya attempted to comment on the Supreme Court’s judgment regarding the naira redesign, Ojo objected, arguing that a witness could not testify on a public document he did not author.
However, Justice Maryanne Anenih overruled the objection, holding that the issue was about giving evidence on a document, not merely dumping it on the court.
Eneanya confirmed that Emefiele was interviewed during the investigation and that his extra-judicial statements to EFCC investigators were tendered as evidence.
He also said the former CBN governor was questioned on whether the Board of Governors approved the naira redesign policy.
Following a request by the defence counsel for more time to cross-examine the witness, Justice Anenih adjourned proceedings until November 26.
Eneanya had, in March, told the court that Emefiele disregarded the naira redesign plan approved by ex-President Muhammadu Buhari and instead implemented his own version.
According to him, the redesign approved by Buhari included enhanced security features, such as colour variations and a QR code, to prevent counterfeiting.
However, Eneanya alleged that Emefiele abandoned the approved design and proceeded with a hastily executed alternative, which did not adhere to the specifications sanctioned by the former president.
