By Kayode Sanni-Arewa

A former deputy governor of the Central Bank of Nigeria (CBN), Kingsley Obiorah, told the Federal Capital Territory (FCT) High Court in Abuja Thursday that the bank’s board never recommended Naira redesign to former President Muhammadu Buhari.

Mr Obiorah testified virtually as the fifth prosecution witness at the resumed hearing in the ongoing trial of the former Governor of the CBN, Godwin Emefiele.

Mr Emefiele faces four charges, including illegal redesign of Naira notes, disobedience to the direction of law and illegal act causing injury to the public.

With the backing of then-President Buhari’s backing, the Mr Emefile-led CBN introduced new N200. N500, and N1,000 notes and vigorously mopped up their old versions from circulation under the controversial currency redesign policy. This led to severe cash shortage, causing significant hardship for the public..

He pleaded not guilty when the Economic and Financial Crimes Commission (EFCC) arraigned him before the trial judge, Maryanne Anenih, earlier this year.

Led in evidence by EFCC’s lawyer, Rotimi Oyedepo, a Senior Advocate of Nigeria (SAN), Obiorah, said that he once served as Special Adviser to Mr Emefiele on economic matters.

The prosecution witness, who later became deputy governor, said the CBN board first heard of the Naira redesign policy on mid-December 2022.

“To the best of my recollection, the first day this policy (Naira redesign) was discussed at the board meeting was mid-December 2022. I think it was around 15 December 2022.

“The governor (Emefiele) invited the Deputy Governor, Operations, and Director, Currency Operations, to present that same memo that the Committee of Governors (COG) saw in October. He also informed the board of the President’s approval.

“I do not recollect any instance where the board made recommendation for Naira redesign to the President. The board did not recommend the Naira redesign.”

Mr Obiorah, testified as the fifth prosecution witness (PW5).

He earlier told the court that Mr Emefiele informed the four CBN deputy governors of the Naira redesign policy at an event in Lagos on 25 October 2022, adding that they advised him against announcing the policy at the event.

“On that day, we were in Lagos to commemorate the first year anniversary of the digital currency, E-Naira. During the break between the first two sessions of the event, the governor (Emefiele) called the four deputy governors and informed us of plans to redesign the currency.

“He was contemplating to announce it that day at the event. My personal reaction was that the event may not be the appropriate place. That was the first time I became aware of the plan.

“Secondly, my comment was that we would need time to study the policy and make inputs,” the witness told the court.

According to the witness, Mr Emefiele told the four deputy governors that the reason behind the secrecy of the redesign policy was to ensure its effective implementation.

He said that on 26 October 2022, the defendant the deputy governor in charge of operations, Ade Shonubi, circulated and presented a memo for Naira redesign.

“The Deputy Governor, Operations, presented the memo to the COG and it was deliberated on. During the discussion, the governor mentioned that he got the approval of the President for the policy.

“After the COG meeting, the governor and two deputy governors joined a news conference to announce the policy to the public. All this happened on 26 October 2022,” he told the court.

Cross-examination
Under cross-examination by the defence lawyer, Olalekan Ojo, a SAN, the witness confirmed that he had previously worked as technical adviser to former President Goodluck Jonathan.

He said at its 15 December 2022 meeting, the CBN board ratified the decision of the COG on Naira redesign policy, saying , “this ratification is in respect of the redesigned Naira already in circulation.”

The prosecution witness also said he was aware of instances of presidential approval for disbursement of funds to Chad, Niger Republic and the military, which the CBN complied with.

“Such (presidential) request would come to the governor. He would usually let the committee (COG) know and it would be implemented before the board got to know.”

He added that when he was invited by the EFCC, he was never shown documents from former President Buhari or any officials from the presidency complaining about the redesigned Naira notes already in circulation.

He confirmed that one of the reasons for currency redesign was to combat currency trafficking and hoarding.

After the witness finished his testimony, the judge adjourned further heariing until 4 December.

The unpopular Naira redesign policy marks one of the darkest periods of former President Buhari’s administration, causing a severe shortage of currency notes and inflicting significant hardship on many Nigerians during the first two months of 2023.

Mr Emefiele and Mr Buhari remained adamant in implementing the policy even as it triggered chaos and widespread disruption amid preparations for the 2023 general elections. They touted the policy to stop vote buying during the election.

But despite the policy being in force, cases of vote buying were recorded during the 25 February 2023 presidential and National Assembly elections.

.Mr Buhari staunchly defended the policy to the extent of ignoring an interim order of the Supreme Court suspending its implementation. On 8 February 2023, the Supreme Court ordered that both the old notes and their newly designed versions should remain legal tender pending further hearings in the suit. But in violation of the court’s order, Mr Buhari, in a broadcast on 16 February, restored the validity of the old N200 notes and insisted that the old N500 and N1,000 banknotes had ceased to be valid.

The case was finally laid to rest when the Supreme Court gave its final judgement on 3 March 2023 nullified Mr Buhari’s directive withdrawing the old naira notes and extended their validity till 31 March. The Supreme Court also adjudged Mr Buhari a disobeyer of court order, citing his violation of its earlier interim order suspending the implementation of the naira redesign policy.

Premium Times

The Nigerian military has launched a series of coordinated ground and air attacks against the Lakurawa armed group, forcing its members to retreat from their strongholds in Kebbi and Sokoto states.

The military’s swift response comes after a devastating attack on the Mera community in Augie Local Government Area of Kebbi State, which claimed 17 lives .

Following the attack, the army headquarters deployed a contingent of soldiers to the area. Upon arrival in Birnin Kebbi, the troops met with Deputy Governor Abubakar Umar Tafida at the Cabinet Office before proceeding to Mera. According to Abdullahi Idris Zuru, media aide to the Kebbi governor, the troops successfully dislodged the bandits and recovered several rustled cattle left behind as the attackers fled.

The deployment was a response to an urgent appeal from Kebbi State governor, Dr. Nasir Idris, for federal support to address the escalating violence by armed groups disrupting life in rural communities. The governor’s plea for help came as the Lakurawa group, likened to Boko Haram, continues to impose taxes and levies on residents and promote an extremist agenda that rejects Western civilization and democratic governance .

The military’s intensified efforts have yielded positive results, with the Lakurawa group retreating from their camps in Kebbi and Sokoto states. The Nigerian Defence Headquarters has confirmed the group’s presence in these states, where they are suspected of setting up bases, DailyTrust reports.

As the military maintains its pressure on the Lakurawa group, residents of affected communities hope for a return to peace and normalcy. The ongoing operation is a crucial step towards curbing the escalating violence and restoring security in the region.

“The governor has pledged to safeguard the lives and property of all Kebbi State citizens, leading him to seek federal intervention to counter-terrorism across the state,” Zuru said.

Meanwhile, the National Security Adviser (NSA), Mallam Nuhu Ribadu, has assured that the Lakurawa armed group terrorising Northwestern states would be flushed out of Nigeria.

Ribadu gave the assurance on Wednesday in Abuja at the opening ceremony of the 2024 Comptroller-General of Customs Conference, where he represented President Bola Ahmed Tinubu.

“We will chase the so-called Lukarawa out of our country. We will put critics to shame and shut their mouths in no time.

“Boko Haram, which has been ravaging our country, is now on the run. Its members are now moving to other neighbouring countries because Nigeria is no longer conducive for their operations,” he said.

He also said signs that things are getting better with the economy are there for all to see, citing increased crude oil production in the Niger Delta and the fiscal reforms by the Central Bank of Nigeria (CBN) as part of such efforts.

“Crude oil production has hit 1.8 million bpd and the Central Bank has been sanitised; no one is taking a dime from the CBN. When we promised that we would fix this country, we will do so because President Tinubu has never been a failure,” he added.

Legend news

A man dubbed Zimbabwe’s own “Baltasar” faced violent retribution from a group of enraged husbands after being accused of having affairs with their wives.

In a video shared by Crimewatch Zimbabwe on X (formerly Twitter), several men from the Mapostori sect were seen beating the man, holding him down while others struck him with what appeared to be rubber sticks.

The video, recorded by a witness and later posted on social media, shows the men interrogating him. At one point, one of the attackers questions, “How many women have you slept with, and why did you do it?” Reports indicate that the man allegedly engaged in these relationships after some women claimed their husbands were not satisfying them.

Social media reactions were swift, with users tagging the police to intervene and arrest the men involved in the assault. Many viewers expressed shock, noting a recent rise in arrests related to assaults on cheating partners and their spouses.