Prosper Okoye
A witness for Nigeria’s anti-graft agency told a federal court on Tuesday that some commercial banks hoarded newly redesigned naira notes during the cash crunch that followed the Central Bank of Nigeria’s currency overhaul in late 2022 and early 2023.
Chinedu Eneanya, an investigator with the Economic and Financial Crimes Commission, made the claim while testifying in the trial of former Central Bank Governor Godwin Emefiele, who is facing criminal charges over how the redesign programme was approved and implemented.
Emefiele on Trial Over Naira Redesign
Emefiele is being tried on four counts filed by the EFCC, which accuses him of approving the printing of new naira notes without following the procedures required by law.
Join our WhatsApp ChannelProsecutors say that between Oct. 19, 2022, and March 5, 2023, Emefiele authorised the printing of 375.52 million colour-swapped 1,000-naira notes at a cost of more than 11 billion naira without the recommendation of the Central Bank board and without formal approval from then President Muhammadu Buhari.
The EFCC says the alleged violations of the Central Bank of Nigeria Act caused hardship for Nigerians. Emefiele has pleaded not guilty.
Banks Accused of Worsening the Shortage
Under cross-examination by Emefiele’s lawyer, Olalekan Ojo, Eneanya said EFCC investigators found that commercial banks played a role in worsening the cash crisis.
Asked whether bank officials hoarded the newly printed notes, Eneanya replied, “I am aware of that, but I cannot be specific.”
He said he could not recall how many banks were involved and could not confirm whether any bank officials were arrested.
Prosecutors tried to stop the questioning, arguing that Eneanya’s assignment was limited to determining whether Emefiele had lawful approval for the redesign. But the defence said the issue was relevant because the EFCC was blaming Emefiele for the cash shortage.
Judge Maryanne Anenih ordered the witness to answer.
Eneanya said the EFCC set up a task force to monitor the release of the new notes but added that he was not in charge of all the teams and did not know what actions were taken against banks accused of hoarding cash.
Unclear Role of EfCC Inspections
Eneanya also told the court he did not know who authorised EFCC teams to visit commercial banks during the exercise.
When asked whether EFCC teams checked bank vaults to confirm how much currency was being withheld, he said he was not present with all the teams and could not say what each one did.
He said a nationwide stock-taking exercise was carried out with other security agencies to ensure new notes were released to the public and that records were kept, but he did not produce those records in court. The defence requested that they be made available.
Emails from Mint and Foreign Printer
Earlier in the hearing, Eneanya said the managing director of Nigerian Security Printing and Minting Plc, Ahmed Halilu, provided the EFCC with email exchanges between the Nigerian Mint and De La Rue, the foreign firm involved in printing the currency.
“The email was made available to my team and was opened in front of us,” Eneanya said.
He admitted, however, that he could not recall all of Halilu’s written statements and could not remember whether the Mint had ever independently designed naira notes. He also said he could not recall how much cash was supplied to commercial banks and asked to check records to refresh his memory.
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Defence Complains About Late Documents
At the start of the hearing, Emefiele’s lawyer said the EFCC handed over an investigative report requested by the defence only 15 minutes before proceedings began.
The EFCC denied trying to disadvantage the defence, saying the report was produced in compliance with a court order.
Trial Continues
Justice Anenih adjourned the case until March 19 for the continuation of Eneanya’s cross-examination.
The testimony has added new focus on the role of commercial banks in the naira redesign crisis, even as prosecutors continue to argue that the policy itself was unlawfully approved.
Prosper Okoye is a Correspondent and Research Writer at Prime Business Africa, a Nigerian journalist with experience in development reporting, public affairs, and policy-focused storytelling across Africa
