Ahmed Umar, a former Director of Currency Operations at the Central Bank of Nigeria (CBN), has disclosed that the bank’s immediate past governor, Godwin Emefiele, authorized the printing of a naira design that differed from the one approved by former President Muhammadu Buhari.
Umar made this revelation during his testimony at the Federal Capital Territory (FCT) High Court in Maitama.
Umar testified that the design elements sanctioned by President Buhari included a QR code, which was absent in the currency put into circulation. Additionally, the approved design featured the portrait on the right side, whereas the CBN’s version had it on the left. The numbering scheme also differed from what had been approved by the President.
On May 15, the Economic and Financial Crimes Commission (EFCC) charged Emefiele with four counts before Justice Maryanne Anenih at the FCT High Court. Emefiele pleaded not guilty and was granted bail set at ₦300 million.
President Bola Tinubu had appointed Jim Obazee in July to investigate the activities of the CBN and other related entities during Emefiele’s tenure. According to the report submitted to President Tinubu in December 2023, the investigation uncovered several allegations against Emefiele. These included keeping £543.5 million in fixed deposits in the UK without the consent of the bank’s board of directors and investment committee, and a fraudulent cash withdrawal of $6.23 million.
The report further accused Emefiele of unauthorized investments of Nigeria’s funds in 593 foreign bank accounts across the UK, the US, and China, manipulating the exchange rate, and engaging in fraudulent activities related to the CBN’s e-Naira project. Additionally, it alleged that Emefiele misappropriated public funds through government advances, also known as Ways and Means, amounting to ₦17.37 trillion.
