A former Director of Currency Operations at the Central Bank of Nigeria (CBN), Mr. Ahmed Umar, testified on Tuesday that he did not receive the minutes from a critical CBN management meeting on the Naira redesign. Umar’s testimony came during the trial of suspended CBN Governor Godwin Emefiele, who faces charges related to the controversial naira swap policy.

Missing Minutes and Testimonies

Mr. Ahmed Umar revealed in his testimony that the minutes of the CBN management meeting discussing the Naira redesign were not sent to him. He made this disclosure while testifying as the first prosecution witness in the case against Godwin Emefiele. The Economic and Financial Crimes Commission (EFCC) has filed a four-count charge against Emefiele, accusing him of disobeying the law and causing public harm during the implementation of the naira swap policy initiated under former President Muhammadu Buhari’s administration.

During his testimony, Umar said he signed the memorandum for the redesign of the naira in 2022. However, when questioned about the October 26, 2023 meeting of the Committee of Governors (CoGs) of the CBN, Umar stated, “the minutes of the meeting were only circulated among members of the CoG.” Led in evidence by EFCC counsel Rotimi Oyedepo, SAN, Umar explained that the management of the apex bank had directed his department to “come up with a memo on the redesign of the naira notes in August 2022.”

Umar noted that after completing the task, a memo was submitted to the CoG and subsequently listed for consideration. The CoG, which includes the CBN governor as chairman and four deputy governors as members, held a virtual meeting on October 26, 2022, to deliberate on the memo his department submitted. Umar disclosed that he participated in the meeting only to make his presentation and then exited.

Approval Processes and Controversies

After the meeting, the Corporate Affairs Department conveyed anticipatory approval of the CoG, pending ratification by the Board of Directors (BoD). The BoD comprises 12 members, including the CBN boss as chairman, four deputy governors, the Permanent Secretary of the Ministry of Finance, the Accountant General of the Federation, and five external members appointed by the president.

Further into his testimony, Umar revealed that “the CoG did not approve items 1 and 3, while item 2 was modified to include the N200 denomination.” He also mentioned that the proposal for the exercise to take place in 2023 was not accepted by the CoG. A subsequent memo was prepared for consideration by the BoD and was reviewed on December 15, 2022.

Umar explained the procedure for the issuance of naira notes, stating that the BoD must recommend to the president the design of the forms and devices that will be contained in the currency. “After the president’s approval, production of the currency will then begin,” he added. Umar is expected to continue his testimony on Wednesday.

Source: Vanguard