The trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele resumed on Thursday, at the Federal Capital Territory (FCT) High Court in Maitama.
During the proceedings, Kingsley Obiora, the former CBN Deputy Governor of Policy and the fifth prosecution witness, revealed discrepancies between the new naira notes circulated under Emefiele’s leadership and the initial approval granted by the President.
Testifying via Zoom before Justice Maryann Anenih, Obiora stated, “The approval by the President was different from what was eventually produced,” as he examined evidence presented by the prosecution counsel, Rotimi Oyedepo SAN.
Obiora noted that he identified the inconsistency after comparing the President’s original authorization with the currency released.
Obiora, who served at the CBN for over seven years, elaborated on his role within the CBN’s Committee of Governors (COG), a group including the governor, four deputy governors, and the director of corporate services.
He explained that Emefiele, as the governor, chaired the weekly Wednesday meetings of the COG, which discussed crucial policy issues.
Regarding the CBN Board’s involvement, Obiora clarified that the board was formally informed of the redesign in mid-December 2022, months after the COG’s decision.
“The board’s role was not day-to-day management but policy endorsement,” he testified, noting that the board’s role was to support, not initiate, the redesign.
Obiora also reflected on his limited experience with currency design, recalling a redesigned N100 note introduced in 2014 during his early tenure as a special adviser, though he was not directly involved.