The trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, resumed on Tuesday at the High Court of the Federal Capital Territory (FCT) in Abuja, with fresh testimony from a prosecution witness who alleged that commercial banks contributed significantly to the shortage of redesigned naira notes through cash hoarding.
Emefiele is currently facing a four-count charge brought against him by the Economic and Financial Crimes Commission (EFCC) over matters connected to the controversial naira redesign policy introduced during his tenure.
Appearing as the seventh prosecution witness (PW-7), EFCC operative Chinedu Eneanya told the court that investigations conducted by the anti-corruption agency uncovered widespread hoarding of the newly redesigned naira notes by several commercial banks. According to him, this practice worsened the cash scarcity experienced nationwide during the policy’s rollout.
Under cross-examination by defence counsel Olalekan Ojo (SAN), Eneanya acknowledged that the alleged hoarding led to severe economic hardship for Nigerians, many of whom struggled to access cash for daily transactions. However, he admitted that he could not readily identify the specific banks implicated in the alleged infractions.
The witness further explained that the EFCC had established a separate task force to address issues relating to the reported cash hoarding. Clarifying his role, Eneanya stated that he was not a member of that task force. “As I mentioned earlier, the Commission constituted a special team for that assignment. I was not part of that unit,” he told the court.
During the proceedings, Ojo pressed the witness on whether any bank officials had been arrested or prosecuted in connection with the alleged hoarding. The prosecution counsel, A. Mohammed, objected, arguing that the question fell outside the scope of Eneanya’s designated responsibilities, which he said were limited to determining whether the naira redesign policy had received proper approval.
Ojo, however, maintained that the line of questioning was relevant, contending that the prosecution’s case was anchored on claims that the policy caused undue hardship to Nigerians. He argued that establishing whether commercial banks were held accountable for their role was central to understanding the true cause of the crisis.
In a brief ruling, Justice Maryann Anenih directed the witness to answer the question. Eneanya responded that he was not aware of any arrests or enforcement actions taken against bank officials over the alleged hoarding. He also stated that he did not know who authorized the EFCC’s visits to commercial banks during the period in question.
Following the day’s proceedings, Justice Anenih adjourned the case until March 19 for the continuation of cross-examination.
Emefiele, who oversaw the implementation of the contentious naira redesign initiative, has consistently denied wrongdoing and continues to challenge the charges filed against him by the EFCC. The case remains one of the most closely watched legal battles stemming from Nigeria’s recent monetary policy reforms.
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