A former Director of Currency Operations at the Central Bank of Nigeria, Ahmed Bello Umar, has said that he has never seen the minutes of the meeting of CBN management on the Naira Redesign.
Umar, who is the first prosecution witness, said this while giving evidence in the trial of the immediate past governor of the Central Bank of Nigeria, Godwin Emefiele.
At the commencement of the trial on Tuesday, Umar, when called upon by counsel for the EFCC, Rotimi Oyedepo, narrated how the management of the apex bank directed his department, Currency Operations, to, “come up with a memo on the redesign of the Naira in August 2022.
He further said that the proposal for the exercise was not accepted by the Committee of Governors, which consists of the CBN Governor as chairman and four deputy governors as members.
Umar further disclosed that after the meeting, the Corporate Affairs Department conveyed anticipatory approval of the CoG pending ratification by the Board of Directors, BoD, which according to him, is the highest management body, comprising 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.
On the procedure for the issuance of Naira notes, the witness said that the BoD will have to recommend the design of the forms and devices that shall be contained in the currency to the president.
The Economic and Financial Crimes Commission arraigned Emefiele on May 15 before an FCT High Court on a four-count charge for allegedly redesigning the Naira without approval in 2022.
Emefiele, however, denied the charge, and was admitted to bail in the sum of N300 million Naira.
The trial was adjourned to May 29th.
(Editor: Ifeanyi Mark)
