Court: Emefiele Violated CBN Act in Naira Redesign Exercise-Witness

Naira redesign. The Seventh Prosecution Witness, PW7, Chinedu Eneanya, in the trial of the former governor of the Central Bank of Nigeria, CBN, Godwin Ifeanyi Emefiele on Wednesday, April 1, 2026, told Justice Maryanne Anineh of the Federal Capital Territory High Court, Maitama, Abuja, that Emefiele violated the provisions of the CBN Act in the 2022 naira redesign exercise.

Emefiele is being prosecuted by the Economic and Financial Crimes Commission, EFCC, on a four-count charge, bordering on the alleged unlawful printing of new naira notes.

Testifying under cross-examination by defence counsel, Olalekan Ojo, SAN, at Wednesday’s proceedings, the witness disclosed that “the investigation conducted by the team showed that the defendant disobeyed the provisions of the CBN Act, 2007. The Central Bank must have board recommendations before the currency is redesigned.”

Further in his testimony, the witness disclosed that Emefiele presented three sample designs of the proposed naira notes in the denominations of N1000, N500 and N200, which were approved by the President.

“The president approved on the 11th page and directed that the design be done locally. However, investigation showed that what was eventually produced was not what was presented to the president,” he said.

The witness also disclosed that the original design of the old naira notes was handled by De La Rue, a UK-based company.

On whether the EFCC invited members of the CBN Board of Directors or its Committee of Governors during the investigation, Eneanya stated that the Commission obtained the statement of the official in charge of the Apex Bank’s Corporate Secretariat.

Earlier in the cross-examination, the witness identified Exhibit N1 to be the statement made by Ahmed Aliyu, Managing Director of the Nigeria Security Printing and Minting Company Limited, NSPMC

When asked if his investigation uncovered any contradiction in the content of Page six of Exhibit N1, the witness stated that the printing of the naira notes had been carried out locally before the investigation commenced. He also confirmed that the Central Bank of Nigeria paid NSPMC for the production of the currency.

Emefiele

Under re-examination, prosecution counsel, Abbas Mohammed, sought clarification on whether the President’s directive related to the design or production of the currency to which the witness stated that the redesign of the naira notes was carried out and given to President Buhari to approve.

“Investigation shows that the design of the currency was already shown to the president and it was approved,” the witness explained.

Justice Anineh thereafter adjourned the matter till May 11, 2026 for continuation of trial.

Governor Umo Eno’s Rural Road Revolution Excites Residents In Akwa Ibom Communities

Rural road revolution. As the clock ticks towards the third anniversary of Governor Umo Eno’s assumption of office, residents and indigenes in various rural communities of Akwa Ibom State have commended the sweeping road infrastructure drive in the state, saying it has injected economic activities in previously untouched communities.

Many of these communities are now witnessing visible developments, with several road projects at various levels of completion.

The commendations came during an inspection visit by some aides of the Governor led by the SSA to the Governor on Research and Documentation, Dr. Essien Ndueso, to Nsit Atai, Okobo, Oron and Eket local government areas.

The tour covered the 14.5km Nsit Atai-Okobo road, the 13.5km Okopedi-Uya Oron road with 60m bridge, 2.4km Ukpong and Effiong Essang streets, the 2.4km Ikot Akpa Ikpo – Urua Udoinyang road, Eket.

Expressing the joy of his people, Chief Afia Johnson Ubom Ekpenyong, representing the Village Head of Ikot Akpa Ikpo, expressed deep gratitude to the Governor for remembering their community and bringing development to their doorstep.

He commended the Governor’s benevolence in returning attention to the project and bringing it to a logical conclusion.

He said the project covers four villages in the Okon axis of Eket, and will now occasion ease of business, especially in the large Udo UdoInyang market.

He assured of the community’s backing to the Governor, especially on his second-term ambition, as a sign of appreciation for the positive impact of the road project and other projects in the community.

Also, Comrade Afia Jeremiah, a youth leader in Ikot Akpa Ikpo community, highlighted that the 2.4 km Akpa Ikpo road was a project that began under the former administration of Deacon Udom Emmanuel in 2021 ading that Governor Umo Eno through his compassionate disposition has brought the project to completion.

The youth leader commended the Governor for bringing light where there was darkness through his benevolence to the people of Ikot Akpa Ikpo, praising the tangible improvements the project has delivered.

“This was a risky area until the Governor provided light for us and it is safe even at midnight.”

Comrade Jeremiah further noted that the road has opened up the area for more economic ventures after previously suffering limited economic activities.

“Before, bikes and vehicles could not navigate the route safely which limited trade and movement.

“Now, residents of neighbouring villages in Onna can come into Eket freely to buy and sell, as is seen today at Udo Inyang market.”

“The beach at Ikot Obio Ata is accessible to heavy machinery and now sand supply is at affordable prices.”

Comrade Jeremiah also expressed his support for Governor Umo Eno’s second term bid, emphasizing the governor’s commitment to transforming rural communities across the state.

At Nsit Atai, a community leader in Ikot Asua, Chief Usen, was overwhelmed with joy as he thanked the Governor for expanding the Nsit Atai- Okopedi Road, expressing how inaccessible the road was before construction.

“This road was so inaccessible that even bicycles could not ride on.

“The Governor graced us with this dual road and a big roundabout, now every community member is so proud of this administration.”

Mr. Richard Pascal, a resident of Ikot Asua said he is proud of mentioning his community name anywhere because of the many projects completed in the community under the administration of Governor Eno.

Dr. Essien Ndueso flanked by the Special Assistant on Media, Mr. Emma Akpabio and the Special Assistant on Entertainment, Mr. Moses Eskor, led the tour to the various sites.

They noted that following the last Delivery meeting, the Commissioner for Information, Dr. Aniekan Umanah, in a press release had announced that over 10 road projects embarked by Governor Eno will be commissioned before May, 29, 2026.

Rural Road Revolution

Dr. Ndueso emphasized that the Governor has practiced inclusive infrastructure across the state.

“The Governor has made significant efforts in improving inherited and new rural road infrastructure across the state.

“Rather than concentrating development and accolades within the capital metropolis, the Governor has deliberately prioritized rural development, channeling resources and infrastructure projects to underserved communities in a bid to ease daily living and create more inclusive growth across the state.

“Rural road development delivers strong economic benefits by opening up previously isolated communities to markets, therefore creating economic opportunities

He further added that the Governor has reaffirmed his commitment to ensuring that the Ibom Deep Seaport becomes a reality, expressing confidence that the vision will soon come to fruition, even as the International Airport is set to be officially opened by next month, marking another major milestone in the state for economic growth and global connectivity.

Also, Mr. Akapbio stated that the governor has fulfilled his campaign promises ensuring the well being of the people, and delivering tangible improvements across the state.

NNPC Increases Dangote Refinery’s Crude Allocation To Seven Cargoes

Dangote refinery’s crude allocation.The Nigerian National Petroleum Company (NNPC) Limited will allocate seven cargoes in May to Dangote refinery, an increase from the five allocated in previous months.

A top source at the national oil company confirmed the development to TheCable on Wednesday.

On March 25, David Bird, chief executive officer (CEO) of the Dangote refinery, said the plant was expected to receive about 13 to 15 crude cargoes every month under the crude-for-naira programme but currently gets only five.

However, it was learnt that this figure will rise to seven cargoes in May.

“We are focused on increasing allocation crude oil supply to Dangote,” a source said.

In a report on Tuesday, Reuters said higher crude allocations to the refinery could limit the amount of Nigerian crude available for export, especially as the Iran war has significantly reduced Middle Eastern supply, prompting buyers to source cargoes from a wider range of locations.

NNPC

“NNPC has allocated more cargoes to Dangote for May,” a senior Dangote official told Reuters.

“While this will not completely meet our demands, it can help. We are also in negotiation with NNPC for more volumes.”

According to the publication, NNPC cargoes are cheaper for the refinery because of lower shipping costs.

On March 26, the Dangote refinery reduced its ex-gantry petrol price to N1,200 per litre.