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.

EFCC Arrests Tiktoker Ekeh For False Information About Commission

False information. Operatives of the Economic and Financial Crimes Commission, EFCC, have arrested Udoma David Ekeh, a Tiktok user, for spreading false information about the Commission and its officers.

Udeh, in December 2025, alerted the public that some operatives of the Ilorin Zonal Directorate of the Commission were kidnapped by bandits while on an assignment in a location in Kwara State.

EFCC Arrests Tiktoker

He also insinuated that the bandits demanded huge ransom from the EFCC before releasing the purported officers. All his claims are fabricated, together with the use of his Tiktok account to incite and misinform the public about the Commission’s relentless efforts in tackling the menace of internet fraud.

Preliminary investigations showed that the suspect is involved in romance scam by using his Facebook account to impersonate a foreigner with the name Garg Carta

He will be charged to court soon

Court Jails Fake Australian For Fraud In Kaduna

Fake Australian. Justice Jaafaru Zubairu of the Kaduna State High Court has convicted and sentenced one Faruk Suleiman Ololade (a.k.a Caesar Smith) to three years imprisonment for fraud.

He was prosecuted by the Kaduna Zonal Directorate of the Economic and Financial Crimes Commission, EFCC on a one-count charge bordering on impersonation.

The charge reads: “That you, Faruk Suleiman Ololade (a.k.a Mr Caesar Smith) on or about the 12th of February, 2026 in Kaduna within the jurisdiction of this Honourable Court, impersonated one Mr Caesar Smith (an Australian) via Facebook platform and in such assumed character, attempted to defraud members of the public and you thereby committed an offence contrary to Section 142 (1) of the Kaduna State Penal Code Law, 2017 and punishable under the same law.”

He pleaded guilty to the charge, upon which the prosecution counsel, Moses Arumemi prayed the court to convict and sentence him accordingly.

Jail

Justice Zubairu convicted and sentenced him to three years imprisonment or to pay N300,000 (Three Hundred Thousand Naira) fine. In addition, he forfeited his Redmi 15C mobile phone with IMEI 865422074373745, being the instrument of his crime to the federal government.

The convict was arrested following actionable intelligence on the activities of suspected internet fraudsters around Turaki Signboard, Agwa, Kaduna State.