The former Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has unveiled that the recent redesign of the Nigerian naira notes was directly ordered by a former aide of ex-President Muhammadu Buhari.
Emefiele made this disclosure regarding the naira redesign as he mentioned that the directive was given during his visit to the Presidential Villa in Abuja in September 2022. This revelation was detailed in a report presented by the Special Investigator on CBN and Related Entities, Jim Obazee, to President Bola Tinubu. The investigation was commissioned by Tinubu to scrutinize the operations of the CBN under Emefiele’s leadership.
Notably, the redesign involved the N1,000, N500, N200, and N100 notes. President Buhari had previously justified the need for the naira’s redesign as a strategic step to combat corruption, insecurity, and control inflation.
According to Obazee’s report, the redesign of the naira notes did not receive approval from the CBN’s Board or President Buhari, as legally required. Emefiele allegedly pursued the redesign without the necessary consultation or approval, overlooking the protocols outlined in the CBN Act of 2007.
The report further disclosed that Emefiele did not engage with the CBN’s management or seek recommendations from the Board. He also failed to inform President Buhari or obtain his approval for the redesign, contrary to the prescribed procedures.
Upon approval, Emefiele proceeded to have the redesigns executed by De La Rue in the UK for a fee of £205,000, despite President Buhari’s directive for the notes to be printed locally.
The report emphasized that Emefiele’s actions only involved the redesign of the N1,000, N500, and N200 notes, thus raising questions about the lack of involvement of the relevant authorities and the arbitrary decision-making process.
This revelation has sparked significant controversy over the transparency and compliance of the CBN’s operations with legal protocols, urging a more comprehensive examination of Emefiele’s leadership during the redesign process.
