A former Director of Currency Operations at the Central Bank of Nigeria (CBN), Ahmed Bello Umar, has disclosed that the naira redesign rolled out in late 2022 under the supervision of ex-CBN governor, Godwin Emefiele, was different from the version approved by President Muhammadu Buhari.
He made this disclosure on Tuesday, June 11, while testifying in court at the ongoing trial of Emefiele. Umar stated that Buhari approved a naira design with specific features, including a QR code, a portrait positioned to the right, and a unique numbering scheme, but the CBN’s final printed version lacked these elements.
During cross-examination, Umar confirmed that, as Director of Currency Operations, his signature is needed before a currency becomes a legal tender. He also confirmed that his signature appeared on the redesigned notes. However, he explained that the CBN had obtained his signature when he took office, as it was standard procedure.
Another prosecution witness, Umar Halilu, who is the Managing Director of the Nigeria Security Printing and Minting Company Plc (NSPMC), corroborated Umar’s testimony by stating that the currency design Emefiele approved for printing differed slightly from the president’s approved version.
Halilu testified that, in October 2022, Emefiele informed him about the presidential approval to redesign the higher denominations of the naira for local production. However, the NSPMC at the time could not produce the approved design. They suggested the CBN contact De La Rue, the UK company that originally printed the naira.
Haliru also stated that De La Rue has a one percent stake in NSPMC, and they provided two redesigned note samples, which NSPMC forwarded to Emefiele. Halilu noted that Emefiele approved one sample, which was then printed and circulated.
When prosecuting counsel Rotimi Oyedepo asked him if he had seen the presidential approval for the naira redesigning, Halilu admitted he had not seen it.
He further stated that a £205,000 payment was made to De La Rue, which he claimed not to have seen the presidential approval for.
The matter was then adjourned to September 19 and October 2, 9, and 17 for continuation.
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