An investigator with the Economic and Financial Crimes Commission (EFCC) on Tuesday told the High Court of the Federal Capital Territory (FCT) that commercial banks hoarded the redesigned N200, N500 and N1,000 notes, leading to untold hardship for Nigerians during the period of the redesign.

The EFCC official disclosed this during the ongoing trial of the immediate past Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, while being cross-examined by counsel to the former apex bank chief, Olalekan Ojo, SAN.

Emefiele is being prosecuted by the EFCC on behalf of the Federal Government before Justice Maryann Anenih, sitting in Maitama, Abuja, on a four-count charge bordering on disobedience to lawful directives and illegal acts causing injury to the public.

In the charge, marked FCT/HC/CR/264/2024, Emefiele was, among others, alleged to have, between October 19, 2022 and March 5, 2023, disobeyed Section 19 of the CBN Act by approving the printing of 375,520,000 pieces of colour-swapped N1,000 notes at a total cost of N11,052,068,062 without the recommendation of the CBN Board and the approval of the President of the Federal Republic of Nigeria, thereby causing injury to the public.

The offences allegedly committed by him, according to the EFCC, contravene Section 123 of the Penal Code, Cap 89, Laws of the Federation, 1990, and are punishable under the same law.

He, however, pleaded not guilty to the charge.

At the resumed hearing, the witness, Chinedu Eneanya, the seventh prosecution witness (PW7), when asked by Ojo to confirm whether he was aware that commercial bank officials hoarded the newly redesigned naira notes, answered in the affirmative.

He told the court, however, that he could not recall the total number of banks involved in the infraction.

According to him, “I am aware of the hoarding of naira notes by commercial banks, but I cannot be specific.”

When Ojo asked the witness whether the EFCC arrested any bank officials responsible for hoarding the currencies, the EFCC counsel, A.O. Mohammed, holding brief for the prosecutor, Rotimi Oyedepo, SAN, objected, arguing that the witness’s role was limited to investigations.

Ojo countered that the witness was not restricted to his evidence-in-chief, adding that as an investigative officer, he had the authority to make arrests.

He further argued that the question was necessary, given that his client was accused by the EFCC of causing undue hardship to Nigerians due to the shortage of the redesigned notes.

Justice Anenih subsequently directed the witness to answer the question.

Responding, Eneanya said he was aware that the EFCC constituted a task force from its zonal commands but added that he was not aware of what actions the agency took against the banks involved.

According to him, “I earlier informed this court that the EFCC raised a task force from its zonal offices. I am not aware of what the EFCC did to the banks involved in the infraction.”

PW7 further told the court that he was not aware that the CBN tasked the EFCC to visit banks, inspect their vaults, and arrest anyone found culpable.

He also said he could not recall the quantity of currency made available to commercial banks by the CBN during the period.

When asked whether the EFCC team contacted commercial banks to confirm the specific amounts allocated to them, he said EFCC teams, alongside other law enforcement agencies, visited banks nationwide to take stock of available notes and ensure their release to the public.

“We had teams that went round the country in conjunction with other law enforcement agencies, taking stock and ensuring that the currencies were made available to the public,” Eneanya told the court.

He added that records were kept of the stock-taking exercise with respect to the amounts made available to commercial banks.

When asked whether bank vaults were inspected by the EFCC teams, the witness said he was not aware, as he was not present with all the teams.

Earlier, the witness informed the court that during the investigation, the Managing Director of Nigerian Security Printing and Minting (NSPM) Plc, Ahmed Halilu, provided the investigative team with email communications between De La Rue and himself.

He said the emails were opened in the presence of the team and that Halilu subsequently made several statements to investigators.

“The email was made available to my team by the MD of NSPM, and it was opened in the presence of the team,” he said.

He further stated that he could not recall whether NSPM Plc had ever designed naira notes at any point in time.

Meanwhile, Emefiele’s counsel, Ojo, requested that the prosecution furnish the defence with all documents related to the case, including statements made by the Managing Director of NSPM Plc.

Justice Anenih thereafter adjourned the matter until March 19 for the continuation of the cross-examination. (Nigerian Tribune)

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