The Naira redesign policy championed by Godwin Emefiele had sparked huge controversy, leaving the country at the verge of destruction, with numerous protests at the time.
Many persons had blamed the then-president, Muhammadu Buhari, for approving such policy and pushing citizens into heavy hardship.
Many even went as far as publicly dragging the president.
One cannot begin to imagine how these people would feel when they learn that Buhari did not approve the Naira redesign policy introduced by Emefiele.
It was the Special Investigator on the CBN and Related Entities, Jim Obaze that made the shocking revelation.
The Report
President Bola Tinubu had named Obaze, a former Executive Secretary of the Financial Reporting Council of Nigeria, as the CBN special investigator some months back.
Obaze on Wednesday submitted his final report to Tinubu.
It was tagged, ‘Report of the Special Investigation on CBN and Related Entities (Chargeable offences)’.
Also Read: See How Many Illegal Bank Accounts Emefiele Operated In UK, US
The documents indicate that the former Apex Bank governor might face fresh criminal charges over the handling of the CBN Naira redesign policy.
Emefiele could be prosecuted for illegal issuance of currency under section 19 of the CBN Act.
Buhari Didn’t Approve Naira Redesign
The report revealed that the Naira redesign policy was sold to Buhari at the instance of Sabiu.
It also shows that the initiative was done without the approval of the board of the CBN.
“The investigator found that Buhari didn’t approve of the Naira redesign.
“It was Tunde Sabiu who first told Emefiele in September 2022 to consider the redesign of the naira.
“On October 6, 2022, Emefiele wrote to Buhari that he wanted to redesign and reconfigure ₦1000, ₦500 and ₦200 notes.
“The former President tagged along but did not approve the redesign as required by law. Buhari merely approved that the currency be printed in Nigeria.
Contracts
“The redesign was only mentioned to the board of the CBN on December 15, 2022.
“This was after Emefiele had awarded the contract to the Nigerian Security Printing and Minting Plc.”
Also, the document revealed that the contract was awarded on October 31, 2022.
Emefiele was said to have contracted the redesign of the Naira to De La Rue of the UK for £205,000 pounds.
This was done under the vote head of the Currency Operations Department.
Notably, it was after the NSPM said it could not deliver the contract within a short timeframe.
The special investigator found that ₦61.5bn was earmarked for the printing of the new notes out of which ₦31.79bn had been paid.
