Ahmed Umar, former Director of Currency Operations at the Central Bank of Nigeria (CBN), disclosed that former CBN governor Godwin Emefiele printed his own design of the naira, differing from what was approved by former President Muhammadu Buhari. Umar testified at the Federal Capital Territory High Court, highlighting discrepancies such as the absence of a QR code and differences in the positioning of the portrait and the numbering scheme.
The Economic and Financial Crimes Commission (EFCC) arraigned Emefiele on May 15, charging him with multiple offenses, which he denied. He was granted bail set at ₦300 million. President Bola Tinubu had previously appointed Jim Obazee to investigate CBN activities under Emefiele’s leadership, resulting in a report accusing Emefiele of various financial misdeeds, including unauthorized investments and fraudulent withdrawals.
The investigation alleged Emefiele kept significant funds in foreign accounts without proper authorization, manipulated exchange rates, and misappropriated public funds, totaling ₦17.37 trillion. The findings have intensified scrutiny on the former governor’s tenure and financial practices at the CBN.