The trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, resumed yesterday at the Federal Capital Territory (FCT) High Court, as a witness told the court that cash hoarding by commercial banks contributed to the scarcity of redesigned naira notes issued during Emefiele’s tenure.
Mr. Chinedu Eneanya, an operative of the Economic and Financial Crimes Commission (EFCC) and the seventh prosecution witness (PW-7), testified that investigations revealed widespread hoarding by commercial banks, which led to significant hardship for Nigerians.
During cross-examination, Eneanya said he could not immediately identify the specific banks involved. When asked whether the EFCC made any arrests in connection with the infractions, the prosecution counsel, Mr. A. Mohammed, objected, arguing that the question was beyond the witness’s remit.
Emefiele’s lawyer, Mr. Olalekan Ojo, SAN, countered that the question was relevant, as the case against the former CBN governor centres on the alleged hardship caused by the currency shortage.
In a bench ruling, Justice Maryann Anenih instructed the witness to respond. Eneanya clarified that the EFCC had set up a task force for the investigation, but he was not part of it and was unaware of any actions taken against bank officials or whose directive initiated the bank visits.
The case, in which Emefiele faces a four-count charge brought by the EFCC, has been adjourned to March 19 for further cross-examination of the witness.