By Yemi Oyeyemi, Abuja
An Economic and Financial Crimes Commission (EFCC) witness has told the High Court of the Federal Capital Territory in Abuja that some commercial banks contributed to the 2022–2023 scarcity of newly redesigned naira notes by hoarding the currency after it was printed and released.
The witness, Mr. Emere Chinedu, made the disclosure on Tuesday while testifying in the ongoing trial of former Central Bank of Nigeria (CBN) Governor, Mr. Godwin Ifeanyi Emefiele.
Chinedu stated that a Special Panel set up by the EFCC to monitor the distribution of the new naira notes found that certain banks committed infractions by withholding cash meant for public circulation.
He said the panel tracked the quantities released to commercial banks after printing, although he did not provide specific figures in court, noting that records were available and could be consulted to refresh his memory.
According to him, subcommittees visited various banks across the country to verify the volumes of currency distributed by the CBN.
He acknowledged that some banks failed to properly release the new notes to Nigerians, contributing to the cash crisis that followed the currency redesign.
However, under cross-examination by Emefiele’s lead counsel, Olalekan Ojo (SAN), the witness admitted he was unaware of any punitive action taken against the banks allegedly involved in the infractions. He also said he did not know whether the CBN had requested the EFCC to prosecute the affected institutions.
The revelation has raised questions about accountability. If commercial banks were found to have hoarded new naira notes and contributed to the nationwide hardship experienced during the cash shortage, including deaths, why have no prosecutions or sanctions been publicly disclosed?
Meanwhile, Justice Maryann Anenih adjourned the matter until March 19 for continuation of trial. The adjournment followed complaints by Emefiele’s legal team over the late service of the EFCC probe panel’s report, which they said hindered effective cross-examination of the witness.
Although the court had earlier ordered that the report be made available to the defence, it was only served in open court on Tuesday. The judge granted the defence’s request for time to review the document before proceeding further.
As the trial continues, attention is now shifting to whether investigating authorities will take action against the banks allegedly implicated in the naira redesign crisis.
