Proceedings in the trial of former Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, resumed on Tuesday before the High Court of the Federal Capital Territory, Abuja, with a prosecution witness attributing the acute scarcity of redesigned naira notes to widespread cash hoarding by commercial banks.
Testifying as the seventh prosecution witness (PW-7), an operative of the Economic and Financial Crimes Commission (EFCC), Mr. Chinedu Eneanya, told the court that investigations conducted by the anti-graft agency showed that many banks deliberately withheld the newly redesigned notes, worsening the hardship experienced by Nigerians during the currency transition.
Under cross-examination, Eneanya said he was unable to immediately name the specific banks involved in the alleged hoarding.
When asked whether any arrests were made in connection with the infractions, the prosecution counsel, Mr. A. Mohammed, objected, arguing that the question went beyond the witness’s mandate.
“His beat was specific; whether it (naira redesign) had a valid approval,” the prosecution lawyer argued.
However, counsel to the former CBN governor, Mr. Olalekan Ojo, SAN, countered that the line of questioning was central to the case, noting that the core allegation against his client was that the naira redesign policy caused undue hardship to Nigerians due to currency scarcity.
In a brief ruling, trial judge, Justice Maryann Anenih, directed the witness to respond.
Answering, Eneanya said: “My lord, like I stated before this court, the EFCC raised a task force for that. I did not say that it was my team.”
He further told the court that he was unaware of the specific actions taken against bank officials implicated in the hoarding.
When pressed to disclose who authorised the EFCC’s visits to commercial banks during the investigation, the witness said he did not have that information.
Justice Anenih subsequently adjourned the matter until March 19 for the continuation of cross-examination.
Emefiele is standing trial before the court on a four-count charge filed against him by the EFCC.
 Governor, Mr. Godwin Emefiele, resumed on Tuesday before the High Court){kind=link}