Emefiele Trial: EFCC Witness Alleges Bank Naira Note Hoarding
Last update: February 11, 2026
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EFCC witness says cash hoarding by commercial banks worsened the naira scarcity...
The trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele resumed on Tuesday before the High Court of the Federal Capital Territory (FCT), with a prosecution witness narrating how cash hoarding by commercial banks allegedly exacerbated the scarcity of redesigned naira notes introduced under Emefiele’s leadership.
The witness, Chinedu Eneanya, an operative of the Economic and Financial Crimes Commission (EFCC), told the court that investigations conducted by the anti-graft agency revealed that most commercial banks were involved in hoarding cash, a situation that subjected Nigerians to severe hardship during the naira redesign exercise.
CBI News reports that Eneanya, who testified as the seventh prosecution witness (PW-7), made the disclosure while answering questions under cross-examination.
However, he said he could not immediately confirm the specific banks involved in the alleged infractions.
When asked whether the EFCC made any arrests in connection with the cash hoarding, the prosecution counsel, Mr A. Mohammed, objected, arguing that the question was outside the scope of the witness’s assignment.
“His beat was specific; whether it (naira redesign) had a valid approval,” the prosecution lawyer submitted.
Emefiele’s counsel, Olalekan Ojo, SAN, opposed the objection, insisting that the question was relevant because the core of the case against his client was that the naira redesign policy caused undue hardship to Nigerians.
In a bench ruling, Justice Maryann Anenih overruled the objection and directed the witness to answer the question.
Responding, 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 added that he was not aware of the actions taken by the EFCC against bank officials found to have engaged in the alleged misconduct.
When further asked to disclose whose instructions led the EFCC to visit commercial banks during the investigation, the witness said he was not privy to such information.
Following the testimony, Justice Anenih adjourned the matter until March 19 for the continuation of cross-examination.
