REWIND: Buhari Counters CBN Investigator, Confirms He Approved Naira Notes’ Redesign

On Friday, reports emerged that the Special Investigator on the Central Bank of Nigeria (CBN) and Related Entities, Jim Obazee, claimed that former President Muhammadu Buhari did not approve the redesign of naira notes.

Obazee submitted his final report tagged, ‘Report of the Special Investigation on CBN and Related Entities (Chargeable offences)’ to President Bola Tinubu on Wednesday.

Recall that Obazee, a former Executive Secretary of the Financial Reporting Council of Nigeria, was named by Tinubu as the CBN special investigator in a letter dated July 28, 2023.

He was tasked with investigating activities of the CBN under the leadership of the embattled former governor of the apex bank, Godwin Emefiele.

In the final report of Obazee’s findings, he claimed it was Buhari’s aide and nephew, Tunde ‘Yusuf’ Sabiu, who first pitched the idea of a naira note redesign to Emefiele in September 2022.

The report further revealed that it was the embattled former CBN governor, who, in collaboration with Sabiu, implemented the naira redesign.

However, according to checks by Eko Hot Blog, these claims are disproved by the presidency’s statement of November 23, 2022, which expressly stated that Buhari approved the redesign of the naira note. The statement was signed by his former spokesperson, Femi Adesina.

Speaking at the launch of the redesigned naira notes, the presidency said the former president “explained in detail the basis for his approval to the Central Bank of Nigeria (CBN) to redesign the ₦200, ₦500 and ₦1000 banknotes.”

According to Buhari, “the new Naira banknotes have been fortified with security features that make them difficult to counterfeit.”

He also added that the new banknotes would help the CBN design and implement better monetary policy objectives as well as enrich the collective memory of Nigeria’s heritage.

The presidency’s statement further mentioned that the former president said Emefiele sought his permission to embark on the currency redesign project and he “considered all the facts and reasons presented before me” before giving the approval.

“Banknote redesign is generally aimed at achieving specific objectives, including, but not limited to: improving security of banknotes, mitigating counterfeiting, preserving collective national heritage, controlling currency in circulation & reducing overall cost of currency .management,” Buhari was quoted as saying at the time.

As the former CBN governor faces legal trouble for his decisions while in office, many of the former president’s allies have sought to absolve him of any responsibility for the apex bank’s failed policies even though they were done with his knowledge.

Buhari’s public statements at the time never left any doubt that he was fully behind the currency redesign project.

Amid the scarcity of naira notes in the beginning of the year, the former president made a national broadcast where he expressly stated, again, that he, not Sabiu, authorised the redesign of the currency.

“In the last quarter of 2022, I authorised the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 Nigerian banknotes,” he said in his address of February 16, 2023.

In a November 2023 interview with NTA, Buhari maintained that he approved the naira note redesign project.

The former president said approving the project was a way to ensure his “integrity became unquestionable”.

He added that the move was imperative to check those who had stashed ill-gotten money.

Meanwhile, the CBN special investigator’s documents indicated that the former apex bank governor might face fresh criminal charges over the handling of the CBN naira redesign policy.

“The former President tagged along but did not approve the redesign as required by law. Buhari merely approved that the currency be printed in Nigeria. The redesign was only mentioned to the board of the CBN on December 15, 2022, after Emefiele had awarded the contract to the Nigerian Security Printing and Minting Plc on October 31, 2022,’’ the documents noted.

Emefiele could be “prosecuted for illegal issuance of currency under Section 19 of the CBN Act alongside Tunde Sabiu and the 12 top directors of the CBN” although the Buhari has confirmed at various times that he approved the currency redesign project.

The former CBN governor has been in legal jeopardy since Tinubu assumed office.

Some observers claim that the president felt the naira redesign policy was targeted at hurting his successful presidential campaign.

Emefiele, whom the federal government has charged with procurement fraud, regained his freedom from Kuje Prison on Friday, December 22, 2023, after his one-month incarceration.

The CBN special investigator’s report indicated that the former governor of the apex bank, who was in office from June 2014 to June 2023, engaged “in fraudulent cash withdrawal of $6.23 million”, and perpetrated fraud in the redesign of the naira, while he allegedly kept £543.4 million in the United Kingdom.

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