Saturday, June 13, 2026

Emefiele’s Trial: EFCC Witness Links Cash Hoarding to Naira Scarcity

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.

Hot this week

Alleged $6bn Mambilla Project Fraud: Witness Clarifies Certification of FEC Meeting Extracts

The Fifth Prosecution Witness (PW5) in the trial of...

Alleged ₦2bn Nigeria Air Fraud: How Sirika Allegedly Used Ethiopian Airlines as Fake Nigeria Air – Witness

The 12th Prosecution Witness (PW12), Christopher Odofin, in the...

EFCC Arraigns Three Over Alleged ₦10bn Fidelity Bank Fraud in Lagos

The Economic and Financial Crimes Commission (EFCC) has arraigned...

EFCC Arraigns Blessing CEO for Fresh Alleged ₦69.1m Fraud

The Lagos Zonal Directorate 1 of the Economic and...

EFCC Moves to Re-arraign National Assembly Directors for Alleged ₦337m Fraud

The Economic and Financial Crimes Commission (EFCC), on Monday,...

Topics

EFCC Arraigns Three Over Alleged ₦10bn Fidelity Bank Fraud in Lagos

The Economic and Financial Crimes Commission (EFCC) has arraigned...

EFCC Arraigns Blessing CEO for Fresh Alleged ₦69.1m Fraud

The Lagos Zonal Directorate 1 of the Economic and...

EFCC Moves to Re-arraign National Assembly Directors for Alleged ₦337m Fraud

The Economic and Financial Crimes Commission (EFCC), on Monday,...

Shettima Hails EFCC as Anti-Graft Agency Opens Ekiti Office

Vice President Kashim Shettima on Tuesday credited the Economic...

EFCC Arraigns Husband, Wife for ₦1bn Fraud in Ado-Ekiti

The Ilorin Zonal Directorate of the Economic and Financial...

Iyabo Obasanjo Resigns From APC

A former Ogun Central senator, former Commissioner for Health,...
spot_img

Related Articles

Popular Categories

spot_imgspot_img