Justice Alexander Owoeye of the Federal High Court sitting in Ikoyi, Lagos, on Tuesday, April 15, 2025, convicted and sentenced a businessman, Uzondu Precious Chimaobi, to four years imprisonment over his refusal to accept the Naira as a legal tender.
He was jailed for selling diamond bracelet in dollars in Lekki at $5700 and for refusing to sell in naira, according to a statement by the Economic and Financial Crimes Commission, which sued the defendant.
According to the EFCC, Chimaobi was arraigned by the Lagos Zonal Directorate 1 of the EFCC, Awolowo Road, Ikoyi, Lagos, on February 5, 2025 on a two-count charge bordering on refusal to accept the Naira as a legal tender.
One of the counts reads: “That you, Precious Chimaobi Uzondu, on the 10th of December 2024, in Lagos, within the jurisdiction of this Honourable Court, refused to accept Naira (Nigeria legal tender) by accepting the sum of $5700 ( Five Thousand Seven Hundred USD) as a means of payment for a purchase of a cartier diamond bracelet with serial number (12345678) and you, thereby, committed an offence contrary to Section 20 of the Central Bank of Nigeria Act, 2007.”
What transpired in court
According to the EFCC, the defendant initially pleaded not guilty to the charge, paving the way for his full trial.
- The prosecution presented its first witness, PW1, Owolabi Oyarekhua Jude, an operative of the EFCC.
- Led in evidence by the prosecution counsel, H.U. Kofarnaisa, Jude informed the court that “the Commission received intelligence on the activities of a jewelry company called Unlimited Jewellers Limited, whose owner is one Uzondu Precious Chimaobi.”
“The Company, which deals in jewelry at Atlantic Mall, Chevron Drive, Lekki, Lagos, intentionally tags and sells its products in Dollars as against the CBN Act, 2007, which stipulates Naira as the only legal tender in Nigeria,” the official added.
- The witness added that subsequently, a covert operation was carried out, where an undercover operative of the Commission disguised as a customer to purchase a Diamond Nail bracelet that was tagged $6000 and bought it for $5700.
“The company refused to receive Naira and demanded Dollars as a means of payment. The payment was made and a receipt was issued in Dollars. The owner of the company was arrested and taken to the Commission’s office,” the witness submitted.
- Amid the proceedings on April 14, 2025, the defendant was said to have opted to change his “not guilty” plea to “guilty.
- Upon his guilty plea, Kofarnaisa prayed the court to convict the defendant.
What the judge said
Delivering judgment on April 15, 2025, the judge found the defendant guilty and gave him an option of a fine of N50,000( Fifty Thousand Naira) on count one.
The judge sentenced him “to four years imprisonment, with an option of fine in the sum of N600,000 on count two,” according to the EFCC.
The court also ordered that the Cartier Diamond wristwatch in evidence be forfeited to the Federal Government of Nigeria.
