Justice Alexander Owoeye of the Federal High Court sitting in Ikoyi, Lagos, on Tuesday, April 15, 2025, convicted and sentenced one Uzondu Precious Chimaobi to four years imprisonment for his refusal to accept the Naira as a legal tender.
Chimaobi was arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, 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.”
He initially pleaded not guilty to the charge, leading to his full trial.
Subsequently, 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 told 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.
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 receipt was issued in Dollars . The owner of the company was arrested and taken to the Commission’s office.”
However, at the resumed sitting on April 14, 2025, the defendant opted to change his “not guilty” plea to “guilty.
Consequent upon his guilty plea, Kofarnaisa, prayed the court to rely on the evidence earlier given by the investigating officer, and admit the same in convicting the defendant.
Kofarnaisa, thereafter, tendered the defendant’s statement and other evidence to further prove his guilt and they were admitted by the court.
Justice Owoeye then adjourned till Tuesday, April 15, 2025 for ruling.
Delivering judgment, they found the defendant guilty and gave him an option of 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.
His Cartier Diamond wristwatch was ordered forfeited to the Federal Government of Nigeria.
