On Tuesday, April 15, 2025, Justice Alexander Owoeye of the Federal High Court in Ikoyi, Lagos, sentenced Uzondu Precious Chimaobi to four years in prison for refusing to accept the Naira as legal currency.
Chimaobi faced charges from the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on February 5, 2025. The charges involved his refusal to accept the Naira as legal tender.
One of the charges stated: “On December 10, 2024, in Lagos, you, Precious Chimaobi Uzondu, refused to accept Naira (Nigeria’s legal currency) by taking $5,700 (Five Thousand Seven Hundred USD) for a purchase of a Cartier diamond bracelet with the serial number (12345678). This action violated Section 20 of the Central Bank of Nigeria Act, 2007.”
Initially, he pleaded not guilty, which led to a full trial.
During the trial, the prosecution called its first witness, PW1, Owolabi Oyarekhua Jude, an EFCC officer.
Under questioning by the prosecution lawyer, H.U. Kofarnaisa, Jude informed the court that “the Commission received information about a jewelry business named Unlimited Jewellers Limited, owned by Uzondu Precious Chimaobi.
“The company, located at Atlantic Mall, Chevron Drive, Lekki, Lagos, intentionally lists and sells its items in dollars instead of Naira, which is against the CBN Act, 2007 that declares the Naira as the only legal currency in Nigeria.”
Continuing, he mentioned that “Afterward, a secret operation took place where an undercover agent from the Commission pretended to be a customer and bought a Diamond Nail bracelet priced at $6000 for $5700.
“The company refused to accept Naira and insisted on payment in Dollars. The payment was made, and a receipt was given in Dollars. The company owner was arrested and taken to the Commission’s office.”
However, during the next hearing on April 14, 2025, the defendant decided to change his plea from “not guilty” to “guilty.”
Following his guilty plea, Kofarnaisa asked the court to use the evidence provided earlier by the investigating officer to convict the defendant.
Kofarnaisa then submitted the defendant’s statement along with other evidence to further demonstrate his guilt, and the court accepted these documents.
Justice Owoeye then postponed the case until Tuesday, April 15, 2025, for a ruling.
When delivering the verdict, they found the defendant guilty and offered him a fine of N50,000 (Fifty Thousand Naira) for the first count. The judge sentenced him to four years in prison, with an option to pay a fine of N600,000 for the second count.
His Cartier Diamond wristwatch was ordered to be given to the Federal Government of Nigeria.
The convict received his prison sentence because he refused to accept Naira and instead accepted $5700 (Five Thousand Seven Hundred USD) as payment for the purchase of the Cartier diamond bracelet. He was taken to court and found guilty.
