Justice Alexander Owoeye, of the Federal High Court sitting in Ikoyi, Lagos, has convicted and sentenced one Uzondu Precious Chimaobi, to four years imprisonment for his refusal to accept the Naira as a legal tender.
A statement released by the Economic Financial Crimes Commission (EFCC), on Tuesday revealed that the Lagos Zonal Directorate 1 of the EFCC had earlier arraigned Chimaobi on a two-count charge bordering on 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”. The statement reads.
One of the counts against him 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.”
According to the statement, he initially pleaded not guilty to the charge, leading to his full trial.
Meanwhile, in subsequent sitting, the prosecution counsel, H.U. Kofarnaisa, presented his first witness, an operative of the EFCC, Owolabi Oyarekhua Jude, who profed to the court that Chimaobi, the owner of a jewel company in Lagos sells its product in Dollars only, antagonizing the CBN’s Act which accept Naira as Nigeria only legal tender.
The statement reads, “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.”
Jude added that an undercover operative of the commission disguised as a customer was mandated to pay in dollars before his purchase can be approved which he did. This led to the arrest of the company’s owner.
“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.” He added
However, during the court sitting on Monday, the defendant changed his not guilty plea to guilty. Meanwhile, the Prosecuting counsel requested that the court will rely on the earlier submitted evidence by the investigating officer and convict the defendant thereby.
He thereafter presented the defendant’s statement and other guilt proofing evidence which were admitted by the court after which Justice Owoeye adjourned the case till Tuesday for ruling.
While delivering judgement at the ruling, the defendant was found guilty and was given an option of 50 thousand naira fine on count one, as well as four years imprisonment with an option of 600 thousand naira fine on count two.
The Judge also forfeited his Cartier Diamond wristwatch to the Federal Government of Nigeria.
The statement reads in part, “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.
“The convict bagged his imprisonment when he refused to accept Naira by accepting the sum of $5700 ( Five Thousand Seven Hundred USD) as a means of payment for a purchase of a cartier diamond bracelet. Hewas charged to court and convicted.”
