Matilda Omonaiye/
A Federal High Court sitting in Ikoyi, Lagos, has sentenced a businessman, Uzondu Precious Chimaobi, to four years imprisonment for refusing to accept the Naira as legal tender.
Justice Alexander Owoeye delivered the judgment on Tuesday, April 15, 2025, following Chimaobi’s guilty plea to a two-count charge filed against him by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1.
According to the EFCC, the convict, who operates a jewelry business under the name Unlimited Jewellers Limited at Atlantic Mall, Chevron Drive, Lekki, Lagos, insisted on receiving payment in United States Dollars for the sale of a Cartier diamond bracelet, contrary to the provisions of the Central Bank of Nigeria (CBN) Act, 2007.
The EFCC told the court that on December 10, 2024, Chimaobi sold the bracelet to an undercover agent of the Commission for $5,700, refused payment in Naira, and issued a receipt in Dollars.
He was arraigned on February 5, 2025, and initially pleaded not guilty. However, at the resumed hearing on April 14, he changed his plea to guilty.
Following the change of plea, the prosecution counsel, H.U. Kofarnaisa, urged the court to rely on the evidence earlier presented, including the testimony of EFCC operative Owolabi Oyarekhua Jude, to convict the defendant.
Justice Owoeye sentenced Chimaobi to four years’ imprisonment with an option of N50,000 fine on count one and N600,000 fine on count two. The court also ordered the forfeiture of his Cartier diamond wristwatch to the Federal Government.
The EFCC, in a statement signed by its Head of Media and Publicity, Dele Oyewale, reiterated its commitment to enforcing financial laws and upholding the status of the Naira as the country’s only legal tender.
0
