Justice Alexander Owoeye of the Federal High Court in Ikoyi, Lagos, on Tuesday, April 15, 2025, sentenced Uzondu Precious Chimaobi to four years in prison for refusing to accept the Naira as legal tender for business transactions. Chimaobi was prosecuted by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on a two-count charge related to rejecting Nigeria’s official currency, contrary to Section 20 of the Central Bank of Nigeria Act, 2007.
According to the EFCC, Chimaobi, who operates Unlimited Jewellers Limited at Atlantic Mall in Lekki, Lagos, received $5,700 as payment for a Cartier diamond bracelet on December 10, 2024, refusing to accept Naira as required by law. The agency’s first witness, EFCC operative Owolabi Oyarekhua Jude, told the court that the Commission received intelligence on the jeweller’s dollar-based transactions. A covert operation followed, during which an undercover agent purchased a bracelet priced in dollars and was issued a receipt in the same currency.
Initially pleading not guilty in February, Chimaobi later changed his plea to guilty on April 14, 2025. Following this development, the prosecution tendered the defendant’s statement and supporting documents, which were accepted by the court.
Justice Owoeye found Chimaobi guilty on both counts. He was sentenced to four years in prison, with an option of a N600,000 fine for the second count and a N50,000 fine for the first. Additionally, his Cartier diamond wristwatch was ordered forfeited to the Federal Government.
Source : https://m.lindaikejisblog.com/
