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 tender.
Chimaobi was arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on February 5, 2025, facing a two-count charge related to his refusal to accept the Naira.
One of the charges stated: “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.”
Initially, Chimaobi pleaded not guilty, resulting in a full trial.
During the trial, the prosecution presented its first witness, PW1, Owolabi Oyarekhua Jude, an EFCC operative. Under the guidance of prosecution counsel H.U. Kofarnaisa, Jude testified that “the Commission received intelligence on the activities of a jewelry company called Unlimited Jewellers Limited, whose owner is one Uzondu Precious Chimaobi.”
He elaborated, stating, “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 continued, explaining that “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.”
At a resumed sitting on April 14, 2025, Chimaobi chose to change his plea from “not guilty” to “guilty.” Following this change, Kofarnaisa requested the court to rely on the evidence provided earlier by the investigating officer and to consider it in convicting the defendant.
The prosecution subsequently submitted Chimaobi’s statement and further evidence to substantiate his guilt, all of which were accepted by the court.
Justice Owoeye then adjourned the case until April 15, 2025, for a ruling.
In delivering the judgment, the court found Chimaobi guilty and offered him an option of a fine of N50,000 (Fifty Thousand Naira) on the first count. He was sentenced to four years of imprisonment, with an option of a fine of N600,000 on the second count. Additionally, his Cartier diamond wristwatch was ordered to be forfeited to the Federal Government of Nigeria.
Chimaobi was imprisoned for rejecting the Naira in favour of $5700 (Five Thousand Seven Hundred USD) as payment for a Cartier diamond bracelet, leading to his charges and subsequent conviction.
