Businessman jailed four years for refusing to accept Naira as legal tender

Businessman jailed four years for refusing to accept Naira as legal tender

Justice Alexander Owoeye of the Federal High Court, sitting in Ikoyi, Lagos, has convicted and sentenced a businessman, Uzondu Precious Chimaobi, to four years imprisonment for refusing to accept the Naira as legal tender.

A statement by the Economic and Financial Crimes Commission (EFCC) stated that Chimaobi was arraigned on a two-count charge bordering on refusal to accept the Naira as a legal tender by the agency’s Lagos Zonal Directorate 1 in Lagos.

One of the counts reads: “That you, Precious Chimaobi Uzondu, on December 10 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 EFCC, the defendant initially pleaded not guilty to the charge, leading to his full trial.

Subsequently, the prosecution presented its first witness, Owolabi Oyarekhua Jude, an EFCC operative, who told the court that “the Commission received intelligence on the activities of a jewellery company called Unlimited Jewellers Limited, “whose owner is one Uzondu Precious Chimaobi.

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He added that “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.”

Continuing, he added 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.”

However, at the resumed sitting on April 14, 2025, the defendant opted to change his “not guilty” plea to “guilty.

Upon his guilty plea, the prosecution counsel, H.U. Kofarnaisa, prayed the court to rely on the evidence earlier given by the investigating officer and admit it in convicting the defendant.

Businessman jailed four years for refusing to accept Naira as legal tender