Man Sentenced to 4 Years Imprisonment for Refusing to Accept Naira As Legal Tender
- The Federal High Court sitting in Ikoyi, Lagos has sentenced a jewellery dealer to four years' imprisonment for refusing to accept naira
- Justice Alexander Owoeye gave Uzondu Precious Chimaobi an option of a fine in the sum of N600,000 on count two
- The court ordered the forfeiture of the Cartier Diamond wristwatch to the Federal Government of Nigeria
Legit.ng journalist, Adekunle Dada, has over 8 years of experience covering metro, government policy, and international issues
Ikoyi, Lagos state - A Nigerian man, Uzondu Precious Chimaobi, has been sentenced to four years' imprisonment over his refusal to accept the Naira as legal tender.
Justice Alexander Owoeye of the Federal High Court sitting in Ikoyi, Lagos gave the judgement on Tuesday, April 15, 2025.
Source: Twitter
The Economic and Financial Crimes Commission (EFCC) arraigned Uzondu in court on February 5, 2025 a two-count charge bordering on refusal to accept the Naira as a legal tender.
Uzondu is the owner of a jewellery company called Unlimited Jewellers Limited in the Lekki area of Lagos.
The EFCC said Uzondu committed the offence on the 10th of December 2024 by accepting the sum of $5700 for the payment of a Cartier diamond bracelet with serial number.
This was contained in a statement issued by the EFCC via his X handle @officialEFCC on Tuesday, April 15, 2025.
The prosecutor and EFCC operative, Owolabi Oyarekhua Jude, told the court that the Commission received an intelligence report on the activities of the jewelry company.
“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.”
“Subsequently, a covert operation was carried out, where an undercover operative of the Commission disguised as a customer purchased 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 a receipt was issued in Dollars. The owner of the company was arrested and taken to the Commission’s "
The Judge sentenced him to four years imprisonment, with an option of a fine in the sum of N600,000 on count two.
Uzondu's Cartier Diamond wristwatch was ordered forfeited to the Federal Government of Nigeria.
Nigerian gets 6 months jail for money laundering
Recall that Okorie Sylvanus Sunday was sentenced to six months imprisonment after being convicted of money laundering by the Federal High Court, Ikoyi.
The Nigerian was arrested at Murtala Muhammed International Airport with $578,000, part of which was concealed in a cream pack and included counterfeit currency.
His guilty plea to two charges concluded the case, showcasing the Nigerian authorities’ commitment to tackling financial crimes.
EFCC arrests 133 suspects over Ponzi scheme academy
Meanwhile, Legit.ng reported that EFCC operatives arrested 133 suspects in Abuja.
The suspects were arrested in connection with a Ponzi Scheme Academy where gullible young Nigerians were trained in the scheme.
The anti-graft agency said the Ponzi Scheme Academy is named Q University (a.k.a Q-Net) for brainwashing young Nigerians that they would graduate into the league of billionaires.
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Source: Legit.ng
