The Economic and Financial Crimes Commission, Lagos Zonal Directorate, on Wednesday, arraigned a man identified as Precious Chimaobi Uzondu for allegedly refusing to accept the Nigerian Naira as a legal tender.
According to a statement posted on the EFCC’s official X (formerly Twitter) account on Tuesday, Uzondu was charged before Justice A.O. Owoeye of the Federal High Court in Ikoyi, Lagos, on a two counts related to his alleged violation of Section 20 of the Central Bank of Nigeria Act, 2007.
The EFCC accused Uzondu of refusing to accept Naira in a financial transaction, opting instead to receive $5,700 (Five Thousand Seven Hundred U.S. Dollars) as payment for a Carter diamond bracelet with serial number 12345678.
“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’s legal tender) by accepting the sum of $5,700 as a means of payment for the purchase of a Carter diamond bracelet and thereby committed an offence contrary to Section 20 of the Central Bank of Nigeria Act, 2007,” the charge read.
When the charges were read to him, Uzondu pleaded not guilty.
Following his plea, the prosecution counsel, Hannatu U. Kofar Naisa, requested a trial date and urged the court to remand the defendant in a correctional facility.
However, Uzondu’s lawyer, Jennifer Achinuagole, informed the court of a pending bail application and requested that it be adopted as her oral submission. In response, the prosecution objected, submitting a counter-affidavit and a written address.
After hearing arguments from both sides, Justice Owoeye granted Uzondu bail in the sum of ₦5 million, with two sureties in the same amount. The sureties must own landed properties in Lagos, which must be verified by the court, and swear an affidavit of means.
The judge ordered Uzondu’s remand at the Ikoyi Correctional Centre pending the fulfillment of his bail conditions. The case was adjourned to April 8, 2025, for the commencement of trial.
