A Federal High Court sitting in Ikoyi, Lagos, has sentenced businessman Uzondu Precious Chimaobi to four years in prison for refusing to accept the Naira as a legal tender in his business transactions.
Justice Alexander Owoeye delivered the judgment after Chimaobi pleaded guilty to a two-count charge filed by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).
The EFCC revealed that the businessman, who runs Unlimited Jewellers Limited at Atlantic Mall, Chevron Drive, Lekki, Lagos, was arraigned for conducting business in foreign currency, in violation of Section 20 of the Central Bank of Nigeria (CBN) Act, 2007.
One of the charges 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.”
Earlier, Chimaobi had pleaded not guilty, prompting a full trial. During the proceedings, EFCC operative Owolabi Oyarekhua Jude testified that, “The Commission received intelligence on the activities of a jewellery company called Unlimited Jewellers Limited, whose owner is one Uzondu Precious Chimaobi.
> 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.”
He further disclosed 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 the resumed hearing on April 14, 2025, Chimaobi changed his plea to guilty.
The prosecution counsel, H.U. Kofarnaisa, urged the court to rely on the evidence already presented to convict the defendant.
Justice Owoeye, in his ruling on April 15, convicted Chimaobi and imposed a fine of N50,000 on count one.
On count two, he was sentenced to four years in prison with an option of a N600,000 fine.
The court further ordered that his Cartier diamond wristwatch be forfeited to the Federal Government of Nigeria.
