By Abigail Philip David
The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate, has arraigned a man, Precious Uzondu, on a two-count charge for allegedly refusing to accept the Naira as legal tender.
The EFCC disclosed this in a statement shared on its X (formerly Twitter) account on Tuesday.
According to the charge, Uzondu allegedly declined to accept Nigeria’s official currency as payment and instead received $5,700 (Five Thousand Seven Hundred U.S. Dollars) for the purchase of a Cartier diamond bracelet with serial number 12345678. His actions are said to be in violation of Section 20 of the Central Bank of Nigeria Act, 2007.
The case was brought before Justice A.O. Owoeye of the Federal High Court in Ikoyi, Lagos, on February 5, 2025.
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’s legal tender) by accepting the sum of $5,700 (Five Thousand Seven Hundred USD) as payment for a Cartier diamond bracelet with serial number 12345678, thereby committing an offence contrary to Section 20 of the Central Bank of Nigeria Act, 2007.”
Uzondu pleaded “not guilty” to the charges.
Following his plea, the prosecution counsel, Hannatu U. Kofar Naisa, requested a trial date and asked the court to remand the defendant in a correctional facility.
However, the defense counsel, Jennifer Achinuagole, urged the court to consider a pending bail application, which she adopted as an oral submission.
The prosecution opposed the bail request, presenting a counter-affidavit and a written argument.
After hearing both sides, Justice Owoeye granted Uzondu bail in the sum of N5 million, with two sureties of the same amount. The sureties must own landed property in Lagos, verify their ownership in court, and swear to an affidavit of means.
The judge also ordered Uzondu’s remand at the Ikoyi Correctional Centre pending the fulfillment of his bail conditions and adjourned the trial to April 8, 2025.
