Justice Alexander Owoeye of the Federal High Court
sitting in Ikoyi, Lagos, on Tuesday, April 15, 2025, convicted and sentenced
one Uzondu Precious Chimaobi to four years imprisonment for his refusal to
accept the Naira as a legal tender.
Chimaobi was arraigned by the Lagos Zonal Directorate
1 of the Economic and Financial Crimes Commission, EFCC, Awolowo Road, Ikoyi,
Lagos, on February 5, 2025 on a two-count charge bordering on refusal to accept
the Naira as a legal tender.
One of the counts reads: "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 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.”
He initially pleaded not guilty to the charge, leading
to his full trial.
Subsequently, the prosecution presented its first
witness, PW1, Owolabi Oyarekhua Jude, an operative of the EFCC.
Led in evidence by the prosecution counsel, H.U.
Kofarnaisa, Jude told the court that “the Commission received intelligence on
the activities of a jewelry 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.”
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.
Consequent upon his guilty plea, Kofarnaisa, prayed
the court to rely on the evidence earlier given by the investigating officer,
and admit the same in convicting the defendant.
Kofarnaisa, thereafter, tendered the defendant’s
statement and other evidence to further prove his guilt and they were admitted
by the court.
Justice Owoeye then adjourned till Tuesday, April 15,
2025 for ruling.
Delivering judgment, they found the defendant guilty
and gave him an option of fine of N50,000( Fifty Thousand Naira) on count one.
The Judge sentenced him to four years imprisonment,
with an option of fine in the sum of N600,000 on count two.
His Cartier Diamond wristwatch was ordered forfeited
to the Federal Government of Nigeria.
The convict bagged his imprisonment when he refused to
accept Naira by accepting the sum of $5700 ( Five Thousand Seven Hundred USD)
as a means of payment for a purchase of a cartier diamond bracelet. He
was charged to court and convicted.
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