A Federal High Court sitting in Ikoyi, Lagos, has sentenced one Uzondu Precious Chimaobi to four years in prison for refusing to accept the Nigerian Naira as legal tender, in violation of the Central Bank of Nigeria (CBN) Act, 2007.
Justice Alexander Owoeye delivered the judgment on Tuesday, April 15, 2025, after Chimaobi pleaded guilty to the charges brought against him by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).
Chimaobi, owner of Unlimited Jewellers Limited located at Atlantic Mall, Chevron Drive, Lekki, was arraigned on February 5, 2025, on a two-count charge bordering on illegal currency transaction. According to the EFCC, he accepted $5,700 (USD) for the sale of a Cartier diamond bracelet, refusing to accept payment in Naira, in contravention of Section 20 of the CBN Act.
The EFCC’s first witness, Owolabi Oyarekhua Jude, testified that the Commission received intelligence reports on the company’s illegal pricing practices, which included tagging jewelry in dollars and insisting on dollar payments.
During a covert operation, an undercover EFCC agent posed as a buyer and paid $5,700 for a bracelet, which was tagged at $6,000. The transaction was completed entirely in US dollars, and a receipt was issued in the same currency.
Following his initial not guilty plea, Chimaobi later changed his plea to guilty during the resumed hearing on April 14, 2025. Prosecuting counsel H.U. Kofarnaisa presented evidence, including the defendant’s statement and documents from the sting operation. These were admitted by the court.
In his judgment, Justice Owoeye sentenced Chimaobi to four years in prison on the second count, with an option of a N600,000 fine. He was also fined N50,000 on the first count while his Cartier diamond bracelet was ordered forfeited to the Federal Government of Nigeria.
The case marks a strong stance by Nigerian authorities in enforcing the exclusive use of the Naira for local transactions, in line with national monetary policy.
