He 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.
A Lagos-based businessman, Uzondu Precious Chimaobi, has been sentenced to four years in prison for refusing to accept the Naira as payment for a $5,700 Cartier diamond bracelet.
Justice Alexander Owoeye of the Federal High Court in Ikoyi delivered the judgment on Tuesday, April 15, 2025, after Chimaobi, owner of Unlimited Jewellers Limited, changed his plea from not guilty to guilty.
He was arraigned on February 5, 2025, by the EFCC on a two-count charge under Section 20 of the Central Bank of Nigeria Act, 2007.
EFCC witness, Owolabi Oyarekhua Jude, testified that Chimaobi’s company priced and sold items in US dollars, rejecting the Naira.
“The company refused to receive Naira and demanded Dollars as a means of payment,” Jude said.
Justice Owoeye imposed a four-year sentence, with an option of N600,000 fine, and ordered the forfeiture of the diamond bracelet.