The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate, on Wednesday, arraigned one Precious Chimaobi Uzondu before the Federal High Court in Ikoyi, Lagos, on a two-count charge related to his alleged refusal to accept the Naira as a legal tender.
The EFCC disclosed this development in a statement shared on its official X (formerly Twitter) account on Tuesday, According to the commission, Uzondu is accused of violating Section 20 of the Central Bank of Nigeria (CBN) Act, 2007, which mandates the acceptance of the Naira as the country’s official currency for all transactions within Nigeria.
The charge sheet presented before the court alleges that Uzondu rejected the Naira as payment for a high-value luxury item. Instead, he reportedly accepted a sum of $5,700 (Five Thousand Seven Hundred U.S. Dollars) in exchange for a Cartier diamond bracelet with serial number 12345678. The EFCC maintains that his actions contravene Nigerian financial regulations and undermine the legal standing of the Naira.
During the court proceedings, Uzondu pleaded “not guilty” to the charges brought against him. Following his plea, the prosecution requested that he be remanded in custody pending trial. However, Uzondu’s legal counsel applied for bail, arguing that his client posed no flight risk and would comply with all court directives.
Justice Owoeye granted Uzondu bail in the sum of ₦5 million, with two sureties who must be residents of Lagos and own landed properties within the state. The court further ruled that the sureties must provide evidence of tax payments for the past three years and submit their bank statements as proof of financial stability.
Until Uzondu meets his bail conditions, he will remain in custody at the Ikoyi Correctional Centre. The case has been adjourned, with trial proceedings set to commence on April 8, 2025.
The EFCC’s prosecution of Uzondu highlights the Nigerian government’s efforts to enforce strict compliance with currency regulations. The case has sparked public debate over the widespread use of foreign currencies in local transactions and the implications for the country’s monetary policies. Financial analysts argue that the refusal to accept the Naira weakens confidence in the currency and contributes to economic instability.
The EFCC has reiterated its commitment to upholding financial laws and ensuring that all individuals and businesses operating within Nigeria comply with the provisions of the CBN Act. The commission warned that further violations of currency regulations would be met with legal consequences.
