The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate, arraigned Precious Chimaobi Uzondu on Wednesday, February 5, 2025, on a two-count charge related to his alleged refusal to accept the Naira as legal tender. The information was shared via a statement on the commission’s X (formerly Twitter) account.
According to the charge, Uzondu rejected the Naira, Nigeria’s official currency, and instead accepted $5,700 (Five Thousand Seven Hundred U.S. Dollars) as payment for a Carter diamond bracelet with serial number 12345678. His actions are said to have violated Section 20 of the Central Bank of Nigeria Act, 2007.
The statement reads: “The Lagos Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Wednesday, February 5, 2025, arraigned Precious Chimaobi Uzondu on a two-count charge before Justice A.O. Owoeye of the Federal High Court in Ikoyi, Lagos, for allegedly refusing to accept Naira as legal tender.”
One of the counts stated: “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) and instead accepted $5,700 (Five Thousand Seven Hundred USD) for the purchase of a Carter 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 when they were read to him.
In response, prosecution counsel, Hannatu U. Kofar Naisa, requested a trial date and asked for the defendant to be remanded in a Correctional Centre.
The defendant’s counsel, Jennifer Achinuagole, informed the court of a pending bail application and requested it be considered orally. In reply, Kofar Naisa presented a counter-affidavit and written address, urging the court to reject the bail application.
After hearing both parties, Justice Owoeye granted Uzondu bail in the sum of N5 million, with two sureties in like amount. The sureties must own verified landed property in Lagos and submit an affidavit of means. The judge also ordered Uzondu’s remand at the Ikoyi Correctional Centre and adjourned the case until April 8, 2025, for the trial to begin.
