The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate, on Wednesday, February 5, 2025, arraigned one Precious Chimaobi Uzondu before Justice A.O. Owoeye of the Federal High Court sitting in Ikoyi, Lagos, over allegations of refusing to accept the Naira as a legal tender.
Uzondu was brought before the court on a two-count charge relating to his alleged insistence on receiving payment in foreign currency instead of the Naira, an act said to be in violation of the Central Bank of Nigeria Act, 2007.
One of the charges 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’s legal tender) by accepting the sum of $5,700 (Five Thousand Seven Hundred USD) as a means of payment for a Carter diamond bracelet with serial number (12345678) and you thereby committed an offence contrary to Section 20 of the Central Bank of Nigeria Act, 2007.”
Upon the reading of the charges, the defendant pleaded “not guilty.” In response, the prosecution counsel, Hannatu U. KofarNaisa, requested a trial date and urged the court to remand the defendant in a Correctional Centre pending the commencement of proceedings.
However, the defendant’s counsel, Jennifer Achinuagole, informed the court of a pending bail application and appealed for it to be considered as her oral submission. KofarNaisa opposed the request, citing a counter-affidavit and a written address submitted by the prosecution.
After hearing arguments from both sides, Justice Owoeye granted Uzondu bail in the sum of N5 million, with two sureties in like sum. The sureties are required to own landed property in Lagos, which must be verified by the court, and swear to an affidavit of means.
The judge further ordered the defendant to be remanded at the Ikoyi Correctional Centre until he meets his bail conditions. The trial was subsequently adjourned to April 8, 2025.
