EFCC Arraigns Man For Refusing Naira, Accepting Dollars
The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate, on Wednesday arraigned Precious Chimaobi Uzondu before Justice A.O. Owoeye of the Federal High Court sitting in Ikoyi, Lagos, over allegations of rejecting Naira as legal tender.
This was disclosed in a statement posted on the commission’s X (formerly Twitter) account on Tuesday.
“The Lagos Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Wednesday, February 5, 2025, arraigned one Precious Chimaobi Uzondu on a two-count charge bordering on alleged refusal to accept Naira as a legal tender before Justice A.O. Owoeye of the Federal High Court sitting in Ikoyi, Lagos,” the statement read.
According to the charge, Uzondu allegedly declined to receive Naira, the country’s official currency, as payment for a transaction. Instead, he reportedly accepted $5,700 (Five Thousand Seven Hundred U.S. Dollars) for the purchase of a Cartier diamond bracelet with serial number 12345678, an act deemed unlawful under Section 20 of the Central Bank of Nigeria Act, 2007.
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One of the charges states, “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 $5700 (Five Thousand Seven Hundred USD) as a means of payment for a purchase of 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 hearing the charges, the defendant entered a plea of “not guilty.”
Following this, the prosecution counsel, Hannatu U. Kofar Naisa, requested a trial date and urged the court to remand the defendant in a correctional facility.
However, the defence counsel, Jennifer Achinuagole, informed the court that a bail application had been submitted and pleaded for it to be adopted as an oral application.
In response, Kofar Naisa stated that the prosecution had filed a counter-affidavit and a written address opposing the bail request. She urged the court to reject the application.
After considering the arguments, Justice Owoeye granted Uzondu bail in the sum of N5 million, with two sureties in the same amount.
“The sureties must own landed properties in Lagos, which must be verified by the court, and also swear to an affidavit of means,” the judge ruled.
Additionally, the judge ordered that the defendant be kept in the Ikoyi Correctional Centre until he meets his bail conditions.
The trial was adjourned to April 8, 2025.
Titilope Adako is a talented and intrepid journalist, dedicated to shedding light on the untold stories of Osun State and Nigeria. Through incisive reporting, she tackles a broad spectrum of topics, from politics and social justice to culture and entertainment, with a commitment to accuracy, empathy, and inspiring positive change.
