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 in Ikoyi, Lagos, on a two-count charge over his alleged refusal to accept the Naira as a legal tender.
The EFCC disclosed this in a statement shared on its official X (formerly Twitter) account. According to the charge, Uzondu allegedly violated Section 20 of the Central Bank of Nigeria Act, 2007, by refusing to accept the Naira as payment for a Carter diamond bracelet with serial number 12345678. Instead, he accepted $5,700 (Five Thousand Seven Hundred U.S. Dollars) as payment.
The statement read:
“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), thereby committing an offence contrary to Section 20 of the Central Bank of Nigeria Act, 2007.”
Uzondu pleaded “not guilty” to the charges.
Following his plea, EFCC prosecution counsel, Hannatu U. Kofar Naisa, requested a trial date and urged the court to remand the defendant in a correctional facility. In response, the defendant’s counsel, Jennifer Achinuagole, sought bail for her client, submitting a pending bail application as her oral request.
Kofar Naisa opposed the application, citing a counter-affidavit and a written address filed in response.
After hearing both parties, Justice Owoeye granted bail to the defendant in the sum of N5 million, with two sureties in like sum. The sureties are required to own verifiable landed properties in Lagos and provide an affidavit of means.
The judge ordered Uzondu’s remand at the Ikoyi Correctional Centre pending the fulfillment of bail conditions and adjourned the case until April 8, 2025, for trial commencement.
