The Federal High Court in Ikoyi, has sentenced a Lagos businessman, Uzondu Chimaobi, to four years imprisonment for refusing to accept the Naira currency as legal tender.
Chimaobi was sentenced after being arraigned by the Economic and Financial Crimes Commission (EFCC) for rejecting Naira as payment for a Cartier diamond bracelet sold in his store.
The businessman, who faced a two-count charge bordering on refusal to accept the Naira as a legal tender, was said to have contravened Section 20 of the Central Bank of Nigeria Act, 2007.
According to an operative of the anti-graft agency, Owolabi Jude, who appeared as Prosecution Witness before Justice Alexander Owoeye yesterday, the lawbreaker refused to accept Naira as a means of payment on 10th December 2024, instead accepting the sum of $5,700 for the purchase of a Cartier diamond bracelet with serial number 12345678.
Jude mentioned that the Commission received intelligence on the activities of the convict at his jewelry company identified as Unlimited Jewellers Limited in Lekki, Lagos, intentionally selling its products in Dollars as against the Naira which is a violation of the Central Bank of Nigeria (CBN) Act, 2007 which stipulates Naira as the only legal tender in Nigeria.
The Prosecution Witness added that a covert operation was carried out where an undercover operative of the Commission disguised as a customer to purchase a Diamond Nail bracelet that was tagged $6000 and bought it for $5700, confirming the jailer indulging in the unlawful act.
He disclosed that the offender initially pleaded not guilty to the charge but during further prosecution, he changed his submission to a guilty plea.
In reference to this, the agency tendered Chimaobi’s confessional statement and other exhibits to further establish his guilt, which were admitted by the court.
Delivering the judgment, Justice Owoeye found the transgressor guilty. He said “This court has found you guilty of the allegations out on you. You are hereby sentenced to four years in prison with an option of fine of N50,000 on count one And N600,000 on count two.
“The Cartier Diamond wristwatch will be forfeited to the Federal Government of Nigeria.”
