Justice Alexander Owoeye of the Federal High Court in Ikoyi, Lagos, has sentenced Uzondu Precious Chimaobi to four years in prison for refusing to accept the Naira as legal tender. The verdict was delivered on Tuesday, April 15, 2025.
Chimaobi, who owns Unlimited Jewellers Limited at Atlantic Mall, Lekki, was arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on February 5, 2025, on a two-count charge relating to his rejection of the Naira in business transactions.
According to the EFCC, Chimaobi sold a Cartier diamond bracelet priced at $6,000 but accepted $5,700 in cash from an undercover agent posing as a customer. The purchase was made entirely in U.S. dollars, and a receipt was issued in the same currency—violating Section 20 of the Central Bank of Nigeria Act, 2007, which mandates the use of Naira as the sole legal tender in Nigeria.
Initially pleading not guilty, Chimaobi later changed his plea to guilty on April 14, 2025. Following his admission, the prosecution tendered evidence including the defendant’s statement and investigative findings, which were accepted by the court.
In his judgment, Justice Owoeye sentenced Chimaobi to four years in prison, offering him an option of a N50,000 fine on count one and a N600,000 fine on count two. Additionally, his Cartier diamond wristwatch was ordered forfeited to the Federal Government.
