On Wednesday, the Economic and Financial Crimes Commission, Lagos Zonal Directorate, arraigned Precious Uzondu on a two-count charge related to his alleged refusal to accept the Naira as legal tender.
This was made known in a statement on Tuesday on the Commissions X (formerly Twitter) account.
According to the charge, Uzondu refused to accept Naira, Nigeria’s official currency, as a means of payment. Instead, he allegedly received $5,700 (Five Thousand Seven Hundred U.S. Dollars) as payment for purchasing a Carter diamond bracelet with serial number 12345678. His actions violated Section 20 of the Central Bank of Nigeria Act, 2007.
The statement said, “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.
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 the purchase of a Carter diamond bracelet with a serial number (12345678). You committed an offence contrary to Section 20 of the Central Bank of Nigeria Act, 2007.
“The defendant pleaded “not guilty” to the charges when they were read to him.
“Given his pleas, prosecution counsel, Hannatu U. Kofar Naisa, prayed the court for a trial date, and the defendant was remanded in a Correctional Centre.
“Counsel to the defendant, Jennifer Achinuagole, informed the court of a pending bail application and prayed the court to adopt the same as her oral application.
“Responding, Kofar Naisa informed the court about a counter-affidavit and a written address to the application. She prayed the court would accept the same and discount the defendant’s application.
“After listening to both parties, Justice Owoeye admitted the defendant to bail in the sum of N5m, with two sureties in like sum. The sureties must own landed properties in Lagos, which the court must verify and also swear to an affidavit of means.
“The Judge also ordered the defendant’s remand in the Ikoyi Correctional Centre and adjourned till April 8, 2025 for commencement of trial.”
