Justice Alexander Owoeye of the Federal High Court, Ikoyi, Lagos, has sentenced Precious Chimaobi Uzondu to four years imprisonment for refusing to accept the Naira as legal tender. The ruling, delivered on April 15, 2025, followed Uzondu’s guilty plea to charges brought by the Economic and Financial Crimes Commission (EFCC).
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Uzondu, owner of Unlimited Jewellers Limited in Lekki, Lagos, was accused of violating Section 20 of the Central Bank of Nigeria Act, 2007. On December 10, 2024, he allegedly accepted $5,700 for a Cartier diamond bracelet instead of Naira. An undercover EFCC operation confirmed the illegal practice.
Initially pleading not guilty, Uzondu later changed his plea to guilty during the trial. Justice Owoeye sentenced him to four years imprisonment with an option of a ₦600,000 fine and ordered the forfeiture of his Cartier diamond wristwatch to the Federal Government. This case underscores the strict enforcement of Nigeria’s legal tender laws.
