EFCC arraigns man for alleged refusal to accept Naira as legal tender

The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate, on Wednesday arraigned Precious Chimaobi Uzondu on a two-count charge for allegedly refusing to accept the Naira as legal tender.

The EFCC disclosed this in a statement on its X (formerly Twitter) account on Tuesday.

According to the charge, Uzondu declined payment in Naira, Nigeria’s official currency, and instead accepted $5,700 for a Cartier diamond bracelet with serial number 12345678, violating Section 20 of the Central Bank of Nigeria Act, 2007.

The statement read:

“The Lagos Zonal Directorate of the EFCC, on February 5, 2025, arraigned Precious Chimaobi Uzondu before Justice A.O. Owoeye of the Federal High Court, Ikoyi, Lagos, on a two-count charge of refusing to accept the Naira as legal tender.”

One of the charges read:

“That you, Precious Chimaobi Uzondu, on December 10, 2024, in Lagos, within the jurisdiction of this Honourable Court, refused to accept the Naira by accepting $5,700 as payment for a Cartier 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.

The prosecution counsel, Hannatu U. Kofar Naisa, requested a trial date and asked for Uzondu to be remanded in a correctional facility.

Defense counsel Jennifer Achinuagole applied for bail, but the prosecution opposed it, presenting a counter-affidavit.

After hearing both sides, Justice Owoeye granted Uzondu bail at N5 million, with two sureties who must own property in Lagos and swear an affidavit of means. The court ordered property verification.

Uzondu was remanded at Ikoyi Correctional Centre until he meets bail conditions.

The trial begins April 8, 2025.