Justice Alexander Owoeye of the Federal High Court in Ikoyi, Lagos, has convicted and sentenced Uzondu Precious Chimaobi to four years imprisonment for refusing to accept the Naira as legal tender.
Chimaobi, owner of Unlimited Jewellers Limited in Lekki, Lagos, was arraigned by the Economic and Financial Crimes Commission (EFCC) on February 5, 2025, on a two-count charge under the Central Bank of Nigeria (CBN) Act, 2007.
According to the EFCC, on December 10, 2024, Chimaobi sold a Cartier diamond bracelet tagged at $6,000 for $5,700, refusing to accept payment in Naira.
An undercover EFCC agent made the purchase during a covert operation after receiving intelligence that Chimaobi’s store listed prices exclusively in U.S. Dollars.
The EFCC’s first witness, Owolabi Oyarekhua Jude, testified that Chimaobi’s company consistently demanded foreign currency for transactions, in violation of Nigerian law.
Initially pleading not guilty, Chimaobi later changed his plea to guilty during court proceedings on April 14, 2025.
The prosecution counsel, H.U. Kofarnaisa, urged the court to rely on the earlier testimony and tendered supporting evidence, including the defendant’s statement.
Delivering judgment on April 15, Justice Owoeye found Chimaobi guilty. He was handed a four-year prison sentence with an option of a ₦600,000 fine on count two, and a ₦50,000 fine on count one.
Additionally, the Cartier diamond bracelet was ordered forfeited to the Federal Government.
Chimaobi’s conviction underscores the legal requirement for businesses in Nigeria to transact in Naira, the country’s only recognized legal tender.
