The Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC), on Wednesday, February 5, 2025, arraigned Precious Chimaobi Uzondu before Justice A.O. Owoeye of the Federal High Court sitting in Ikoyi, Lagos for refusing to accept the Nigerian Naira as legal tender.
According to a statement from EFCC, Uzondu’s attitude to the Nigerian Naira a violation of the Central Bank of Nigeria (CBN) Act, 2007.
One of the charges states that on December 10, 2024, in Lagos, the defendant declined payment in Naira for a Carter diamond bracelet with serial number 12345678, instead accepting $5,700 as payment. This act, according to the EFCC, contravenes Section 20 of the CBN Act.
Upon the reading of the charges, Uzondu pleaded not guilty.
Following his plea, the EFCC’s prosecuting counsel, Hannatu U. KofarNaisa, requested a trial date and urged the court to remand the defendant in a correctional facility.
However, the defense counsel, Jennifer Achinuagole, informed the court of a pending bail application and sought to adopt it as an oral application.
In response, KofarNaisa opposed the bail request, presenting a counter-affidavit and a written address, urging the court to reject the defendant’s application.
After hearing arguments from both sides, Justice Owoeye granted the defendant bail in the sum of N5 million, with two sureties of equal sum. The sureties must own landed property in Lagos, which the court must verify, and swear to an affidavit of means.
The judge further ordered Uzondu’s remand at the Ikoyi Correctional Centre pending the fulfillment of his bail conditions.
The trial is scheduled to commence on April 8, 2025.
