Businessman Jailed for Refusing to Accept Naira as Legal Tender
Justice Alexander Owoeye of the Federal High Court in Ikoyi, Lagos, on Tuesday, sentenced a businessman, Uzondu Chimaobi, to four years in prison for refusing to accept the naira as legal tender in Nigeria.
Chimaobi was charged by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on February 5, 2025. He faced two charges for rejecting the naira and instead demanding payment in US dollars.
One of the charges stated that on December 10, 2024, in Lagos, Chimaobi accepted $5,700 for a Cartier diamond bracelet, instead of accepting payment in naira. This act was said to be against Section 20 of the Central Bank of Nigeria Act, 2007, which makes the naira the only legal currency in the country.
At first, Chimaobi pleaded not guilty, so a full trial began. The EFCC’s first witness, Owolabi Oyarekhua Jude, told the court that they received information about a jewellery business called Unlimited Jewellers Limited, owned by Chimaobi. The business, located at Atlantic Mall, Chevron Drive in Lekki, was reportedly pricing and selling its products in US dollars.
Jude explained that the EFCC then carried out a secret operation. An undercover agent posed as a customer and bought a diamond bracelet marked at $6,000, but negotiated it down to $5,700. The business refused to accept naira and insisted on being paid in dollars, then issued a receipt in dollars. Chimaobi was later arrested.
On April 14, 2025, Chimaobi changed his plea from “not guilty” to “guilty.” Following this, the prosecution asked the court to rely on the evidence already presented and convict him. The court accepted his confession and other submitted evidence, and Justice Owoeye sentenced him to four years in prison.
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