The Economic and Financial Crimes Commission (EFCC) has taken legal action against Precious Uzondu for allegedly refusing to accept the Naira as a legal tender.
Instead, he accepted $5,700 as payment for a Cartier diamond bracelet, violating Section 20 of the Central Bank of Nigeria Act, 2007.
Case Details
The EFCC, in a statement posted on its official X (formerly Twitter) account, revealed that Uzondu was arraigned before Justice A.O. Owoeye of the Federal High Court, Ikoyi, Lagos on a two-count charge.
According to the charges, Uzondu declined the Naira as a means of payment and instead accepted U.S. Dollars, which is against Nigeria’s financial regulations.
One of the charges reads:
“That you, Precious Chimaobi Uzondu, on December 10, 2024, in Lagos, within the jurisdiction of this Honourable Court, refused to accept Naira (Nigeria’s legal tender) and instead accepted $5,700 as payment for a Cartier diamond bracelet. By doing so, you committed an offence contrary to Section 20 of the Central Bank of Nigeria Act, 2007.”
Court Proceedings
- Uzondu pleaded “not guilty” to the charges.
- The EFCC prosecutor, Hannatu U. Kofar Naisa, requested the court to set a trial date and remand the defendant.
- Uzondu’s lawyer, Jennifer Achinuagole, applied for bail, which the EFCC opposed.
Bail Conditions
Justice Owoeye granted Uzondu bail under strict conditions:
✅ ₦5 million bail bond
✅ Two sureties with landed properties in Lagos
✅ Sureties must provide a sworn affidavit of means
Until he meets these conditions, Uzondu will remain in Ikoyi Correctional Centre. His trial begins on April 8, 2025.
🔹 Why This Matters
This case sends a strong message—rejecting the Naira as a legal tender is a crime. The EFCC is tightening its grip on currency regulations, and offenders risk legal consequences.
💬 What do you think? Should refusing the Naira be a punishable offense? Drop your thoughts below!
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