Justice Alexander Owoeye of the Federal High Court in Ikoyi, Lagos, has sentenced Uzondu Precious Chimaobi to four years imprisonment for refusing to accept the Naira as a legal tender.
Chimaobi was convicted on April 15, after being arraigned by the Economic and Financial Crimes Commission (EFCC) on February 5.
Background of the Case
The EFCC received intelligence about Chimaobi’s jewelry company, Unlimited Jewellers Limited, selling products tagged in dollars at Atlantic Mall, Chevron Drive, Lekki, Lagos.
An undercover operation revealed that Chimaobi refused to accept Naira as payment for a Cartier diamond bracelet priced at $6,000, instead demanding dollars. He was arrested after accepting $5,700 for the bracelet.
Trial and Sentence
Chimaobi initially pleaded not guilty but later changed his plea to guilty on April 14, 2025. Based on his guilty plea and evidence presented, Justice Owoeye sentenced him to four years imprisonment with an option of a N600,000 fine on the second count.
A N50,000 fine was also imposed on the first count. Additionally, the Cartier diamond wristwatch was ordered forfeited to the Federal Government of Nigeria.