Courtroom jails Lekki businessman 4 years for refusing to just accept Naira as authorized tender
Justice Alexander Owoeye of the Federal Excessive Courtroom sitting in Ikoyi, Lagos, on Tuesday, April 15, 2025, convicted and sentenced a businessman, Uzondu Treasured Chimaobi, to 4 years imprisonment over his refusal to just accept the Naira as a authorized tender.
He was jailed for promoting diamond bracelet in {dollars} in Lekki at $5700 and for refusing to promote in naira, in accordance with a press release by the {Economic} and {Financial} Crimes Fee, which sued the defendant.
In response to the EFCC, Chimaobi was arraigned by the Lagos Zonal Directorate 1 of the EFCC, Awolowo Street, Ikoyi, Lagos, on February 5, 2025 on a two-count cost bordering on refusal to just accept the Naira as a authorized tender.
One of many counts reads: “That you just, Treasured Chimaobi Uzondu, on the tenth of December 2024, in Lagos, inside the jurisdiction of this Honourable Courtroom, refused to just accept Naira (Nigeria authorized tender) by accepting the sum of $5700 ( 5 Thousand Seven Hundred USD) as a method of cost for a purchase order of a cartier diamond bracelet with serial quantity (12345678) and also you, thereby, dedicated an offence opposite to Part 20 of the Central {Bank} of Nigeria Act, 2007.”
What transpired in court docket
In response to the EFCC, the defendant initially pleaded not responsible to the cost, paving the best way for his full trial.
- The prosecution offered its first witness, PW1, Owolabi Oyarekhua Jude, an operative of the EFCC.
- Led in proof by the prosecution counsel, H.U. Kofarnaisa, Jude knowledgeable the court docket that “the Fee acquired intelligence on the actions of a jewellery firm known as Limitless Jewellers Restricted, whose proprietor is one Uzondu Treasured Chimaobi.”
“The Firm, which offers in jewellery at Atlantic Mall, Chevron Drive, Lekki, Lagos, deliberately tags and sells its merchandise in {Dollars} as in opposition to the CBN Act, 2007, which stipulates Naira as the one authorized tender in Nigeria,” the official added.
- The witness added that subsequently, a covert operation was carried out, the place an undercover operative of the Fee disguised as a buyer to buy a Diamond Nail bracelet that was tagged $6000 and purchased it for $5700.
“The corporate refused to obtain Naira and demanded {Dollars} as a method of cost. The cost was made and a receipt was issued in {Dollars}. The proprietor of the corporate was arrested and brought to the Fee’s workplace,” the witness submitted.
- Amid the proceedings on April 14, 2025, the defendant was stated to have opted to vary his “not responsible” plea to “responsible.
- Upon his responsible plea, Kofarnaisa prayed the court docket to convict the defendant.
What the decide stated
Delivering judgment on April 15, 2025, the decide discovered the defendant responsible and gave him an choice of a wonderful of N50,000( Fifty Thousand Naira) on rely one.
The decide sentenced him “to 4 years imprisonment, with an choice of wonderful within the sum of N600,000 on rely two,” in accordance with the EFCC.
The court docket additionally ordered that the Cartier Diamond wristwatch in proof be forfeited to the Federal Authorities of Nigeria.
