On Wednesday, the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate, arraigned Precious Uzondu on a two-count charge for allegedly refusing to accept the Naira as legal tender.
The EFCC made the announcement in a statement shared on their X (formerly Twitter) account on Tuesday.
The charges state that Uzondu rejected Naira, Nigeria’s official currency, and instead accepted $5,700 as payment for a Carter diamond bracelet with serial number 12345678.
His actions allegedly violated Section 20 of the Central Bank of Nigeria Act, 2007.
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The statement revealed that on February 5, 2025, Uzondu was arraigned before Justice A.O. Owoeye of the Federal High Court in Ikoyi, Lagos. One of the charges read: “On December 10, 2024, in Lagos, you refused to accept Naira (Nigeria’s legal tender) by accepting $5,700 for the purchase of a Carter diamond bracelet, thereby committing an offence contrary to Section 20 of the Central Bank of Nigeria Act, 2007.”
Uzondu pleaded “not guilty” to the charges. Following his plea, the prosecution counsel, Hannatu U. Kofar Naisa, requested a trial date and asked that Uzondu be remanded in a correctional facility.
The defendant’s counsel, Jennifer Achinuagole, mentioned a pending bail application and asked the court to adopt it.
In response, Kofar Naisa presented a counter-affidavit and written address, urging the court to reject the bail application.
After hearing from both parties, Justice Owoeye granted Uzondu bail in the amount of N5 million, with two sureties in a similar sum.
The sureties must own verified landed property in Lagos and submit an affidavit of means.
The defendant was remanded in the Ikoyi Correctional Centre, and the trial was adjourned to April 8, 2025.
