In a landmark ruling, Justice Alexander Owoeye of the Federal High Court in Ikoyi, Lagos, sentenced businessman Uzondu Precious Chimaobi to four years in prison for refusing to accept the Naira as legal tender. Chimaobi, owner of Unlimited Jewellers Limited, was convicted for accepting $5,700 in exchange for a Cartier diamond bracelet, contravening Section 20 of the Central Bank of Nigeria Act, 2007.
The Economic and Financial Crimes Commission (EFCC) initiated a covert operation after receiving intelligence about Chimaobi’s practices. An undercover operative purchased the bracelet, which was tagged at $6,000 but sold for $5,700, with payment made in dollars. Chimaobi initially pleaded not guilty but later changed his plea to guilty.
Justice Owoeye sentenced him to four years imprisonment, offering an option of a ₦600,000 fine. Additionally, Chimaobi’s Cartier diamond wristwatch was ordered forfeited to the Federal Government. This case underscores the Nigerian government’s commitment to enforcing the exclusive use of the Naira in domestic transactions.
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