On Tuesday, April 15, 2025, Justice Alexander Owoeye of the Federal High Court in Ikoyi, Lagos, delivered a four-year prison sentence to Uzondu Precious Chimaobi for refusing to accept the Nigerian Naira as legal tender and instead accepting US dollars in a business transaction.
Chimaobi, the owner of Unlimited Jewellers Limited located at Atlantic Mall, Lekki, was brought before the court by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on February 5, 2025. He faced a two-count charge for rejecting the Naira in his business dealings.
The EFCC’s investigation revealed that Chimaobi sold a Cartier diamond bracelet, priced at $6,000, to an undercover EFCC operative posing as a customer, accepting $5,700 in cash. The entire transaction was conducted in U.S. dollars, and the receipt issued also reflected this currency. This action contravened Section 20 of the Central Bank of Nigeria Act, 2007, which stipulates that the Naira is the only legal tender in Nigeria.
Initially, Chimaobi pleaded not guilty to the charges. However, on April 14, 2025, he changed his plea to guilty. Following his admission of guilt, the prosecution presented evidence, including the defendant’s statement and the findings of their investigation, which the court accepted.
In his ruling, Justice Owoeye sentenced Chimaobi to four years of imprisonment. The sentence included an option of a N50,000 fine for the first count and a N600,000 fine for the second count. Furthermore, the court ordered the forfeiture of his Cartier diamond wristwatch to the Federal Government of Nigeria.