Federal High Court in Ikoyi, Lagos, has sentenced Uzondu Precious Chimaobi, a businessman and owner of Unlimited Jewellers Limited, to four years imprisonment for refusing to accept the Naira as payment for a $5700 Cartier diamond bracelet. The court convicted Chimaobi of contravening Section 20 of the Central Bank of Nigeria Act, 2007, which stipulates that Naira is the only legal tender in Nigeria.
Justice Alexander Owoeye delivered the judgment on April 15, 2025, after Chimaobi changed his plea from not guilty to guilty. The Economic and Financial Crimes Commission (EFCC) arraigned Chimaobi on February 5, 2025, on a two-count charge bordering on refusal to accept the Naira as a legal tender.
According to the EFCC, Chimaobi's company priced and sold items in US dollars, rejecting the Naira. An undercover EFCC operative purchased the diamond bracelet for $5700, despite the company's refusal to accept Naira as payment. The court ordered the forfeiture of the diamond bracelet to the Federal Government and gave Chimaobi an option of a N600,000 fine.
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