Justice Alexander Owoeye of the Federal High Court in Ikoyi, Lagos, has sentenced Uzondu Precious Chimaobi to four years in prison.
The sentence, delivered on Tuesday, April 15, 2025, followed Chimaobi’s refusal to accept Naira as legal tender in a business transaction.
According to the EFCC, Chimaobi sold a Cartier diamond bracelet valued at $6,000 to an undercover agent posing as a customer.
He accepted $5,700 in U.S. cash and issued a receipt in the same currency, violating Section 20 of the Central Bank of Nigeria Act, 2007, which designates the Naira as the sole legal tender in Nigeria.
Chimaobi, the owner of Unlimited Jewellers Limited, was arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on February 5, 2025.
He faced a two-count charge stemming from his rejection of the Naira in favor of foreign currency. Initially pleading not guilty, Chimaobi changed his plea to guilty on April 14, 2025.
Following his admission, the prosecution presented evidence, including his statement and investigative reports, which the court admitted.
In delivering judgment, Justice Owoeye sentenced Chimaobi to four years in prison.
However, the court granted an option of a ₦50,000 fine on count one and a ₦600,000 fine on count two. Additionally, Chimaobi’s Cartier diamond wristwatch was ordered forfeited to the Federal Government.
