Businessman Uzondu Chimaobi received a four‑year prison sentence from Justice Alexander Owoeye at the Federal High Court in Ikoyi, Lagos, for refusing to accept the Nigerian naira as legal tender in a luxury purchase. Chimaobi pleaded guilty on April 14, admitting he demanded €5,008.72 instead of naira for a Cartier diamond bracelet, in breach of Section 20 of the Central Bank of Nigeria Act, 2007.
According to prosecution witness Owolabi Oyarekhua Jude of the EFCC, an undercover agent posed as a customer at Unlimited Jewellers Limited in December 2024. Jude explained, “The agent agreed to buy the bracelet for €5,272.33 but negotiated down to €5,008.72. The defendant insisted on receiving payment in euros and issued a foreign‑currency receipt.” The sting operation led to Chimaobi’s arrest and subsequent arraignment on February 5, 2025.
Chimaobi initially pled not guilty but changed his plea to guilty at the resumed hearing. Prosecution counsel H.U. Kofarnaisa urged the court to rely on the evidence already presented, including Chimaobi’s own statement. “The defendant’s admission leaves no doubt that he spurned the legal tender of Nigeria,” Kofarnaisa told the court.
On April 15, Justice Owoeye delivered his judgment. He sentenced Chimaobi to four years’ imprisonment, with the option of paying a N600,000 fine on the second count. For the first count, the court gave him the choice of a N50,000 fine. The judge also ordered the forfeiture of Chimaobi’s Cartier diamond wristwatch to the Federal Government.
In pronouncing the sentence, Justice Owoeye remarked, “Currency laws protect our economy. Rejecting the naira undermines national monetary policy and cannot be tolerated.” He emphasized that legal tender laws ensure stability in trade and commerce.
Chimaobi’s conviction highlights the EFCC’s commitment to enforcing currency regulations and serves as a warning to businesses operating in Nigeria. The case underscores that, regardless of the item’s value, all transactions must comply with the Central Bank’s legal tender requirements.
