EFCC Arraigns Man For Rejecting Naira As Legal Tender
The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate, has arraigned Precious Chimaobi Uzondu for allegedly refusing to accept the Nigerian Naira as a legal tender.
Uzondu appeared before Justice A.O. Owoeye of the Federal High Court, Ikoyi, Lagos, on Wednesday, February 5, 2025, facing a two-count charge for violating Section 20 of the Central Bank of Nigeria (CBN) Act, 2007.
According to the EFCC, Uzondu rejected payment in Naira for a Cartier diamond bracelet on December 10, 2024, in Lagos, instead accepting (Five Thousand Seven Hundred United States Dollars) for the transaction.
During the arraignment, Uzondu pleaded not guilty to the charges.
The prosecution counsel, Hannatu U. Kofar Naisa, requested a trial date and urged the court to remand Uzondu in a correctional facility pending trial.
However, defense counsel, Jennifer Achinuagole, filed a bail application, which the prosecution opposed.
After reviewing arguments from both sides, Justice Owoeye granted Uzondu bail in the sum of N5 million, with two sureties in like sum. The sureties must:
Own landed property in Lagos (to be verified by the court)
Provide an affidavit of means
Until he meets his bail conditions, Uzondu will remain in the Ikoyi Correctional Centre.
The trial is set to begin on April 8, 2025.
