EFCC arraigns man for Rejecting Naira as legal tender

EFCC Arraigns Precious Uzondu for Allegedly Rejecting Naira as Legal Tender

The Economic and Financial Crimes Commission (EFCC) in Lagos has brought charges against Precious Uzondu for allegedly refusing to accept the Nigerian Naira as legal tender. This development was announced in a statement on the commission’s X (formerly Twitter) account on Tuesday.

According to the charges, Uzondu declined to accept the Naira, Nigeria’s official currency, opting instead to take a payment of $5,700 for the purchase of a Carter diamond bracelet, identified by its serial number 12345678. His actions purportedly contravened Section 20 of the Central Bank of Nigeria Act of 2007.

The EFCC’s Lagos Zonal Directorate officially arraigned Uzondu on February 5, 2025, before Justice A.O. Owoeye at the Federal High Court in Ikoyi, Lagos.

The first count states: “That you, Precious Chimaobi Uzondu, on December 10, 2024, in Lagos, within the jurisdiction of this Honourable Court, refused to accept Naira (Nigeria’s legal tender) by accepting the sum of $5700 (Five Thousand Seven Hundred U.S. Dollars) for the purchase of a Carter diamond bracelet with serial number 12345678, thereby committing an offence contrary to Section 20 of the Central Bank of Nigeria Act, 2007.” Uzondu pleaded “not guilty” to the charges upon their presentation.

Following his plea, prosecuting counsel Hannatu U. Kofar Naisa requested a trial date and for Uzondu to be held in a Correctional Centre.

Defense attorney Jennifer Achinuagole informed the court that a bail application was pending and requested that it be considered as her oral application. In response, Kofar Naisa indicated that a counter-affidavit had been filed along with a written address, urging the court to accept it and reject the defendant’s bail plea.

After hearing arguments from both sides, Justice Owoeye granted bail to Uzondu in the amount of N5 million, requiring two sureties in a similar sum. The sureties must possess verifiable landed properties in Lagos and submit an affidavit of means. The judge also ordered Uzondu’s remand at the Ikoyi Correctional Centre, scheduling the trial’s commencement for April 8, 2025.