EFCC: Man Arraigned for Refusing to Accept Naira as Legal Tender

The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate, has arraigned a man, Precious Chimaobi Uzondu, for allegedly refusing to accept the Naira as a legal tender. The EFCC disclosed this in a statement shared on its official social media account on Tuesday.

According to the charges, Uzondu rejected Naira payments and instead accepted $5,700 (Five Thousand Seven Hundred U.S. Dollars) as payment for a Carter diamond bracelet with serial number 12345678. This act was said to be in violation of Section 20 of the Central Bank of Nigeria Act, 2007.

Uzondu was arraigned before Justice A.O. Owoeye of the Federal High Court in Ikoyi, Lagos, on February 5, 2025. When the charges were read, he pleaded not guilty. Prosecuting counsel Hannatu U. Kofar Naisa requested a trial date and urged the court to remand the defendant in a correctional facility. However, the defense counsel, Jennifer Achinuagole, applied for bail, asking the court to adopt a pending application as her oral request.

In response, the prosecution opposed the bail request, presenting a counter-affidavit and a written address. After considering both arguments, Justice Owoeye granted Uzondu bail in the sum of N5 million, requiring two sureties with landed property in Lagos. The court also mandated verification of these properties and an affidavit of means. Until bail conditions are met, the defendant will remain in the Ikoyi Correctional Centre.

The trial is set to commence on April 8, 2025.