Jeweller Gets 4-Year Jail Term for Refusing Naira, Selling Cartier Bracelet in USD

A Federal High Court sitting in Ikoyi, Lagos, has sentenced Uzondu Precious Chimaobi, a jeweller and owner of Unlimited Jewellers Limited, to four years in prison for violating Nigeria’s currency laws by refusing to accept the Naira as legal tender. The conviction followed a prosecution by the Economic and Financial Crimes Commission (EFCC), which has intensified efforts to enforce compliance with the Central Bank of Nigeria Act.

Justice Alexander Owoeye delivered the judgment on Tuesday, April 15, 2025, after Chimaobi pleaded guilty to selling a Cartier diamond bracelet priced in US dollars and demanding payment in foreign currency. He was initially arraigned on February 5, 2025, on a two-count charge of refusal to accept the Naira as payment, contrary to Section 20 of the CBN Act, 2007.

According to the EFCC, an undercover operative purchased the bracelet from Unlimited Jewellers at Atlantic Mall, Chevron Drive, Lekki, Lagos, during a covert operation. The item was tagged at $6,000 and sold for $5,700, with payment made in US dollars. The store rejected Naira and issued a dollar-denominated receipt, prompting Chimaobi’s arrest.

Though he initially pleaded not guilty, Chimaobi changed his plea to guilty during the resumed hearing on April 14, 2025. The prosecution, led by H.U. Kofarnaisa, asked the court to convict him based on prior testimony and supporting evidence, including his statement and transactional records.

Justice Owoeye sentenced Chimaobi to four years imprisonment, giving him the option of a N50,000 fine on count one and N600,000 on count two. The court also ordered the forfeiture of his Cartier diamond wristwatch to the Federal Government of Nigeria.