.EFCC arraigns man in court for rejecting Naira as legal currency

For allegedly refusing to accept the Naira as a legal tender and opted for dollar, a man, Precious Uzondu, has been arraigned before Justice A.O. Owoeye of the Federal High Court, Ikoyi, Lagos.

He is facing a two-count charge bordering on refusing to accept the Naira as a legal tender slammed on him by the Economic and Financial Crimes Commission, Lagos Zonal Directorate.

According to the charge, Uzondu, refused to accept Naira, Nigeria’s official currency, as a means of payment. Instead, he allegedly accepted the sum of $5,700 (Five Thousand Seven Hundred U.S. Dollars) as payment for the purchase of a Carter diamond bracelet with serial number 12345678. His actions were said to be in violation of Section 20 of the Central Bank of Nigeria Act, 2007.

One of the count reads: “That you, Precious Chimaobi Uzondu, on the 10th of December 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 USD) as a means of payment for a purchase of a Carter diamond bracelet with serial number (12345678) and you thereby committed an offence contrary to Section 20 of the Central Bank of Nigeria Act, 2007, ” according to a statement shared on the commission’s X (formerly Twitter) account on Tuesday.

The defendant pleaded not guilty to the charges when they were read to him.

The prosecution counsel, Hannatu U. Kofar Naisa, asked the court for a trial date and for the defendant to be remanded in a correctional centre.

Counsel to the defendant, Jennifer Achinuagole, informed the court of a pending bail application and urged the court to adopt the same as her oral application.

Responding, Kofar Naisa informed the court about a counter-affidavit to the application and a written address, asking the court to accept the same and discountenance the application by the defendant.

After listening to both parties, Justice Owoeye admitted the defendant to bail in the sum of N5 million with two sureties in like sum.

The sureties must own landed properties in Lagos, which must be verified by the court, and also swear to an affidavit of means.

The judge also remand the defendant at the Ikoyi Correctional Centre.

The case has been adjourned until April 8, 2025 for commencement of trial.