The Economic and Financial Crimes Commission (EFCC) Lagos Zonal Directorate has arraigned Precious Uzondu on a two-count charge for allegedly refusing to accept the Naira as legal tender.
According to a statement shared on the commission’s X (formerly Twitter) account, Uzondu was brought before Justice A.O. Owoeye of the Federal High Court in Ikoyi, Lagos, on Wednesday, February 5, 2025.
The charges state that on December 10, 2024, in Lagos, Uzondu declined to accept Nigeria’s official currency, the Naira, as a means of payment. Instead, he allegedly received $5,700 (Five Thousand Seven Hundred U.S. Dollars) for the sale of a Cartier 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.
When the charges were read in court, Uzondu pleaded not guilty. In response, prosecution 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, informed the court of a pending bail application and requested that it be considered as an oral motion. The prosecution countered the application with an affidavit and written address, urging the court to reject the request.
After hearing 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 verifiable landed properties in Lagos and swear to an affidavit of means.
The court ordered that Uzondu be remanded at the Ikoyi Correctional Centre until his bail conditions are met. The trial has been scheduled to commence on April 8, 2025.