EFCC arraigns man for refusing to accept Naira as Form of Payment

On Wednesday, the Lagos branch of the Economic and Financial Crimes Commission (EFCC) charged Precious Uzondu with two counts of refusing to accept the Nigerian currency (Naira) as a valid form of payment.

This was made known in a statement shared on the commissions X (formerly Twitter) account on Tuesday.

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.

The staement said, “The Lagos Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Wednesday, February 5, 2025, arraigned one Precious Chimaobi Uzondu on a two-count charge bordering on alleged refusal to accept Naira as a legal tender before Justice A.O. Owoeye of the Federal High Court sitting in Ikoyi , Lagos.

“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 lcommitted an offence contrary to Section 20 of the Central Bank of Nigeria Act, 2007.

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

“In view of his pleas, prosecution counsel, Hannatu U. Kofar Naisa, prayed 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 prayed 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. She prayed 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 N5m, 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 ordered the remand of the defendant in the Ikoyi Correctional Centre and adjourned till April 8, 2025 for commencement of trial.”