Judge imposes 4-year sentence as EFCC cracks down on currency violations
A Federal High Court in Ikoyi has sentenced Uzondu Chimaobi, owner of Unlimited Jewellers Limited, to four years imprisonment for refusing to accept Nigeria’s legal tender – the naira – in business transactions. Justice Alexander Owoeye delivered the landmark judgment on Tuesday after the businessman changed his initial not-guilty plea.
The Economic and Financial Crimes Commission (EFCC) had charged Chimaobi for demanding $5,700 as payment for a Cartier diamond bracelet at his Lekki store in December 2024, contrary to Section 20 of the Central Bank of Nigeria Act (2007). EFCC operative Owolabi Jude testified how an undercover agent successfully purchased jewelry priced in dollars at the Atlantic Mall outlet, leading to the arrest.
Justice Owoeye offered the convict two penalty options:
- N50,000 fine for count one
- N600,000 fine or four-year imprisonment for count two
The court also ordered forfeiture of the diamond bracelet (serial number 12345678) to the federal government. This ruling comes amid heightened enforcement of Nigeria’s currency laws, with authorities targeting businesses insisting on dollar transactions despite the naira’s legal tender status.
