Federal High Court sitting in Lagos State has sentenced a businessman, Aniogor Godswill Obiajulu to five years imprisonment for refusing to accept Naira currency as a legal tender in exchange for the sales of Diamond bracelet, demanding the company customer’s to pay in dollars, and the court in its rulling on Thursday, ordered the Diamond Bracelet worth over $10,000 to be forfeited to the Federal Government, this, on the same vein, another Federal High Court in Ikoyi had on Tuesday sentenced a Diamond businessman, Uzondu Precious Chimaobi to four years imprisonment for also refusing to accept naira as means of payment from his customers, and the Court in Ikoyi also ordered the Cartier Diamond Wristwatch worth over $5,700 to be forfeited to the Federal Government.

Details of the news reports as presented by the Public Relations Unit of the Economic and Financial Crimes Commission, EFCC reads verbatim below:

Lagos Court Jails Businessman, Company for Refusal to Accept Naira as Legal Tender

Justice Akintayo Aluko of the Federal High Court sitting in Ikoyi, Lagos, on Thursday, April 17, 2025 convicted and sentenced a businessman, Aniogor Godswill Obiajulu and his company, ICE BY CW to five years imprisonment for their refusal to accept the Naira as a legal tender

Obiajualu, alongside ICE BY CW, was arraigned on Thursday on a two-count charge bordering on refusal to accept the Naira as a legal tender.

Count one reads: “That you, ICE BY CW and Aniogor Godswill Obiajulu, on the 10th day of December, 2024 in Lagos, within the jurisdiction of this Honorable Court, refused to accept Naira (Nigeria’s legal tender) by accepting the sum of $10,000, (Ten Thousand US Dollars) as a means of payment for the purchase of one diamond Clover bracelet and you thereby committed an offence contrary to and punishable under Section 20(1) of the Central Bank of Nigeria Act, 2007.”

Count two reads: “That you, ICE BY CW and Aniogor Godswill Obiajulu, on the 10th day of December, 2024 in Lagos, within the jurisdiction of this Honorable Court, directly retained the total sum of $10,000, (Ten Thousand US Dollars), which sum you reasonably ought to have known forms part of the proceeds of your unlawful activity to wit: pricing and accepting USD as a means of payment for goods and services and you thereby committed an offence contrary to Section 18 (2) (d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18 (3) of the same Act.”

He pleaded “guilty” to the charges when they were read to him

In view of his plea, prosecution counsel, C C Okezie, tendered, in evidence, the payment receipt of the bracelet dated December 10, 2024, the defendant’s statement dated December 27, 2024 and the Diamond bracelet.

Okezie also urged the court to convict the defendant as charged.

Delivering judgment, Justice Aluko found the first and second defendants guilty and sentenced them to six months imprisonment each, with an option of fine in the sum of ₦50,000, (Fifty Thousand Naira) on count one.

The Judge sentenced the second defendant to four years imprisonment, with an option of fine in the sum of ₦1,000,000.00, (One Million Naira) on count two.

Also, the Judge pronounced a fine of ₦1,000, 000.00, (One Million Naira) on the first defendant on count two.

The Diamond Clover bracelet was ordered forfeited to the Federal Government of Nigeria.

The two convicts bagged their imprisonment for pricing and accepting United States Dollars as a means of payment for goods and services contrary to the money laundering Act.

Court Jails Man Four Years for Refusal to Accept Naira As Legal Tender

Justice Alexander Owoeye of the Federal High Court sitting in Ikoyi, Lagos, on Tuesday, April 15, 2025, convicted and sentenced one Uzondu Precious Chimaobi to four years imprisonment for his refusal to accept the Naira as a legal tender.

Chimaobi was arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, Awolowo Road, Ikoyi, Lagos, on February 5, 2025 on a two-count charge bordering on refusal to accept the Naira as a legal tender.

One of the counts 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 legal tender) by accepting the sum of $5,700, ( Five Thousand Seven Hundred USD) as a means of payment for a purchase of a cartier diamond bracelet with serial number (12345678) and you, thereby , committed an offence contrary to Section 20 of the Central Bank of Nigeria Act, 2007.”

He initially pleaded not guilty to the charge, leading to his full trial.

Subsequently, the prosecution presented its first witness, PW1, Owolabi Oyarekhua Jude, an operative of the EFCC.

Led in evidence by the prosecution counsel, H U Kofarnaisa, Jude told the court that “the Commission received intelligence on the activities of a jewelry company called Unlimited Jewellers Limited, “whose owner is one Uzondu Precious Chimaobi.

“The Company, which deals in jewelry at Atlantic Mall, Chevron Drive, Lekki, Lagos intentionally tags and sells its products in Dollars as against the CBN Act, 2007, which stipulates Naira as the only legal tender in Nigeria.”

Continuing, he added that “ Subsequently, a covert operation was carried out, where an undercover operative of the Commission disguised as a customer to purchase a Diamond Nail bracelet that was tagged $6000 and bought it for $5700.

“The company refused to receive Naira and demanded Dollars as a means of payment. The payment was made and receipt was issued in Dollars. The owner of the company was arrested and taken to the Commission’s office.”

However, at the resumed sitting on April 14, 2025, the defendant opted to change his “not guilty” plea to “guilty.

Consequent upon his guilty plea, Kofarnaisa, prayed the court to rely on the evidence earlier given by the investigating officer, and admit the same in convicting the defendant.

Kofarnaisa, thereafter, tendered the defendant’s statement and other evidence to further prove his guilt and they were admitted by the court.

Justice Owoeye then adjourned till Tuesday, April 15, 2025 for ruling.

Delivering judgment, they found the defendant guilty and gave him an option of fine of ₦50,000, ( Fifty Thousand Naira) on count one.

The Judge sentenced him to four years imprisonment, with an option of fine in the sum of ₦600,000 on count two.

His Cartier Diamond wristwatch was ordered forfeited to the Federal Government of Nigeria.

The convict bagged his imprisonment when he refused to accept Naira by accepting the sum of $5700, ( Five Thousand Seven Hundred USD) as a means of payment for a purchase of a cartier diamond bracelet. He was charged to court and convicted.