The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate, has arraigned Precious Chimaobi Uzondu on a two-count charge over his alleged refusal to accept the Naira as a means of payment.
The EFCC disclosed this in a statement shared on its X (formerly Twitter) account on Tuesday, revealing that Uzondu allegedly accepted $5,700 instead of the Naira for the sale of a Cartier diamond bracelet with serial number 12345678. This act, according to the anti-graft agency, violates Section 20 of the Central Bank of Nigeria (CBN) Act, 2007.
Uzondu was arraigned before Justice A.O. Owoeye of the Federal High Court in Ikoyi, Lagos, where he pleaded “not guilty” to the charges.
Following his plea, EFCC counsel, Hannatu U. Kofar Naisa, requested a trial date and asked the court to remand the defendant in a correctional facility. However, Uzondu’s lawyer, Jennifer Achinuagole, applied for his bail, which the prosecution opposed.
After hearing both sides, Justice Owoeye granted the defendant bail in the sum of N5 million, with two sureties who must:
Own landed properties in Lagos
Have their assets verified by the court
Swear to an affidavit of means
The judge further ordered Uzondu’s remand at the Ikoyi Correctional Centre until his bail conditions are met. The case was adjourned to April 8, 2025, for trial commencement.
