LAGOS – A Federal High Court in Lagos has sentenced businessman Uzondu Precious Chimaobi to four years in prison. He was convicted for refusing to accept the Naira as payment at his jewellery store. Chimaobi owns Unlimited Jewellers Limited.
The Economic and Financial Crimes Commission (EFCC) prosecuted Chimaobi. Investigators found he insisted on dollar payments, rejecting the Naira. This violated the Central Bank of Nigeria Act which mandates accepting the Naira.
Investigation Uncovered Dollar Sales
The EFCC launched an investigation after receiving intelligence. An EFCC witness testified the company “intentionally tags and sells its products in Dollars.” This goes against the law requiring Naira use.
An undercover EFCC operative confirmed the practice. The operative purchased a diamond bracelet priced at $6,000, eventually paying $5,700. The store refused payment in Naira.
Guilty Plea Leads to Sentence
Chimaobi initially denied the charges. However, during a hearing on April 14, 2025, he changed his plea to guilty. The prosecution asked the court to convict based on the presented evidence.
Justice Alexander Owoeye consequently sentenced Chimaobi. The four-year prison term reflects the violation of Nigeria’s laws concerning the Naira as legal tender.
Nationalscoop
