In a landmark ruling underscoring the Central Bank of Nigeria’s (CBN) currency sovereignty enforcement, the Federal High Court in Ikoyi on Tuesday sentenced Uzondu Precious Chimaobi, owner of Unlimited Jewellers Limited, to four years’ imprisonment for refusing to accept the naira as legal tender.
Justice Alexander Owoeye convicted Chimaobi after he reversed his initial “not guilty” plea, admitting to violating Section 20 of the CBN Act 2007.
The charges stemmed from a December 2024 transaction where he exclusively accepted $5,700 (instead of naira) for a Cartier diamond bracelet at his Atlantic Mall boutique in Lekki.
The Economic and Financial Crimes Commission (EFCC) built its case through a sting operation. An undercover agent, posing as a customer, purchased the bracelet priced at $6,000 (later discounted to $5,700) and was issued a dollar-denominated receipt—a clear breach of Nigerian law.
Prosecution witness and EFCC operative Owolabi Jude testified: “The defendant deliberately priced all items in dollars, contravening the CBN Act. Our investigation confirmed his systematic rejection of the naira.”
Justice Owoeye imposed: A N50,000 fine for Count 1 (currency violation) Four years’ imprisonment or N600,000 fine for Count 2 (aiding dollarisation) – Forfeiture of the Cartier bracelet (Serial: 12345678) to the federal government.
The verdict sends a stark warning to businesses flouting CBN’s naira exclusivity policy, particularly luxury retailers targeting dollar-paying elites. Legal analysts suggest this may trigger wider EFCC crackdowns on parallel market practices.
Chimaobi’s counsel declined comment post-ruling. The EFCC, however, hailed the judgment as “a victory for Nigeria’s financial sovereignty.”
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