On Tuesday, April 15, 2025, the Federal High Court Justice sat in Ikoy, in Lagos, was convicted and sentenced to four years in prison for refusing to accept Naira as a legal tender.
Chimaobi was tried on February 5, 2025 by the Economic and Financial Crime Commission of EFCC, EFCC, AWOLOWO ROAD, AWOLOWO ROAD, AWOLOWO ROAD, and was charged on February 5, 2025 in two charges of refusing to accept Naira as a statutory tender.
One of them reads
“You, the precious Chimaobi Uzondu, in Lagos, on 10 December 2024, under the jurisdiction of this glorious court, you refuse to accept Naira (Tender for the Law of Nigeria) by accepting a payment method with Cartier Diamond Bracelet to use the Cartier Diamond Norder andial Numby (1233456456488648888864888886488888888888) Article 20 of the Central Bank Act of Nigeria, 2007.”
He initially pleaded not guilty to the charges, resulting in his full trial.
The prosecutor then filed its first witness, PW1, Oyolabi Oyarekhua Jude, the operator of the EFCC.
In evidence prosecuting lawyer Hukofanesa, Jude told the court
“The committee received intelligence on the activities of a jewelry company called “Infinite Jewelry Co., Ltd.” whose owner is a precious Chimaobi in Uzondu.
The company trades jewelry at the Atlantic Mall, Chevron Drive, Lekki, Lagos and sells its products in USD with the CBN Act of 2007 and under the CBN Act of 2007, which stipulates Naira as the only statutory tender in Nigeria.
Subsequently, a covert operation was conducted, and the committee’s undercover operator disguised himself as a customer who purchased a diamond nail polish bracelet that had a label of $6,000 and bought for $5,700.
The company refused to receive Naira and asked for US dollars as a means of payment. Payment and receipts are issued in US dollars. The owner of the company was arrested and taken to the committee’s office. ”
However, in the recovery of the April 14, 2025, the defendant chose to change his “innocence” plea to “incriminal”.
Because of his guilty plea, Kofarnaisa prayed that the court would rely on evidence presented by the investigative officer and acknowledge it when convicted of the defendant.
Kofarnaisa has since made the defendant’s statement and other evidence to further prove his guilt and was admitted by the court.
Justice Owoeye then adjourned the ruling until Tuesday, April 15, 2025.
They made a verdict, found the defendant guilty and gave him a fine of N50,000 (50,000 naira) in the First Earl.
The judge sentenced him to four years in prison and fined N600,000 in the second place.
His Cartier diamond watch was ordered to be confiscated to the federal government of Nigeria.
