A jeweller named Uzondu Precious Chimaobi has been sentenced to four years in prison for refusing to accept Naira as payment and insisting on being paid in US Dollars. He was found guilty by Justice Alexander Owoeye of the Federal High Court in Ikoyi, Lagos.
Chimaobi was first taken to court by the Economic and Financial Crimes Commission (EFCC) on February 5, 2025. He was charged with two offenses related to refusing to accept Nigeria’s official currency, the Naira, as legal payment.
According to the EFCC, Chimaobi owns Unlimited Jewellers Limited at Atlantic Mall in Lekki, Lagos. The business was selling jewelry priced in Dollars, which goes against the law set by the Central Bank of Nigeria (CBN) that requires all transactions to be done in Naira.
An EFCC agent went undercover to buy a Cartier Diamond bracelet that was priced at $6,000 and negotiated it down to $5,700. The store refused to accept Naira and insisted on Dollars. A receipt was issued in Dollars, and the agent paid in cash. After the transaction, Chimaobi was arrested.
At first, Chimaobi pleaded not guilty. But during the court session on April 14, 2025, he changed his plea to guilty. The judge then accepted the evidence from the EFCC and found him guilty.
On April 15, 2025, the judge sentenced him to four years in prison. He was also given an option to pay a fine of N50,000 for the first charge and N600,000 for the second charge. His expensive Cartier Diamond wristwatch was also seized and handed over to the federal government.
