EFCC prosecutes man over foreign currency payment refusal

DDM News

The Economic and Financial Crimes Commission (EFCC) has taken legal action against Precious Uzondu for allegedly rejecting Nigeria’s official currency, the Naira, as payment.

According to Diaspora digital media (DDM), Uzondu reportedly accepted $5,700 instead of Naira in exchange for a Carter diamond bracelet.

This act, the EFCC stated, violates the Central Bank of Nigeria (CBN) Act, 2007, which mandates the acceptance of the Naira as legal currency.

The commission disclosed the case through its official X (formerly Twitter) handle, confirming that Uzondu was arraigned before Justice A.O. Owoeye of the Federal High Court in Ikoyi, Lagos.

One of the charges against him stated that on December 10, 2024, in Lagos, Uzondu refused to accept the Nigerian currency as payment.

Instead, he accepted $5,700 for a Carter diamond bracelet, which, according to the charge, contravened Section 20 of the CBN Act, 2007.

Defendant pleads not guilty

When the charges were read in court, Uzondu pleaded “not guilty” to the allegations against him.

Following his plea, EFCC’s prosecution counsel, Hannatu U. Kofar Naisa, requested a trial date and urged the court to remand him.

Defense lawyer seeks bail

Uzondu’s lawyer, Jennifer Achinuagole, informed the court of a pending bail application and appealed for it to be considered as an oral request.

However, the prosecution opposed this request, presenting a counter-affidavit and a written argument against granting bail.

After reviewing both sides, Justice Owoeye ruled in favor of bail but imposed strict conditions.

Bail conditions and remand order

The judge granted Uzondu bail at N5 million, with two sureties who must own verifiable landed properties in Lagos.

The sureties were also required to swear an affidavit of means to guarantee their ability to meet the bail conditions.

Until Uzondu fulfills these requirements, the judge ordered that he remain in custody at the Ikoyi Correctional Centre.

Next court hearing

The trial has been adjourned until April 8, 2025, when proceedings will resume on the alleged currency violation.

The EFCC has reiterated that failure to accept the Naira as a valid currency is a serious offence under Nigerian law.

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