KEY POINTS

• A businessman received four years of imprisonment after rejecting money transactions in Naira.
• Chimaobi received cash payments instead of the Nigerian currency Naira for his jewelry products according to the judicial verdict.
• The Nigerian government obtained the Cartier wristwatch from Chimaobi.

Under the sentencing by Federal High Court Justice Alexander Owoeye in Lagos Uzondu Precious Chimaobi received a prison term of four years because he refused to accept Naira payments.

Charges and trial details

Chimaobi businessman sentenced by the court through two criminal verdicts which involved his denial of Naira as valid payment. Between December 10, 2024 and December 11, 2024, businessman Uzondu Precious Chimaobi accepted $5700 instead of Naira to purchase a Cartier diamond bracelet and broke Section 20 of the Central Bank of Nigeria (CBN) Act, 2007.

EFCC investigation and covert operation

The EFCC started an investigation because sources revealed Unlimited Jewellers Limited located in Lekki, Lagos to deal exclusively with dollars instead of Naira which is against Nigerian monetary laws.

Market intelligence through an undercover operation revealed that Unlimited Jewellers Limited refused to settle their $6000 diamond bracelet deal with Naira currency preferring US dollars. Chimaobi received arrest and faced proper legal charges.

Guilty plea and businessman sentenced

During his trial Chimaobi initially kept a not guilty plea although he later admitted guilt before the court accepted it. Proof showed at the trial resulting in a conviction for the defendant.

The offender received a four-year prison term or he could pay N600,000 as a fine for the additional charge. The government seized the Cartier diamond wristwatch of Chimaobi as part of his sentence.