₦airaland Forum

EFCC arraigns man for refusing to accept Naira as legal tender

The Economic and Financial Crimes Commission, Lagos Zonal Directorate on Wednesday arraigned one Precious Uzondu, on a two-count charge bordering on his alleged refusal to accept the Naira as a legal tender.

This was made known in a statement shared on the commissions X (formerly Twitter) account on Tuesday.

According to the charge, Uzondu, refused to accept Naira, Nigeria’s official currency, as a means of payment. Instead, he allegedly accepted the sum of $5,700 (Five Thousand Seven Hundred U.S. Dollars) as payment for the purchase of a Carter diamond bracelet with serial number 12345678. His actions were said to be in violation of Section 20 of the Central Bank of Nigeria Act, 2007.

The staement said, “The Lagos Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Wednesday, February 5, 2025, arraigned one Precious Chimaobi Uzondu on a two-count charge bordering on alleged refusal to accept Naira as a legal tender before Justice A.O. Owoeye of the Federal High Court sitting in Ikoyi , Lagos.

“One of the count reads: “That you, Precious Chimaobi Uzondu, on the 10th of December 2024, in Lagos, within the jurisdiction of this Honourable Court, refused to accept Naira (Nigeria’s legal tender) by accepting the sum of $5700 (Five Thousand Seven Hundred USD) as a means of payment for a purchase of a Carter diamond bracelet with serial number (12345678) and you thereby committed an offence contrary to Section 20 of the Central Bank of Nigeria Act, 2007.

“The defendant pleaded “not guilty” to the charges when they were read to him.


“In view of his pleas, prosecution counsel, Hannatu U. Kofar Naisa, prayed the court for a trial date and for the defendant to be remanded in a Correctional Centre.

“Counsel to the defendant, Jennifer Achinuagole, informed the court of a pending bail application and prayed the court to adopt the same as her oral application.

“Responding, Kofar Naisa informed the court about a counter-affidavit to the application and a written address. She prayed the court to accept the same and discountenance the application by the defendant.

“After listening to both parties, Justice Owoeye admitted the defendant to bail in the sum of N5m, with two sureties in like sum. The sureties must own landed properties in Lagos, which must be verified by the court, and also swear to an affidavit of means.

“The Judge also ordered the remand of the defendant in the Ikoyi Correctional Centre and adjourned till April 8, 2025 for commencement of trial.”

CodeTemplar:
If the buyer has dollar and is willing to pay, why not allow two gentlemen deal in peace? The guy also has the option of accepting Naira equivalent and going to exchange it for dollar in black market.
It is either the seller accepts Naira and buy dollar with it, or the buyer buys dollar with Naira and pays the seller. Almost the same thing.

FreeStuffsNG:
https://punchng.com/efcc-arraigns-man-for-refusing-to-accept-naira-as-legal-tender/#google_vignette

FreeStuffsNG:
“The Judge also ordered the remand of the defendant in the Ikoyi Correctional Centre and adjourned till April 8, 2025 for commencement of trial.”
The funds may still be forfeited to Federal Government in plea bargaining.

The naira is the legal tender within the territory of Nigeria. Always remember this and know that ignorance of the law is not an excuse for breaking the law. When next they tell you that "this is Nigeria, you can commit crime and settle your way" , just flee from such badluck people who will eventually abandon you when you get into trouble with the law!!

CodeTemplar:
If the buyer has dollar and is willing to pay, why not allow two gentlemen deal in peace? The guy also has the option of accepting Naira equivalent and going to exchange it for dollar in black market.
It is either the seller accepts Naira and buy dollar with it, or the buyer buys dollar with Naira and pays the seller. Almost the same thing.

Kennitrust:
Till

ceejay80s:
And some schools in Nigeria will accept dollar for fees and Nigerian news will always tell us how much in dollar it cost to purchase or repair in Nigeria

ZombieDredd:
Till tomorrow

Maxymilliano:
You are arraigning him for refusing to accept naira as a means of payment for his property and yet our economy is tied to dollar exchange rate

GanagiBitrus:
Funny case.

Let's assume I have a Gold Bar for sale valued at $1000.
A buyer offers me 1600x1000=₦1.6m.
I reject it, probably because I was expecting a higher naira exchange rate because of fluctuating naira value.

I don't think there is any crime there.

The buyer could as well had gone and exchanged the ₦1.6m for $1000.


Same way this guy thought.

CodeTemplar:
If the buyer has dollar and is willing to pay, why not allow two gentlemen deal in peace? The guy also has the option of accepting Naira equivalent and going to exchange it for dollar in black market.
It is either the seller accepts Naira and buy dollar with it, or the buyer buys dollar with Naira and pays the seller. Almost the same thing.

GanagiBitrus:
Funny case.

Let's assume I have a Gold Bar for sale valued at $1000.
A buyer offers me 1600x1000=₦1.6m.
I reject it, probably because I was expecting a higher naira exchange rate because of fluctuating naira value.

I don't think there is any crime there.

The buyer could as well had gone and exchanged the ₦1.6m for $1000.

LoneWolf200:
If the rejection of the naira is what is sending this guy to jail then why wont efcc go and close Herbert Wigwe Private University willing to accept dollars as tuition fee inside nigeria o

CodeTemplar:
If the buyer has dollar and is willing to pay, why not allow two gentlemen deal in peace? The guy also has the option of accepting Naira equivalent and going to exchange it for dollar in black market.
It is either the seller accepts Naira and buy dollar with it, or the buyer buys dollar with Naira and pays the seller. Almost the same thing.