EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender - Business (3)

EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender - Business (3) - Nairaland

Nairaland Forum › Nairaland General › Business › EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender (18668 Views)

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Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by proeast(m): 11:15pm On Feb 11, 2025

Absolutely sick and disgusting country!
There are so many schools, hotels and estates in Lagos and Abuja that accept only dollars. Are they saying those ones are above the law or that they aren't aware?

This country is a sham banana republic🤮🤮

SmartPolician:
When it gets to ordinary people, the EFCC will remember the law. But when it comes to rich people, the law becomes useless. EFCC should go and arrest big businesses in Lagos and Abuja that compel people to patronise their goods or service in dollars. This country is sick because people living in it are mad!

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by Bluntemperor: 11:23pm On Feb 11, 2025

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.
But I will accept ₦2m.

I don't think there is any crime there.
The issue might just be the conversion rate the buyer is using, & not necessarily that ₦ was rejected, because I would have accepted ₦2m.

The buyer could as well had gone and exchanged the ₦1.6m for $1000 if he is insisting on paying ₦1.6m.

What about using a Zimbabwe Coin or Dollar?
Sebi,money na money!
Radarada People everywhere!

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by Blackdisciple(m): 11:29pm On Feb 11, 2025

turmacs:
I will accept whatever i want. Is it your property I'm selling? If I choose to accept Cows,Yams or goats self as means of exchange, that is my business and not yours.

Can you accept naira in the United States, we all know that some transactions some of these oil companies in Nigeria do is in dollars even the government does that as well ....

Ok he will pay 5m as bail meanwhile that 5,700 bolls is 8,566,471.88 naira how much go come remain??

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by Ishilove: 11:31pm On Feb 11, 2025

Babalegba:
Looks like many nigerians don't even know what the term legal tender means.

Very obviously, they don't. I'm reading their comments and shaking my head.

That serial number is funny though. Abi na me no see well? undecided

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by Electorate: 11:49pm On Feb 11, 2025

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

FreeStuffsNG don smoke Colorado cast him childhood picture...I don save the picture for future reference.

Omo, you get big forehead head ooo grin

No wonder na so so rubbish you dey talk from that big head grin

Ishilove:
Very obviously, they don't. I'm reading their comments and shaking my head.

That serial number is funny though. Abi na me no see well?

Madam, swear that it is only naira that we spend in Nigeria, swear that our policians, government officials, businesses and even CBN don't spend or handle foreign currencies.

Right here in Ikoyi and Victoria Island in Lagos some private schools attended by children of Ministers and Governors only accept dollars as payments for school fees.

Let's stop deceiving ourselves abeg.

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by Originalsly: 12:37am On Feb 12, 2025

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!!

God bless Nigeria for ever! Check my signature for free stuffs!

Really? English is the official language of Nigeria ...must everybody communicate in English? Naira is our official currency ...legal currency ... must Naira be used in all business transactions? Does the FG pay foreign investors in Naira? This was a personal business transaction ...we should be raising hell about how the EFCC got involved ..is this why the agency was set up? Don't politicians be going to public places and paying in foreign currencies?... aren't there places that accept foreign currencies only? ...when they should be accepting Naira only? Let's be careful what we say and not give more power to the EafCac that been abusing the little power they were given.

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by Vision101(m): 1:24am On Feb 12, 2025

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

It's just phobia. Naira remains our legal tender. Can you prepare an audited account in dollar and submit to FIRS?

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by emmyN(m): 1:34am On Feb 12, 2025

turmacs:
I will accept whatever i want. Is it your property I'm selling? If I choose to accept Cows,Yams or goats self as means of exchange, that is my business and not yours.

Careful though. Outrightly rejecting the naira as a means of payment is an offense in law. I may be wrong, but this looks like a sting operation. They're trying to make an example of a few persons.

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by NewHe: 1:40am On Feb 12, 2025

GanagiBitrus:
We are not talking of public places.
Am I under obligation to sell my personal $1000 worth of gold bar to you? I'll simply say I'm not selling & that's no crime.

A good lawyer will make nonsense of the case.

That's illicit trading, in the first instance such amount ought to pass through financial institutions.Such act is what's killing our economy.
I deal in USD denominated products, but in selling I have to source for USD while my customers are ready to pay extra since they're unable to get USD into my Dom account!

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by emmyN(m): 1:41am On Feb 12, 2025

Frezhkid10:
Accepting is not a crime but refusing to accept naira for that same goods or services then becomes a crime

Also, I remember very recently in the news that the government launched a campaign against those charging for their service in any currency other than the naira. So accepting a foreign currency is outlawed in the same way refusing the naira is.

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by Prettychild(f): 1:42am On Feb 12, 2025

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!!

God bless Nigeria for ever! Check my signature for free stuffs!

The judge has already granted him bail, it is only when the bail is not perfected that he will be remanded in custody

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by emmyN(m): 1:44am On Feb 12, 2025

JuanDeDios:
If they charge in dollars, the EFCC may do nothing. But if you take the naira equivalent there and they REFUSE, you should write to EFCC and they'd act.

Charging in dollars for transactions in goods and services done locally is also a crime.

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by JaskanFactor: 2:59am On Feb 12, 2025

quite simply the Nigerian naira is a fraud due to its very high inflation rate , i would not advice anybody to keep in naira money you dont need within a month.

At current rate of deterioration of this useless currency , naira will soon be loosing value faster than burning paper turns to ashes.

Since Nigeria is run by oyinbo people, the naira is designed for oyinbo people to steal from Nigerians , since all the money from inflation goes to the Oyinbo government of Nigeria who prints the money.

Its a currency designed specifically to keep people who use descending further and further into terrible depths of poverty.

Naira is a scam currency, its like fetching water from the river with a leaking bucket, where all the leaking water is going to the mouth of the white man running Nigeria.

Naira is designed to lead those who use it to suicidal depths of poverty as the racist white man running Nigeria intended, so that if their civil servant terrorists and kidnappers dont get you, the scam currency naira will.

For those of you that dont know cause you are young, This useless criminal currency has destroyed so many industrialists who did not know the white man running Nigeria is working to destroy the economy of the country.

You simply cannot survive for long or do business with in a scam currency that does not hold its value .
May God Almighty punish to hell and beyond anybody forcing useless scam currency on a desperate population.

Anybody forcing this evil currency on people does not deserve the skin they are in.

All of the currencies of the world are scam that loose value against real products and Gold, but naira is the worst of all .

And since the whole world is run from the country of Davos Switzerland , the Swiss have the most powerful currency in the world, even fast more powerful and holding value than all the other European currencies including dollar.

So if you ever looking for currency that holds value best in the world use Swiss franc.

Anybody forcing naira on you wants your demise, like the deadly racist white men running Nigeria from behind the curtain in their European embassies

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by okeke6969: 3:05am On Feb 12, 2025

abc115:
Biafra man

What is he doing in Lagos? Why not stay behind at your five plots?

Hatred is in the blood. No amount of hypo can bleach it. Spit..

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by Jlow2: 3:10am On Feb 12, 2025

So why is your economy and foreign reserves tied to dollars, rubbish.

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Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by bixton(m): 3:15am On Feb 12, 2025

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

This your statement above is what his lawyer should bring up in court and let them EFCC and CBN come and explain?

Will they also arrest him if he chooses to accept a particular number of cows, tubers of yams, rams and goats as mode of payment for the item he intends selling?

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by Nobody: 3:27am On Feb 12, 2025

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.

in this case u shld see dat 1 party is not happy, cause u forcing him to get dollar bills for transaction in a Naira country.

You can't try diz in Netherland or Asian country

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by Mims2016(m): 3:48am On Feb 12, 2025

Ganduje was paid in dollars. The agbada refused to accept Naira.

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by drololaaof: 3:59am On Feb 12, 2025

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.

Good opinion,but it is not as easy as that when you get to aboki they will offer you ridiculous amount. What is missing here was that did the seller demand for $ at the point of sale ? In the past before PBAT some landlords and supermarket usually demand for $ as payment.

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by MarketDispatch: 4:34am On Feb 12, 2025

FreeStuffsNG:
“.”
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 anw!!

God bless Nigeriffs!

Rubbish ..Naira is legal tender, yet all banks in the country are doing over the counter dollar transactions...what does that tell you.

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by EXOUSIAng: 5:00am On Feb 12, 2025

Babalegba:
Looks like many nigerians don't even know what the term legal tender means.

E just weak me brother

The level of ignorance among Nigerians makes it almost impossible for the country to move forward.
Reading through the comments just dey give me headache from anger.

The ignorance is even a bigger problem than the poverty. Most people are actually hungry because of ignorance.
Unfortunately ignorance comes with a great portion of arrogance

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by DiasGodinHeaven: 5:39am On Feb 12, 2025

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

Is high time Nigeria start behaving like an independent country with its own legal tender.
Jail any ediot spending dollars on the street or in the market.
Dollars should be in the bank's only.

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by ITbomb(m): 6:09am On Feb 12, 2025

It's funny when you look at it from a financial gain perspective, however in economic terms, no mention of dollar should be made in the territory of Nigeria in anything involving exchange of goods and services. The legal tender is Naira

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.
But I will accept ₦2m.

I don't think there is any crime there.
The issue might just be the conversion rate the buyer is using, & not necessarily that ₦ was rejected, because I would have accepted ₦2m.

The buyer could as well had gone and exchanged the ₦1.6m for $1000 if he is insisting on paying ₦1.6m.

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by lagosrd: 6:48am On Feb 12, 2025

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.

It seems you hate anything called orderliness and following rules and regulations .

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by TheChameleon: 6:57am On Feb 12, 2025

turmacs:
I will accept whatever i want. Is it your property I'm selling? If I choose to accept Cows,Yams or goats self as means of exchange, that is my business and not yours.

Go and tell that to FG instead of bleating here

Then you will know why Jesus said give unto Caeasar what is Caesar's.

Looking at the face of the boy, he will struggle to explain how he got a brand new Cartier.

The money will be forfeited to FG and absolutely nothing can happen except his fellow ibos like you bleating online. grin

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by francotunsco: 7:34am On Feb 12, 2025

What a serious woe on the young guy.

His offence is not a serious as the treatment he is getting. Kilode?

N5m bail? With a surety that has a landed property verified by the court?

Case also adjourned till March ending?

That's about 2 months, and the poor guy is to be remanded in prison till then, except he is able to meet his bail conditions!

I sympathize with him Sha.

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by numericalguy(m): 7:36am On Feb 12, 2025

turmacs:
I will accept whatever i want. Is it your property I'm selling? If I choose to accept Cows,Yams or goats self as means of exchange, that is my business and not yours.

You can save your explanation for the judge

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by faithfull18(f): 7:42am On Feb 12, 2025

They have forgotten we have more than one legal tender in this country.

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by fixzycode: 8:03am On Feb 12, 2025

That subject call comprehension in secondary schools ehh, you won't know its importance until you start reading people comments on nairaland. Many people are finding it difficult to understand something as simple as *Rejection* and *Acceptance*.

Accept whatever you want for the payment of your goods and services, nobody will blame you for that. But refusing to accept the naira in Nigeria is a crime. Simple

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by Sammy5413(m): 8:21am On Feb 12, 2025

Man abi na boy?

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by JuanDeDios: 8:52am On Feb 12, 2025

GanagiBitrus:
It's understandable for the hospital example you cited, Infact for public services.

But in this case it's a personal commodity. Like for the $1000 gold, if you offered me ₦2m or higher instead of ₦1.6m, I wouldn't refuse. So the issue may actually be the Naira conversion rate the buyer used which is unacceptable for the seller.

I think there's a clear difference between rejecting a payment because of price disagreement (your right) and rejecting the naira (a crime). I doubt the EFCC would be that clueless to mix up the two. But let's see how the case pans out.

It's good they're prosecuting the guy though. Imaging going to Alaba Market to buy home appliances and on the way you're wondering if some of the traders will insist on US dollars, British pounds or Saudi riyals! The naira is LEGAL TENDER for ALL transactions in Nigeria, whether public or private or personal.

1 Like

Re: EFCC Arraigns Man For Refusing To Accept Naira As Legal Tender by Deathisreal2024(m): 8:54am On Feb 12, 2025

Hello
Pls what biz can I do with a korope bus,
I don't want to become a Lagos commercial bus driver,
Any ideas will be appropriately appreciated

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