The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate, has arraigned one Precious Uzondu for allegedly refusing to accept the Naira as legal tender.
This was made known in a statement shared on the commissions X (formerly Twitter) account this Tuesday.
According to the EFCC, Uzondu accepted $5,700 instead of Naira as payment for a Cartier diamond bracelet, violating Section 20 of the Central Bank of Nigeria Act, 2007.
Arraigned before Justice A.O. Owoeye of the Federal High Court, Lagos, on February 5, 2025, Uzondu pleaded not guilty.
The judge granted him bail at ₦5 million with two sureties owning verified landed properties in Lagos. He was remanded in the Ikoyi Correctional Centre, with trial set for April 8, 2025.