- Conviction: A businessman, Uzondu Precious Chimaobi, has been sentenced to four years in prison for refusing to accept the Naira as legal tender.
- Offense: Chimaobi sold a Cartier diamond bracelet worth $5,700 and insisted on payment in dollars instead of Naira.
- Investigation: The Economic and Financial Crimes Commission (EFCC) investigated the case after receiving intelligence about the jewelry company’s practice of pricing products in dollars.
- Guilty Plea: Chimaobi initially pleaded not guilty but later changed his plea to guilty, leading to his conviction.
The EFCC’s investigation revealed that Chimaobi’s company, Unlimited Jewellers Limited, intentionally tagged and sold its products in dollars, violating the Central Bank of Nigeria Act. The court convicted Chimaobi based on his guilty plea and sentenced him to four years in prison.
