The Economic and Financial Crimes Commission (EFCC) arraigned Precious Uzondu on Wednesday, February 5, 2025, before Justice A.O. Owoeye of the Federal High Court in Ikoyi, Lagos, on a two-count charge related to his alleged refusal to accept the naira as legal tender.
One of the charges states: “That you, Precious Chimaobi Uzondu, on December 10, 2024, in Lagos, within the jurisdiction of this Honourable Court, refused to accept the naira (Nigeria’s legal tender) and instead accepted $5,700 (Five Thousand Seven Hundred USD) as payment for the purchase of a Carter diamond bracelet with serial number 12345678, thereby committing an offence under Section 20 of the Central Bank of Nigeria Act, 2007.”
Uzondu pleaded not guilty to the charges.
Following his plea, prosecution counsel, Hannatu Naisa, requested a trial date and asked the court to remand the defendant in a correctional facility. Defense counsel, Jennifer Achinuagole, informed the court of a pending bail application and requested it be considered orally.
In response, Naisa presented a counter-affidavit and a written address to the bail application, urging the court to disregard the defendant’s request.
After hearing both parties, Justice Owoeye granted Uzondu bail in the amount of N5 million, with two sureties each in like sum. The sureties must own verified landed property in Lagos and swear to an affidavit of means.
The judge also ordered Uzondu to be remanded in the Ikoyi Correctional Centre and adjourned the case to April 8, 2025, for the start of the trial.
