Justice A.O. Owoeye of the Federal High Court in Ikoyi, Lagos, has ordered the remand of Precious Chimaobi Uzondu in the Ikoyi Correctional Centre over his alleged refusal to accept the naira as a legal tender.

The Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) yesterday arraigned Uzondu on a two-count charge before the court.

The charges relate to his alleged rejection of naira in a transaction, opting instead for a payment of $5,700 for a diamond bracelet, an act which contravenes Section 20 of the Central Bank of Nigeria Act, 2007.

One of the charges reads: “That you, Precious Chimaobi Uzondu, on December 10, 2024, in Lagos, within the jurisdiction of this Honourable Court, refused to accept Naira by accepting the sum of $5,700 as a means of payment for a purchase of a diamond bracelet 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.

Prosecution counsel, Hannatu Kofar Naisa, requested a trial date and urged the court to remand the defendant in a correctional centre. However, the defence counsel, Jennifer Achinuagole, informed the court of a pending bail application and prayed for it to be adopted as her oral application.

In response, Naisa opposed the bail request, referring the court to a counter-affidavit and written address she had submitted, urging the court to dismiss the application.

After considering the submissions, Justice Owoeye granted Uzondu bail in the sum of N5 million, with two sureties in like sum. The sureties must own landed properties in Lagos, swear to an affidavit of means, and have their properties verified by the court.

The Judge also ordered the defendant’s remand at the Ikoyi Correctional Centre pending fulfilment of the bail conditions and adjourned the case to April 8, 2025, for trial.