Justice A.O. Owoeye of the Federal High Court sitting in Ikoyi , Lagos has granted one Precious Chimaobi Uzondu N5 million bail after he was arraigned by the Financial Crimes Commission (EFCC) for refusing to accept Naira as a legal tender.
The Lagos Zonal Directorate of EFCC, on Wednesday, February 5, 2025, arraigned Uzondu on a two-count charge bordering on alleged refusal to accept Naira as a legal tender before the court.
One of the count read: “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 $5700 as a means of payment for a purchase of a Carter diamond bracelet with serial number (12345678) and you thereby committed an offence contrary to Section 20 of the Central Bank of Nigeria Act, 2007.”
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The defendant pleaded not guilty to the charges when they were read to him.
In view of his pleas, prosecution counsel, Hannatu Kofar Naisa, prayed the court for a trial date and for the defendant to be remanded in a Correctional Centre.
Counsel to the defendant, Jennifer Achinuagole, informed the court of a pending bail application and prayed the court to adopt the same as her oral application.
Responding, Kofar Naisa told the court about a counter-affidavit to the application and a written address. She prayed the court to accept the same and discountenance the application by the defendant.
After listening to both parties, Justice Owoeye admitted the defendant to bail in the sum of N5 million, with two sureties in like sum. The sureties must own landed properties in Lagos, which must be verified by the court, and also swear to an affidavit of means.
The Judge also ordered the remand of the defendant in the Ikoyi Correctional Centre and adjourned till April 8, 2025 for commencement of trial.
