11th February, 2025
A dramatic legal battle has erupted as the Economic and Financial Crimes Commission (EFCC) arraigned Precious Chimaobi Uzondu for allegedly refusing to accept the Naira, Nigeria’s legal tender, in a high-profile transaction involving a luxury Carter diamond bracelet.
Uzondu, who appeared before Justice A.O. Owoeye of the Federal High Court in Ikoyi, Lagos, was hit with a two-count charge after he allegedly accepted $5,700 instead of Naira as payment for the extravagant piece of jewellery.
According to the EFCC, this act directly violates Section 20 of the Central Bank of Nigeria (CBN) Act, 2007.
Despite pleading “not guilty,” the prosecution, led by Hannatu U. KofarNaisa, pushed for Uzondu’s remand while setting the stage for a gripping trial.
However, his defence counsel, Jennifer Achinuagole, sought immediate bail, leading to a heated courtroom exchange.
In a bold ruling, Justice Owoeye granted Uzondu bail at ₦5 million, mandating two sureties who must own verified landed properties in Lagos.
Until he meets the conditions, the judge ordered his detention at the Ikoyi Correctional Centre.
