A Lagos High Court sitting in Ikoyi has sentenced jeweller Uzondu Precious Chimaobi to four years imprisonment for selling a Cartier diamond bracelet in US dollars and refusing to accept the Nigerian Naira equivalent. The court ruled that Chimaobi violated Nigeria’s currency laws by demanding payment in foreign currency instead of the country’s legal tender.
The case arose from an incident on December 10, 2024, when Chimaobi sold the Cartier bracelet, valued at $6,000, for $5,700 at Unlimited Jewellers Limited, located in Atlantic Mall, Lekki. The Economic and Financial Crimes Commission (EFCC) investigated after receiving reports that the jeweller was conducting business exclusively in dollars, which is against the Central Bank of Nigeria Act.
During the trial, EFCC operatives testified that an undercover agent purchased the bracelet using dollars, and the jeweller refused to accept payment in Naira. After initially pleading not guilty, Chimaobi changed his plea to guilty on April 14, 2025. Following this, the court sentenced him to four years imprisonment and gave the option to pay a fine of N600,000 on one count. The Cartier bracelet used as evidence was also ordered to be forfeited to the Nigerian government.
This judgment sends a clear message that Nigeria’s legal tender must be respected, and foreign currency transactions outside the official channels will not be tolerated. The EFCC continues to enforce the country’s currency laws to protect the integrity of the Nigerian economy.
