A Nigerian jeweller, Precious Uzondu, has been arraigned before a Federal High Court in Lagos for allegedly refusing to accept naira, the country's legal tender, as payment. The Economic and Financial Crimes Commission (EFCC) accused him of accepting US dollars instead, which violates a section of the Act that criminalizes such refusals within Nigeria.
The Economic and Financial Crimes Commission ( EFCC ) has arraigned a jeweller, Precious Uzondu, for allegedly refusing to accept naira, Nigeria 's legal tender, as payment for a Carter diamond bracelet. According to the EFCC , Mr. Uzondu accepted US dollars instead of naira, an offence contrary to Section 20 of the Act, which criminalizes the refusal to accept naira as a means of payment for goods and services in Nigeria .
However, this law only applies within Nigeria and does not extend to international trade. Mr. Uzondu pleaded not guilty to the charges brought against him. The prosecution counsel, Hannatu Naisa, requested a trial date and for the defendant to be remanded in a correctional centre. Meanwhile, the defendant's counsel, Jennifer Achinuagole, informed the court of a pending bail application, which the court subsequently heard. After considering both arguments, the trial judge, A.O Owoeye, granted Mr. Uzondu bail in the sum of N5 million with two sureties in like sum. The court stipulated that the sureties must own verifiable landed properties in Lagos State and must swear to an affidavit of means. Pending the fulfilment of these bail conditions, the trial judge ordered Mr. Uzondu's remand at the Ikoyi Correctional Centre and adjourned the case until 8 April for the commencement of the trial
Nigeria EFCC Naira Jeweller Court Bail Illegal Transaction
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