The Economic and Financial Crimes Commission (EFCC) has arraigned Precious Uzondu at the Federal High Court in Ikoyi, Lagos, for allegedly refusing to accept the naira as legal tender.
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On Wednesday, February 5, 2025, Uzondu was charged with two counts related to accepting $5,700 as payment for a diamond bracelet, an act that contravenes Section 20 of the Central Bank of Nigeria Act, 2007. The case was heard before Justice A.O. Owoeye.
Upon reading the charges, Uzondu pleaded not guilty. The prosecution, led by counsel Hannatu Naisa, requested a trial date and urged the court to remand the defendant in a correctional facility. However, defense counsel Jennifer Achinuagole sought bail, initially presenting an oral application. Naisa opposed the request, submitting a counter-affidavit and a written address to contest it.
After reviewing the arguments, Justice Owoeye granted Uzondu bail set at N5 million. The defendant is required to provide two sureties who must own landed property in Lagos. Additionally, the sureties must submit an affidavit of means, and their property ownership must be verified by the court.
Until these bail conditions are met, Uzondu will remain in the Ikoyi Correctional Centre. The trial is scheduled to commence on April 8, 2025.
