The Economic and Financial Crimes Commission (EFCC) on Wednesday, February 5, 2025, arraigned Precious Uzondu before Justice A.O. Owoeye of the Federal High Court in Ikoyi, Lagos, on a two-count charge over his alleged refusal to accept the naira as a legal means of payment.
According to one of the charges, Uzondu, on December 10, 2024, in Lagos, declined payment in naira and instead accepted $5,700 for the purchase of a Carter diamond bracelet with serial number 12345678. The EFCC stated that this act contravenes Section 20 of the Central Bank of Nigeria Act, 2007.
The defendant pleaded not guilty to the charges.
Following his plea, prosecution counsel Hannatu Naisa requested a trial date and urged the court to remand the defendant in a correctional facility. However, the defense counsel, Jennifer Achinuagole, informed the court of a pending bail application and sought the court’s approval to present it orally.
In response, Naisa opposed the bail request, citing a counter-affidavit and a written address submitted to the court.
After hearing arguments from both sides, Justice Owoeye granted Uzondu bail in the sum of N5 million, with two sureties of equal value. The sureties must possess landed property in Lagos, which must be verified by the court, and provide an affidavit of means.
The judge further ordered Uzondu’s remand at the Ikoyi Correctional Centre and adjourned the case to April 8, 2025, for trial.