The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate, has arraigned Precious Uzondu before the Federal High Court in Ikoyi, Lagos, for allegedly refusing to accept the Naira as a legal means of payment.
According to the EFCC, Uzondu violated Section 20 of the Central Bank of Nigeria Act, 2007, by accepting $5,700 instead of Naira for the purchase of a Cartier diamond bracelet.
During the court proceedings, Uzondu pleaded not guilty. The prosecution requested a trial date, while his defense counsel applied for bail.
Justice A.O. Owoeye granted bail at N5 million with two sureties owning verified landed properties in Lagos. Until bail conditions are met, Uzondu will remain in the Ikoyi Correctional Centre. The trial is set to begin on April 8, 2025.
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