The Economic and Financial Crimes Commission (EFCC) on Wednesday, February 5, 2025, brought 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 means of payment.
According to the charges, Uzondu, on December 10, 2024, in Lagos, rejected payment in naira and instead accepted $5,700 for the purchase of a Carter diamond bracelet with serial number 12345678.
The EFCC stated that his actions violated Section 20 of the Central Bank of Nigeria Act, 2007.
When the charges were read, the defendant pleaded not guilty.
Following his plea, EFCC counsel Hannatu Naisa requested a trial date and urged the court to remand the defendant in custody. However, defense counsel Jennifer Achinuagole informed the court of a pending bail application and requested permission to present it orally.
Naisa opposed the bail request, citing a counter-affidavit and a written address already submitted to the court.
After reviewing the arguments, Justice Owoeye granted Uzondu bail in the sum of N5 million, with two sureties of equal value. The sureties must own verifiable landed property in Lagos and provide an affidavit of means.
The judge ordered Uzondu’s remand at the Ikoyi Correctional Centre pending the fulfillment of his bail conditions and adjourned the case to April 8, 2025, for trial.
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