A Federal High Court in Lagos has sentenced a businessman and his company to five years imprisonment for refusing to accept the Nigerian Naira as legal tender and instead accepting US dollars for a transaction.
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Justice Akintayo Aluko convicted Aniogor Godswill Obiajulu and his company, ICE BY CW, on Thursday, April 17, after they pleaded guilty to a two-count charge related to their refusal to accept Nigeria’s currency, according to a statement released by the Economic and Financial Crimes Commission (EFCC) on social media.
The court heard that on December 10, 2024, Obiajulu accepted $10,000 as payment for a diamond Clover bracelet, violating Section 20(1) of the Central Bank of Nigeria Act, 2007, which mandates the acceptance of Naira for all transactions within Nigeria.
Prosecution counsel C.C. Okezie presented evidence, including the payment receipt dated December 10, 2024, the defendant’s statement, and the diamond bracelet itself.
In his judgement, Justice Aluko sentenced both defendants to six months imprisonment with an option of a ₦50,000 fine on the first count of refusing to accept Naira. On the second count, which involved unlawfully retaining proceeds from pricing goods in foreign currency, Obiajulu received four years imprisonment with an option of a ₦1 million fine, while his company was fined ₦1 million.
The court also ordered the diamond Clover bracelet to be forfeited to the Federal Government of Nigeria.
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