Man Jailed in Lagos for Refusing to Accept Naira as Legal Tender, Says He Prefers Dollars.

Man Jailed in Lagos for Refusing to Accept Naira as Legal Tender, Says He Prefers Dollars.

The news as it trends.

In a landmark case, Aniogor Godswill Obiajulu, a Lagos-based businessman, and his company, ICE BY CW, were sentenced to five years imprisonment for refusing to accept the Naira, Nigeria’s legal tender, as payment.

This case has sparked widespread discussion about compliance with financial laws and the implications of rejecting the national currency.

The case, which started in 2024, stemmed from an incident in December of that year when Obiajulu accepted $10,000 (USD) as payment for a diamond Clover bracelet instead of the Naira.

According to prosecutors, this act violated Section 20(1) of the Central Bank of Nigeria Act, 2007, which mandates the acceptance of the Naira as the sole legal tender for transactions within Nigeria.

Additionally, the transaction breached the Money Laundering (Prevention and Prohibition) Act, 2022, as the funds were retained in foreign currency, raising concerns about unlawful financial practices.

During the trial at the Federal High Court in Ikoyi, Lagos, Obiajulu pleaded guilty to the charges.

The court sentenced him to six months imprisonment with an option of a ₦50,000 fine for the first count and four years imprisonment with an option of a ₦1,000,000 fine for the second count.

The diamond Clover bracelet involved in the transaction was forfeited to the Federal Government of Nigeria.

This case has left many shocked and serves as a reminder of the importance of adhering to financial regulations in Nigeria.

The refusal to accept the Naira, according to some Nigerian legal analysts, undermines the country’s monetary system and raises concerns about potential money laundering and other illicit activities.

Critics argue that the incident reflects broader issues of non-compliance and the need for stricter enforcement of financial laws in Nigeria.

The publication was made known by the EFCC.

Yetunde B reports for Yeyetunde’s Blog.

Images / EFCC Nigeria / On IG.