Court Jails Businessman, Company For Refusing Naira As Legal Tender

THE Federal High Court in Ikoyi, Lagos, has convicted and sentenced a businessman, Aniogor Godswill Obiajulu, and his company, ICE BY CW, to five years imprisonment for their refusal to accept the Naira as a legal tender.
Obiajualu and ICE BY CW were arraigned on Thursday, April 17, on a two-count charge bordering on refusal to accept the Naira as a legal tender.
The count were: “That you, ICE BY CW and Aniogor Godswill Obiajulu, on the 10th day of December, 2024 in Lagos, within the jurisdiction of this Honourable Court, refused to accept Naira (Nigeria’s legal tender) by accepting the sum of $10,000 (Ten Thousand US Dollars) as a means of payment for the purchase of one diamond Clover bracelet and you thereby committed an offence contrary to and punishable under Section 20(1) of the Central Bank of Nigeria Act, 2007.
“That you, ICE BY CW and Aniogor Godswill Obiajulu, on the 10th day of December, 2024 in Lagos, within the jurisdiction of this Honourable Court, directly retained the total sum of $10,000 (Ten Thousand US Dollars), which sum you reasonably ought to have known forms part of the proceeds of your unlawful activity to wit: pricing and accepting USD as a means of payment for goods and services and you thereby committed an offence contrary to Section 18 (2) (d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18 (3) of the same Act.”
Obiajulu pleaded “guilty” to the charges when they were read to him.
Consequently, Prosecution Counsel, Mr. C.C. Okezie, tendered, in evidence, the payment receipt of the bracelet dated, December 10, last year, his statement dated, December 27, last year and the Diamond bracelet, urging the court to convict him as charged.
In his judgment, Justice Akintayo Aluko found the first and second defendants guilty and sentenced them to six months imprisonment each, with an option of fine in the sum of N50,000 (Fifty Thousand Naira) on count one.
He sentenced the second defendant to four years imprisonment, with an option of fine in the sum of N1,000,000.00 (One Million Naira) on count two.
The Judge also imposed a fine of N1,000, 000.00 (One Million Naira) on the first defendant on count two.
The Diamond Clover bracelet was ordered forfeited to the Federal Government.
The two were convicted for pricing and accepting US Dollars as a means of payment for goods and services, contrary to the Money Laundering Act.