By Gbenga Nicholas
A Federal High Court sitting in Ikoyi, Lagos, has convicted and sentenced a businessman, Aniogor Godswill Obiajulu, and his company, ICE BY CW, for refusing to accept the Nigerian Naira as legal tender in a transaction involving a luxury item.
Justice Akintayo Aluko delivered the ruling on Thursday, April 17, 2025, sentencing Obiajulu and his company after they pleaded guilty to a two-count charge filed by the Economic and Financial Crimes Commission (EFCC).
The EFCC charged the defendants for accepting the sum of $10,000 in exchange for a diamond Clover bracelet on December 10, 2024, a transaction that contravenes Section 20(1) of the Central Bank of Nigeria Act, 2007, which mandates the use of the Naira as legal tender within Nigeria.
The second count accused them of retaining proceeds derived from unlawful activity, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
Upon their guilty plea, EFCC counsel C.C. Okezie presented key evidence including a payment receipt, the defendant’s statement, and the bracelet itself. The court subsequently found them guilty on both counts.
Justice Aluko sentenced both defendants to six months’ imprisonment each, with an option of N50,000 fine on the first count. On the second count, the court sentenced ICE BY CW to four years’ imprisonment with an option of N1 million fine, while Obiajulu received a N1 million fine.
Additionally, the court ordered the forfeiture of the diamond Clover bracelet to the Federal Government of Nigeria.
The EFCC, in a statement by its Head of Media and Publicity, Dele Oyewale, emphasized that the judgment serves as a warning against rejecting the Naira in business transactions and engaging in dollar-denominated deals within Nigeria.
