Lagos Jeweller Bags 4-Year Jail Term for Selling Cartier Bracelet in U.S. Dollars — Sparks National Discourse on Nigeria’s Currency Law Enforcement

 Lagos Jeweller Bags 4-Year Jail Term for Selling Cartier Bracelet in U.S. Dollars — Sparks National Discourse on Nigeria’s Currency Law Enforcement

In a ruling that reverberated across Nigeria’s business landscape, a Lagos High Court sitting in Ikoyi has sentenced a prominent jeweller, Uzondu Precious Chimaobi, to four years imprisonment for violating the Central Bank of Nigeria’s legal tender policy. The court found him guilty of selling a luxury Cartier diamond bracelet priced exclusively in U.S. dollars and refusing to accept the Naira equivalent, in direct contravention of Nigerian monetary laws.



Jeweller in Legal Crosshairs: The Full Breakdown

Chimaobi, the CEO of Unlimited Jewellers Limited, located at the high-end Atlantic Mall, Chevron Drive, Lekki, came under the radar of the Economic and Financial Crimes Commission (EFCC) after a tipoff that his luxury boutique was conducting transactions in foreign currency — a practice increasingly common in upscale commercial enclaves.

According to EFCC investigations, on December 10, 2024, Chimaobi demanded $5,700 for a Cartier diamond bracelet, rejecting payment in Naira. In a well-coordinated sting operation, EFCC operatives posing as customers executed a transaction for the said amount in U.S. dollars. Evidence gathered, including digital receipts and surveillance footage, was presented in court, sealing the defendant’s fate.

The Court’s Verdict: A Warning to Dollar-Dominant Dealings

Presiding Judge Justice Alexander Owoeye issued a scathing judgment on April 15, 2025, highlighting that Chimaobi’s refusal to accept Naira constituted a breach of Section 20(1) of the CBN Act, 2007, which mandates the Naira as the only legal tender for goods and services within Nigeria.

Initially pleading not guilty, Chimaobi changed his plea on April 14, prompting a swift sentencing:

  • Count One: N50,000 fine for dealing in foreign currency against regulations.

  • Count Two: Four years in prison or an alternative fine of N600,000.

  • Additional Order: Forfeiture of the Cartier bracelet to the Federal Government.

This ruling is the latest in a series of enforcement measures designed to protect the sovereignty of the Nigerian Naira and deter the dollarization of the local economy — a practice that poses significant challenges to monetary policy and currency stability.

Why This Matters: Currency Sovereignty Under Siege

The Central Bank of Nigeria has repeatedly sounded the alarm over the rising use of foreign currencies in domestic transactions. Experts warn that such trends erode confidence in the Naira, fuel black market exchange rates, and weaken fiscal discipline. According to a 2024 World Bank report, excessive reliance on the U.S. dollar in local economies leads to a 15–20% increase in inflation volatility.

Legal economist Dr. Remi Adeola explains, “When luxury sellers insist on dollar payments, they contribute to exchange rate pressures, which in turn, increase the cost of living for average Nigerians.”

Public Backlash: Justice or Overreach?

While the court ruling sent a clear message, it also triggered heated public discourse. Critics question whether the sentence was excessive, especially in a country where white-collar crimes often attract lighter penalties.

Prominent lawyer Barr. Olayinka Osinubi commented: “While this verdict aligns with legal provisions, it highlights the inconsistent enforcement of financial laws. Why is a jeweller prosecuted so swiftly when bigger corporate violators escape justice?”

Others, however, hailed the verdict as a landmark enforcement that could serve as a deterrent to currency-related offenses, particularly in Nigeria’s luxury goods sector, which has grown by over 35% in the last five years, per Statista 2024.

Is This a Turning Point?

As Nigeria battles inflation, unstable exchange rates, and economic volatility, experts see this ruling as a step toward currency re-sovereignization. The EFCC, in its post-trial statement, reiterated its commitment to upholding the rule of law and ensuring compliance with the CBN’s currency policies.

The agency emphasized that anyone engaged in illegal foreign currency transactions — whether real estate, luxury goods, or services — would be held accountable.

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