A Federal High Court sitting in Ikoyi, Lagos, on Thursday, April 17, 2025, convicted and sentenced businessman Aniogor Godswill Obiajulu and his company, ICE BY CW, to a total of five years imprisonment for refusing to accept the Naira as legal tender and for conducting business transactions in foreign currency in contravention of Nigerian law.
Presiding over the case, Justice Akintayo Aluko found the defendants guilty on a two-count charge brought against them by the Federal Government. The charges bordered on the refusal to accept the Naira and the retention of proceeds derived from unlawful activity.
According to the prosecution, on December 10, 2024, Obiajulu and ICE BY CW accepted a cash payment of $10,000 (Ten Thousand US Dollars) for the sale of a diamond Clover bracelet, rather than transacting in the Naira, Nigeria’s official currency. The action was said to be in violation of Section 20(1) of the Central Bank of Nigeria Act, 2007, and the Money Laundering (Prevention and Prohibition) Act, 2022.
Charge Details:
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Count One: The defendants were charged with refusing to accept the Naira, contrary to Section 20(1) of the CBN Act, by accepting $10,000 as payment for the bracelet.
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Count Two: The defendants were also charged with retaining the $10,000, which they reasonably ought to have known was the proceeds of unlawful activity — namely, conducting transactions in foreign currency — in violation of Section 18(2)(d) and punishable under Section 18(3) of the Money Laundering Act, 2022.
Upon arraignment, Obiajulu pleaded guilty to both counts. In response, the prosecution counsel, C.C. Okezie, presented key evidence including the transaction receipt dated December 10, 2024, the defendant’s written statement dated December 27, 2024, and the recovered diamond bracelet.
Justice Aluko, after reviewing the evidence and the defendant’s guilty plea, delivered the following judgment:
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On count one, both defendants were sentenced to six months imprisonment each, with the option of a N50,000 fine.
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On count two, Obiajulu (the second defendant) was sentenced to four years imprisonment or a fine of N1,000,000, while ICE BY CW (the first defendant) was fined N1,000,000.
Additionally, the court ordered that the diamond Clover bracelet be forfeited to the Federal Government of Nigeria.
The sentencing underscores the Federal Government’s resolve to enforce the use of the Naira as the sole legal tender in Nigeria and to combat the illicit use of foreign currencies in domestic transactions.
