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Court Jails Man Four Years for Refusal to Accept Naira As Legal Tender

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Justice Alexander Owoeye of the Federal High Court sitting in Ikoyi, Lagos, on Tuesday, April 15, 2025, convicted and sentenced one Uzondu Precious Chimaobi to four years imprisonment for his refusal to accept the Naira as a legal tender.

 

Chimaobi was arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, Awolowo Road, Ikoyi, Lagos, on February 5, 2025 on a two-count charge bordering on refusal to accept the Naira as a legal tender.

 

One of the counts reads: “That you, Precious Chimaobi Uzondu, on the 10th of December 2024, in Lagos, within the jurisdiction of this Honourable Court, refused to accept Naira (Nigeria legal tender) by accepting the sum of $5700 ( Five Thousand Seven Hundred USD) as a means of payment for a purchase of a cartier diamond bracelet with serial number (12345678) and you, thereby , committed an offence contrary to Section 20 of the Central Bank of Nigeria Act, 2007.”

 

He initially pleaded not guilty to the charge, leading to his full trial.

 

Subsequently, the prosecution presented its first witness, PW1, Owolabi Oyarekhua Jude, an operative of the EFCC.

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Led in evidence by the prosecution counsel, H.U. Kofarnaisa, Jude told the court that “the Commission received intelligence on the activities of a jewelry company called Unlimited Jewellers Limited, “whose owner is one Uzondu Precious Chimaobi.

 

“The Company, which deals in jewelry at Atlantic Mall, Chevron Drive, Lekki, Lagos intentionally tags and sells its products in Dollars as against the CBN Act, 2007 ,which stipulates Naira as the only legal tender in Nigeria.”

 

Continuing, he added that “ Subsequently, a covert operation was carried out , where an undercover operative of the Commission disguised as a customer to purchase a Diamond Nail bracelet that was tagged $6000 and bought it for $5700.

 

“The company refused to receive Naira and demanded Dollars as a means of payment. The payment was made and receipt was issued in Dollars . The owner of the company was arrested and taken to the Commission’s office.”

 

However, at the resumed sitting on April 14, 2025, the defendant opted to change his “not guilty” plea to “guilty.

 

Consequent upon his guilty plea, Kofarnaisa, prayed the court to rely on the evidence earlier given by the investigating officer, and admit the same in convicting the defendant.

 

Kofarnaisa, thereafter, tendered the defendant’s statement and other evidence to further prove his guilt and they were admitted by the court.

 

Justice Owoeye then adjourned till Tuesday, April 15, 2025 for ruling.

 

Delivering judgment, they found the defendant guilty and gave him an option of fine of N50,000( Fifty Thousand Naira) on count one.

 

The Judge sentenced him to four years imprisonment, with an option of fine in the sum of N600,000 on count two.

 

His Cartier Diamond wristwatch was ordered forfeited to the Federal Government of Nigeria.

 

The convict bagged his imprisonment when he refused to accept Naira by accepting the sum of $5700 ( Five Thousand Seven Hundred USD) as a means of payment for a purchase of a cartier diamond bracelet. He was charged to court and convicted.

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MAAUN Clarifies Status of Former Visiting Lecturer, Reaffirms Zero-Tolerance Policy on Sexual Harassment

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The management of Maryam Abacha American University of Nigeria (MAAUN) has clarified that Dr. Nasa’i Gwadabe, a lecturer from North West University, Kano, is no longer affiliated with the institution, following the expiration of his one-year appointment as a Visiting Lecturer in May 2026. The university said the clarification became necessary in response to reports circulating on social media linking him to the institution.

In a statement issued by the university management, MAAUN explained that Dr. Gwadabe’s appointment ended in May 2026 and was not renewed. According to the statement, he is therefore no longer a member of the university’s academic staff and should not be described as such in media reports or public discussions.

The university stated that Visiting Lecturers are employed on one-year contracts, with renewal dependent on satisfactory performance, institutional requirements, and management approval. It added that Dr. Gwadabe’s contract was not renewed at the end of its tenure, noting that the same decision applied to a number of other Visiting Lecturers whose appointments also expired.

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Reaffirming its stance on misconduct, the management said MAAUN maintains a zero-tolerance policy on sexual harassment, abuse, and exploitation. According to the statement, the policy is regularly communicated to members of the university community as part of efforts to promote a safe learning environment.

The university further disclosed that its Founder has introduced a ₦5 million reward for any female student who reports and provides credible evidence of sexual harassment or sexual assault involving any lecturer or staff member through the university’s established reporting channels. The management said the initiative demonstrates the institution’s commitment to addressing allegations of misconduct and protecting students.

MAAUN also rejected what it described as inaccurate claims circulating in connection with the matter. According to the management, reports alleging that a student was delayed for two years are false, noting that the university only recently graduated its first set of students.

The institution also dismissed claims that a postgraduate student was among the alleged victims. The management explained that MAAUN has not yet commenced postgraduate programmes, making such assertions factually incorrect.

The university urged members of the public and media organisations to verify information before publication and to refrain from referring to Dr. Nasa’i Gwadabe as a current member of staff, stressing that his association with the institution ended when his appointment expired in May 2026.

The management reiterated that MAAUN remains committed to upholding the highest standards of integrity, transparency, accountability, and academic excellence while continuing to enforce policies aimed at ensuring the welfare and safety of students and staff.If you’d like, I can also rewrite this in a more newspaper-style format suitable for publication in Nigerian dailies, complete with a headline, byline, and dateline.

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CSOs Warn of Economic Hardship as CBN Revokes 46 Microfinance Bank Licences Nationwide

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A coalition of civil society organisations has expressed deep concern over the revocation of the operating licences of 46 Microfinance Banks (MFBs) by the Central Bank of Nigeria (CBN), warning that the decision could worsen financial exclusion, weaken grassroots economic activities and inflict hardship on millions of Nigerians, particularly in Kano State.

The concern was contained in a joint statement signed by Comrade Bashir Shehu, Executive Director of the African Centre for Civil Rights, Social Justice and Good Governance (Convener), and Hajiya Lami Adamu Garba, Executive Director of the Centre for Women Development Initiative, Katsina (Co-Convener), on behalf of a coalition of eight civil society organisations.

The coalition noted that Kano State was among the worst affected by the licence revocation, with 13 of the affected microfinance banks located in the state out of the 46 licences withdrawn nationwide.

According to the statement, Kano previously had about 40 licensed microfinance banks, meaning that nearly one-third of the state’s microfinance institutions have now lost their operating licences.

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The organisations observed that the affected banks play a critical role in providing financial services to low-income earners, petty traders, small and medium-scale enterprises (SMEs), women, farmers and rural communities that are often excluded from conventional banking services.

They warned that the closures could lead to increased financial exclusion, disruption of small businesses, loss of public confidence in the microfinance sector, reduced access to credit and savings facilities, and broader socio-economic challenges in communities that rely heavily on microfinance institutions.

While acknowledging the CBN’s statutory responsibility to regulate the financial sector and ensure compliance with banking standards, the coalition stressed that regulatory actions should be implemented in a manner that also protects depositors, preserves public confidence and promotes financial inclusion.

The groups urged the CBN to review the decision where possible and work with relevant stakeholders to minimise the impact on affected communities. They also called on the Kano State Government, members of the National Assembly and the Nigeria Deposit Insurance Corporation (NDIC) to ensure that depositors’ funds are protected and that viable microfinance institutions receive the necessary support to strengthen their operations.

The coalition further advocated improved financial literacy programmes, enhanced regulatory guidance and capacity-building initiatives for microfinance banks, arguing that preventive reforms and institutional support would yield better long-term outcomes than actions capable of widening the country’s financial inclusion gap.

The organisations maintained that protecting access to community-based financial services remains essential to economic growth, poverty reduction and sustainable development, urging all relevant authorities to take immediate steps to safeguard the interests of affected Nigerians.

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Is N100,000 Worth the Risk?’ Nigerians React to Soldiers’ Salary Increase

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Chief of Army Staff Lt.Gen Waidi Shuaibu

 

By Yusuf Danjuma Yunusa

The Federal Government has approved a N51,000 monthly salary increase for Nigerian soldiers, raising their basic pay from N49,000 to N100,000, Minister of Defence Gen. Christopher Musa announced during an appearance on News Central TV earlier today.

The disclosure, while intended to signal the administration’s commitment to improving welfare for military personnel, has instead ignited a firestorm of criticism across social media platforms, with many Nigerians questioning whether the increment adequately reflects the dangers and sacrifices inherent in military service.

“When you consider the operational environment our troops operate in, the compensation must match the risk,” one commenter, Victor, suggested, proposing that soldiers’ basic salary should fall between N400,000 and N500,000.

The announcement has drawn particular scrutiny from citizens who note the disparity between the pay hike and the perilous conditions facing troops engaged in counterinsurgency operations across the country’s northeastern and northwestern regions.

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Social media users were quick to voice their discontent, with many questioning the scale of the increment.

“I don’t understand, the 100k is for feeding allowance or what?” asked Chinyere, reflecting widespread confusion about the nature of the increase.

Another commenter, Celestine, remarked with apparent sarcasm: “This must be in dollars.”

Niyoo David offered a more measured observation: “To them na achievement oo” — a comment suggesting the government views the increase as a significant accomplishment even as critics deem it insufficient.

Titilope highlighted the inherent contradiction: “So 100k is big money for the job with the highest risk?”

Some commenters, including Ahmad Abubakar and Yusuf Auwal, drew a direct connection between compensation and security outcomes, with both stating: “Now we know the meaning of Insecurity and its components” and “This is exactly the meaning of Insecurity,” respectively — remarks that appear to suggest inadequate pay contributes to the nation’s security challenges.

Despite the announcement, Gen. Musa acknowledged that the military remains underfunded relative to its operational requirements.

“The military is currently underfunded for it to meet its full operational needs,” the minister stated, without providing specific figures regarding the funding gap or detailing what additional resources would be required.

The admission raises questions about whether the salary increment, while representing a significant percentage increase of over 104 percent from the previous N49,000 base pay, will be sufficient to boost morale and recruitment in a force that has faced mounting casualties in ongoing counterterrorism campaigns.

The public discourse following the announcement has inevitably turned to the broader question of military compensation in Africa’s most populous nation, where insecurity remains a pressing concern across multiple regions.

As Nigerians continue to debate the adequacy of the N100,000 monthly salary, the question now being posed is: What is a fair wage for those who risk their lives in defence of the nation?

We ask our readers: How much do you believe a Nigerian soldier should be paid? Share your thoughts in the comments section below.

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