Justice Alexander Owoeye of the Federal High Court in Ikoyi, Lagos, on Tuesday convicted and sentenced businessman Uzondu Chimaobi to four years in prison for refusing to accept the naira as legal tender in a commercial transaction.

Chimaobi was arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on February 5, 2025, over a two-count charge stemming from a dollar-based jewelry sale.

One of the charges read: “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.”

Initially, Chimaobi pleaded not guilty, prompting a full trial. The prosecution called its first witness, EFCC operative Owolabi Oyarekhua Jude, who offered details of the investigation.

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

He explained further: “The Company, which deals in jewellery 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.”

According to him, “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 the receipt was issued in dollars. The owner of the company was arrested and taken to the Commission’s office.”

At the resumed hearing on April 14, 2025, Chimaobi reversed his initial plea and opted to plead guilty to the charges.

Following the plea change, Kofarnaisa asked the court to rely on the testimony earlier given and to admit the accompanying evidence.

Consequently, “Kofarnaisa prayed the court to rely on the evidence earlier given by the investigating officer and admit the same in convicting the defendant.”

The court also admitted Chimaobi’s statement and additional evidence submitted by the prosecution.

Justice Owoeye adjourned proceedings to April 15 for judgment. Upon resumption, he delivered the ruling, finding Chimaobi guilty on both counts.

“Justice Owoeye then adjourned till Tuesday, April 15, 2025, for ruling. Delivering judgment, they found the defendant guilty and gave him an option of a fine of N50,000 (Fifty Thousand Naira) on count one.”

The judge sentenced the businessman to four years’ imprisonment, offering an alternative fine of N600,000 on the second count.

Furthermore, his Cartier diamond wristwatch was ordered forfeited to the federal government.

Chimaobi’s conviction stems from his refusal to accept naira in a transaction where he instead received $5,700 for a Cartier diamond bracelet, violating the Central Bank Act’s stipulation that naira remains the only legal tender in Nigeria.

The federal government is finalizing a Public-Private Partnership (PPP) deal to hand over management of the Akanu Ibiam International Airport (AIIA) in Enugu to Aero Alliance Consortium under an 80-year concession agreement.

According to Daily Sun, which reviewed a draft of the 64-page agreement, the long-term concession includes significant provisions for airport upgrades, operational management, and personnel transition.

One key element, outlined in Clause 5.1, is the transfer of all current FAAN (Federal Airports Authority of Nigeria) employees at the airport to Aero Alliance for a 24-month transitional period.

“There will be no forced redundancies,” the contract states, adding that any employee found redundant after restructuring “will be reabsorbed by the federal government,” which will also remain responsible for their pensions and gratuities.

The concession is set to last 80 years from the “Effective Date,” with an option to extend for an additional 20 years based on the performance of the concessionaire.

“The concession period (the ‘Concession Term’) shall be eighty (80) years, commencing on the Effective Date and ending on the Eightieth (80th) anniversary (subject to any extension in accordance with this Agreement) or, if earlier, until this Agreement is terminated in accordance with this Agreement,” the agreement states.

Revenue-sharing details appear in Clauses 2.1.4 and 2.2.2. Aero Alliance is expected to remit 1% of net income to the Infrastructure Concession Regulatory Commission (ICRC).

The consortium will have full control over non-aeronautical revenue channels—such as cargo handling, rentals, parking, and lounge fees—without needing government approval, as long as legal thresholds are not violated.

However, “aeronautical tariffs, including landing fees and passenger service charges, must be submitted for government approval.”

These funds must then be allocated to operational costs, maintenance, capital investment, debt servicing, and taxes.

The contract includes mechanisms for oversight. Clauses 14.7 and 15 require the submission of quarterly financial reports, while the government retains the right to audit revenue and expenditures.

Force majeure provisions are laid out in Clause 16.7. In cases of natural disasters, each party will cover its own costs. If disruptions arise from strikes or civil unrest, the concessionaire pays up to insurance limits, with any excess shared equally.

In political events, such as discriminatory legislation, the government will fully compensate the concessionaire.

Termination compensation is addressed in Clause 18. If the government defaults, it must cover outstanding loans, third-party obligations, equity investments, and projected returns.

Clause 2.2 spells out mandatory upgrades. These include full runway rehabilitation, terminal expansion, installation of ICAO-compliant navigation and communication systems, and baggage handling improvements to IATA standards.

Additional works include VIP lounge development, retail spaces, parking, fire and lighting systems, and emergency infrastructure, all under NCAA guidelines.

Clause 8 insists on preventive maintenance and maintaining “optimum” IATA service standards for facilities throughout the concession. The contract allows for optional enhancements such as real estate projects, branding, and technology vendor selection.

Should Aero Alliance fail to complete key upgrades, the government can terminate the deal and seize assets under Clause 19.5. Meanwhile, Clause 2.3 empowers the NCAA to levy fines for safety violations.

Clause 18.6 states that if legal changes require further improvements, the concessionaire will cover the costs when “commercially reasonable.”

If the impact is significant and the costs are deemed unreasonable, both parties will split the expenses.

Oversight will be handled by a five-member compliance committee—three from the government and two from the concessionaire. If decisions are deadlocked, the issue will go to the ICRC for a binding resolution within five business days.

Quarterly updates are mandatory under Clause 13.4, covering financials, operations, maintenance, and progress on KPIs. The agreement becomes effective once both sides confirm in writing that conditions in Clauses 4.1.1 and 4.1.2 have been fulfilled.

Before implementation, approval must come from the Federal Executive Council, and the ICRC must issue a Certificate of Compliance. The concessionaire must also present proof of financing.

If all conditions are not met within 180 days—extendable to 270—either side may withdraw from the agreement.

Desperation and heartbreak filled the air as angry Nigerians stormed the Ibadan office of CBEX, a suspected Ponzi scheme, after its abrupt collapse earlier this week.

Once celebrated on social media as a golden gateway to “financial freedom,” CBEX lured thousands with screenshots of huge balances—some as high as $85,000.

But by Tuesday morning, those same accounts had been wiped clean, leaving investors with no access to their funds—unless they complied with a suspicious new directive: pay more money to withdraw existing balances.

“The small amount I made in Libya was invested in it. I was made to believe I would make twice that amount from the scheme,” said Bolarinwa, a distraught Libya returnee, sobbing outside the company’s Oke-Ado office in Ibadan, Oyo State.

She explained that her investment was largely made up of loans from friends now expecting repayment.

The situation escalated quickly when angry investors, denied audience with CBEX officials, began looting the office.

Videos circulating on social media show people carrying out chairs, tables, and other items in frustration.

“They said we should still wait so that they can attend to us,” Bolarinwa added through tears.

Another victim shared his story on X (formerly Twitter), lamenting that he had invested his savings in the scheme with dreams of launching his music career.

“All in the name of making enough money to push my unreleased song, Alhamdulillah,” he wrote. “I woke up today and discovered that all my $4000 is gone. At this point, I am lost.”

As panic spread, CBEX administrators released a video—spoken in Pidgin English—offering a controversial “solution”: investors could recover their funds by making new payments.

“If you have below $8,000 in your CBEX account, you have to pay $100 to withdraw your money. If you have above $8,000, then you will have to pay $200 to withdraw it,” said a male voice in the video.

But even within the CBEX community, skepticism was mounting.

“If you fall for the new scam with the hope of getting your investment, don’t be surprised that they will come up with a new idea to milk you further without you achieving your aim,” a concerned member warned.

“Accept your loss and move on. CBEX is gone, it has crashed and there’s nothing you can do about it.”

The crash comes amid renewed warnings from the Securities and Exchange Commission (SEC), which recently cautioned Nigerians against patronizing unlicensed digital investment platforms promising unrealistic returns.

“We welcome innovation, but it must occur within a regulated environment that protects investors and maintains the integrity of our market,” said Dr. Emomotimi Agama, Director General of the SEC.

CBEX now joins a growing list of fraudulent platforms that have left scores of Nigerians devastated, many with borrowed funds and shattered hopes.