A Lagos-based jeweler, Aniogor Godswill Obiajulu, and his luxury jewelry company, ICE BY CW, have been sentenced to five years in prison for refusing to accept the Nigerian Naira and demanding payment in U.S. dollars for a diamond bracelet worth $10,000. The Economic and Financial Crimes Commission (EFCC) arraigned Obiajulu and ICE BY CW on a two-count charge before Justice Akintayo Aluko at the Federal High Court in Ikoyi, Lagos. The charges stemmed from violations of the Central Bank of Nigeria (CBN) Act and the Money Laundering (Prevention and Prohibition) Act.
Charges Against the Jeweler
According to the EFCC, on December 10, 2024, the jeweler accepted $10,000 in cash for a diamond Clover bracelet instead of the legal tender, Naira. This act is a direct violation of Section 20(1) of the CBN Act, 2007.
The second count charged Obiajulu with retaining the foreign currency, which was deemed to be part of the proceeds of unlawful activity—namely, pricing and accepting U.S. dollars for goods in Nigeria—contrary to Section 18(2)(d) of the Money Laundering Act, 2022.
Guilty Plea and Sentencing
Obiajulu pleaded guilty to both counts. Prosecuting counsel, C.C. Okezie, presented key evidence including a payment receipt dated December 10, 2024, the defendant’s written statement from December 27, 2024, and the diamond bracelet itself.
Justice Aluko convicted both the individual and corporate defendants, issuing the following sentences:
- Count One: Six months imprisonment for both Obiajulu and ICE BY CW, with an option of a ₦50,000 fine each.
- Count Two: Four years imprisonment for Obiajulu, with an option of a ₦1,000,000 fine. ICE BY CW was fined ₦1,000,000.
The court also ordered the forfeiture of the diamond bracelet to the Federal Government of Nigeria.
EFCC Cracks Down on Dollar Transactions
This case highlights the Nigerian government’s strict enforcement of the CBN’s legal tender policy and anti-money laundering laws. Under Nigerian law, businesses are prohibited from pricing or accepting payment in foreign currencies, especially in sectors like luxury goods.
Just days before this ruling, another Lagos jeweler was convicted for a similar offense—rejecting the Naira and insisting on dollar payment for a diamond bracelet.
