Lagos, Nigeria — April 17, 2025 — Justice Akintayo Aluko of the Federal High Court in Ikoyi, Lagos, delivered a landmark ruling today.
Specifically, he sentenced businessman Aniogor Godswill Obiajulu and his company, ICE BY CW, to a combined five-year prison term. Notably, their crime involved refusing to accept the Naira as legal tender. This decision highlights the Nigerian government’s firm stance on enforcing currency laws during ongoing economic difficulties.
The case originated from an incident on December 10, 2024, when Obiajulu and ICE BY CW accepted $10,000 for a diamond Clover bracelet.
Consequently, this action violated the Central Bank of Nigeria Act of 2007. Moreover, the court ruled that their refusal to accept the Naira not only broke national currency laws but also constituted potential money laundering.
During the trial, prosecutor C.C. Okezie presented strong evidence, including a payment receipt and the defendant’s statement.
After Obiajulu pleaded guilty, Justice Aluko issued a stern judgment. He declared, “Rejecting the Naira damages our currency system and breaches the law.”
For the first count, the court sentenced Obiajulu and ICE BY CW to six months in prison, with a N50,000 fine option.
However, for money laundering, Obiajulu received a harsher four-year sentence, with a N1,000,000 fine alternative.
Similarly, the company faced a N1,000,000 fine for the same charge.
Additionally, the court ordered the forfeiture of the diamond Clover bracelet to the Federal Government. This measure reinforced the importance of adhering to financial regulations.
After the verdict, the EFCC praised the ruling on X (formerly Twitter). They emphasized that this conviction sends a clear message: rejecting the Naira and engaging in illicit finance won’t be tolerated. Moreover, they affirmed their dedication to upholding the law and safeguarding our financial systems.
As Nigeria tackles economic challenges, this case sets a precedent for businesses and individuals. It underscores the severe consequences of flouting currency laws. Furthermore, the EFCC’s statement reaffirms its commitment to fighting financial crimes and ensuring economic stability.
Ultimately, this ruling marks a pivotal moment in Nigeria’s enforcement of currency regulations. Moving forward, its impact on business practices will be closely monitored. The case serves as a stark reminder of the legal and financial risks of non-compliance.
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