Nigeria, April 18 -- The Federal High Court in Lagos Thursday convicted a businessman and his company of refusing to accept naira as a legal tender.

The judge, Akintayo Aluko, convicted Aniogor Obiajulu and his firm, ICE BY CW, after they pleaded guilty on Thursday to the two counts preferred against them.

The Economic and Financial Crimes Commission (EFCC) had charged them with rejecting naira as legal tender, while accepting $10,000 for the sale of diamond Clover bracelet in Lagos last December. It also charged the defendants with money laundering for retaining the $10,000, knowing it to be proceeds of crimes.

Mr Aluko sentenced Mr Obiajulu to six months' imprisonment for the first count, although with an option of N50,000 fine.

He ...