A Federal High Court sitting in Lagos has granted bail in the sum of ₦20 million to music executive and former manager of gospel singer Mercy Chinwo, Ezekiel Onyedikachi, popularly known as EeZeeTee, following his arraignment by the Economic and Financial Crimes Commission (EFCC) over alleged involvement in a $255,000 foreign exchange fraud.
The presiding judge, Justice Chukwujekwu Aneke, delivered the ruling on Friday, ordering that the bail must be secured with one surety who resides in Lagos and owns a property valued at the same amount. This decision came after the court had temporarily released EeZeeTee to the custody of his counsel, Mr. Ojukwu Chikaosolu, on Wednesday. The judge gave the defendant 72 hours to meet all bail conditions.
The EFCC, represented by prosecuting counsel Bilikisu Buhari-Bala, alleged that in June 2023, EeZeeTee negotiated a foreign exchange transaction worth $52,895 with one Mr. Oladotun Olaobaju Mureke, despite not being licensed by the Central Bank of Nigeria to engage in such transactions. Buhari-Bala informed the court that the defendant acted without authorization as a foreign exchange dealer, thereby violating federal financial regulations.
The charges against him, initially filed as 14 counts, were later amended and reduced to seven. The EFCC claims that the defendant’s actions contravene Sections 5 and 29(1)(c) of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, Cap F34, Laws of the Federation of Nigeria, 2004. If convicted, he could face penalties outlined under Section 29(2) of the same Act.
EeZeeTee pleaded not guilty to all the charges during his court appearance.
The case has been adjourned to June 20, 2025, for the commencement of trial.
