The Federal High Court in Lagos, presided over by Justice Chukwujekwu Aneke, has granted bail in the sum of N20 million to music producer and former manager of gospel singer Mercy Chinwo, Ezekiel Onyedikachi, popularly known as EeZeeTee.
The bail relates to a new case involving an alleged $255,000 forex fraud filed by the Economic and Financial Crimes Commission (EFCC).
In a brief ruling delivered on Friday, Justice Aneke ordered that EeZeeTee must provide one surety who resides in Lagos and owns property equivalent to the bail amount.
The judge, who had earlier released him temporarily to his lawyer, Ojukwu Chikaosolu, gave him 72 hours to fulfill the bail terms.
Originally, the EFCC had brought a 14-count charge against EeZeeTee for alleged fraudulent conversion, but this was later revised to seven counts. The revised charges accuse him of carrying out foreign exchange dealings without proper licensing.
Prosecutor Bilikisu Buhari-Bala told the court that in June 2023, EeZeeTee allegedly engaged in a forex transaction worth $52,895 with one Mr. Oladotun Olaobaju Mureke, without obtaining approval from the Central Bank of Nigeria (CBN).
This act is said to 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, and is punishable under Section 29(2) of the same Act.
EeZeeTee pleaded not guilty, and the trial has been scheduled to continue on June 20, 2025.
