The Federal High Court sitting in Lagos has granted bail to gospel music producer and former manager of renowned artist Mercy Chinwo, Ezekiel Onyedikachi, popularly known as EeZeeTee, in the sum of N20 million over an alleged $255,000 foreign exchange fraud.

 

Presiding Judge, Justice Chukwujekwu Aneke, issued the ruling on Friday, ordering that EeZeeTee must produce one surety who resides in Lagos and owns property valued at the bail amount. The defendant was given 72 hours to fulfill the bail conditions.

 

The Economic and Financial Crimes Commission (EFCC) had earlier filed a 14-count charge against EeZeeTee, which was later amended to seven counts, accusing him of engaging in unauthorized foreign exchange dealings.

 

EFCC counsel, Bilikisu Buhari-Bala, told the court that in June 2023, EeZeeTee conducted a foreign exchange transaction worth $52,895 with one Mr. Oladotun Olaobaju Mureke without approval from the Central Bank of Nigeria (CBN). This, she said, contravened 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 to all charges. The matter has been adjourned to June 20, 2025, for the commencement of trial.