The Federal High Court in Lagos,
Justice Chukwujekwu Aneke, has granted a ₦20 million bail to Ezekiel Onyedikachi, popularly known as EeZeeTee, a music producer and former manager of gospel singer Mercy Chinwo.
The bail comes in relation to an alleged $255,000 foreign exchange fraud case filed by the Economic and Financial Crimes Commission.
In a ruling delivered on Friday, Justice Aneke stipulated that the defendant must produce one surety residing in Lagos, who owns property equivalent in value to the bail sum.
The court also granted EeZeeTee a 72-hour window to meet the bail conditions.
He had previously been released to his counsel, Ojukwu Chikaosolu.
Initially, the EFCC had brought a 14-count charge against EeZeeTee for alleged misappropriation of funds.
The charges were later reduced to seven, focusing on allegations that he engaged in foreign exchange transactions without the requisite license.
During the hearing, prosecuting counsel Bilikisu Buhari-Bala told the court that in June 2023, EeZeeTee executed a forex transaction valued at $52,895 with one Mr. Oladotun Olaobaju Mureke, without approval from the Central Bank of Nigeria.
Buhari-Bala stated that the act 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 legislation.
EeZeeTee pleaded not guilty to all charges. The court has adjourned the case to June 20, 2025, for trial.
