Justice Chukwujekwu Aneke of the Federal High Court in Lagos has granted bail in the sum of ₦20 million to music producer and former manager of gospel artist Mercy Chinwo, Ezekiel Onyedikachi, popularly known as EeZeeTee. The bail is in connection with a fresh $255,000 alleged foreign exchange fraud case 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 into the custody of his lawyer, Mr. Ojukwu Chikaosolu, directed that the bail conditions must be fulfilled within 72 hours.
Originally facing a 14-count charge for alleged fraudulent conversion, the EFCC later amended the charges to seven counts, now accusing EeZeeTee of conducting foreign exchange transactions without a valid license.
EFCC counsel, Bilikisu Buhari-Bala, informed the court that in June 2023, EeZeeTee allegedly negotiated a foreign exchange deal worth $52,895 with Mr. Oladotun Olaobaju Mureke, without authorization from the Central Bank of Nigeria (CBN). The prosecution argued 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 law.
EeZeeTee pleaded not guilty to the charges. The trial is scheduled to continue on June 20, 2025.
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