Justice Chukwujekwu Aneke of the Federal High Court in Lagos has granted ₦20 million bail to popular music producer and former manager of gospel singer Mercy Chinwo, Ezekiel Onyedikachi, also known as EeZeeTee.
The bail follows a fresh $255,000 foreign exchange fraud allegation filed against him by the Economic and Financial Crimes Commission (EFCC).
Delivering a brief ruling on Friday, May 9, Justice Aneke ordered that the bail must be secured with one surety who lives in Lagos and owns property equal in value to the bail amount.
He added that the defendant had already been released to his lawyer, Ojukwu Chikaosolu, and must meet the bail conditions within 72 hours.
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EeZeeTee is facing seven counts, reduced from an initial 14-count charge, including conducting foreign exchange transactions without a valid licence.
EFCC prosecutor Bilikisu Buhari-Bala told the court that “in June 2023, the defendant conducted a foreign exchange transaction to the tune of $52,895 with one Oladotun Olaobaju Mureke without the approval of the Central Bank of Nigeria (CBN).”
She explained that the action was in breach of 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 the charges. The court adjourned the matter to June 20, 2025, for trial.