A Federal High Court in Lagos has granted N20 million bail to Ezekiel Onyedikachi, also known as EeZeeTee, the former manager of gospel singer Mercy Chinwo, over an alleged $255,000 foreign exchange fraud preferred against him by the Economic and Financial Crimes Commission.
Justice Chukwujekwu Aneke, in a ruling on Friday, said the bail must be backed by one surety resident in Lagos who owns property worth the bail sum.
The judge had on Wednesday released EeZeeTee to his lawyer, Mr Ojukwu Chikaosolu, after his arraignment and gave him 72 hours within which he must meet the bail condition.
The EFCC had earlier filed a 14-count charge against EeZeeTee for alleged fraudulent conversion, but amended the charge to a seven-count charge bordering on engaging in foreign exchange transactions without a license.
EFCC’s prosecuting counsel, Bilikisu Buhari-Bala, told the court that in June 2023, the defendant, without being an authorised foreign exchange dealer appointed by the Central Bank of Nigeria, negotiated a foreign exchange transaction worth $52,895 with one Mr Oladotun Olaobaju Mureke.
According to EFCC, the offences committed 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 are punishable under Section 29(2) of the same Act.
However, EeZeeTee pleaded not guilty to the charges.
The case has been adjourned till June 20, 2025, for trial.
