A Federal High Court in Lagos has granted bail in the sum of N20 million to Ezekiel Onyedikachi, popularly known as EeZeeTee, the former manager of gospel singer Mercy Chinwo. The bail follows charges brought against him by the Economic and Financial Crimes Commission (EFCC) over an alleged $255,000 foreign exchange fraud.
Justice Chukwujekwu Aneke, delivering the ruling on Friday, stipulated that the bail must be secured by one surety residing in Lagos, who owns property equivalent to the bail amount.
Following his arraignment on Wednesday, EeZeeTee was temporarily released to his lawyer, Mr. Ojukwu Chikaosolu, with a 72-hour deadline to fulfill the bail conditions.
The EFCC initially filed a 14-count charge against EeZeeTee, later amending it to a seven-count charge, which includes allegations of conducting foreign exchange transactions without a Central Bank of Nigeria license.
The EFCC prosecutor, Bilikisu Buhari-Bala, alleged that in June 2023, EeZeeTee negotiated a foreign exchange transaction worth $52,895 with one Mr. Oladotun Olaobaju Mureke, without proper authorization as required by law.
The alleged offenses contravene 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.
EeZeeTee pleaded not guilty to all charges. The case has been adjourned to June 20, 2025, for trial.