Court grants music executive, EeZeeTee,  N20m bail over alleged forex fraud

A Federal High Court in Lagos has approved a N20 million bail for music producer and former manager of gospel singer Mercy Chinwo, Ezekiel Onyedikachi, popularly known as EeZeeTee, following a fresh case of alleged foreign exchange fraud brought by the Economic and Financial Crimes Commission (EFCC).

Presiding over the case on Friday, Justice Chukwujekwu Aneke ruled that the defendant must provide one surety who resides in Lagos and owns property equal in value to the bail amount. EeZeeTee, who had earlier been released to his counsel, Mr. Ojukwu Chikaosolu, was given 72 hours to meet the bail terms.

Initially facing a 14-count charge of fraudulent conversion, the EFCC amended the case to seven counts, accusing the defendant of engaging in unauthorized forex transactions.

Prosecuting counsel Bilikisu Buhari-Bala told the court that in June 2023, EeZeeTee conducted a foreign exchange deal valued at $52,895 with one Mr. Oladotun Olaobaju Mureke, allegedly without securing the necessary approval from the Central Bank of Nigeria.

According to her, “This violated 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 entered a not-guilty plea to the revised charges. The court adjourned the matter until June 20, 2025, for commencement of trial.