Court Grants EeZeeTee N20M Bail In Alleged $255,000 Forex Fraud Case

EeZeeTee

 

The Federal High Court in Lagos has granted a N20 million bail to Ezekiel Onyedikachi (also known as EeZeeTee), the former manager of gospel artist Mercy Chinwo, in connection with a fresh $255,000 alleged forex transaction fraud filed against him by the Economic and Financial Crimes Commission, EFCC.

In a brief ruling on Friday, Justice Aneke set the bail condition, requiring one surety who must reside in Lagos and own property worth the bail sum. The judge, who had previously released the music producer to his lawyer, Mr. Ojukwu Chikaosolu, gave him 72 hours to meet the bail condition.

The EFCC had initially filed a 14-count charge against EeZeeTee for alleged fraudulent conversion but later amended the charge to seven counts, accusing him of engaging in foreign exchange transactions without a license.

Prosecuting counsel, Bilikisu Buhari-Bala, told the court that in June 2023, EeZeeTee, without authorization from the Central Bank of Nigeria (CBN), negotiated a foreign exchange transaction worth $52,895 with one Mr. Oladotun Olaobaju Mureke.

This, she argued, 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 pleaded not guilty to the charges. The case has been adjourned to June 20, 2025, for trial.