Lagos — A Federal High Court in Lagos has granted popular music executive and former manager of gospel singer Mercy Chinwo, Ezekiel Onyedikachi, also known as EeZeeTee, bail in the sum of ₦20 million over an alleged $255,000 foreign exchange fraud.
Presiding judge, Justice Chukwujekwu Aneke, gave the ruling on Friday, following a fresh seven-count charge filed by the Economic and Financial Crimes Commission (EFCC) against the music producer. The EFCC alleged that EeZeeTee conducted unauthorized forex transactions in violation of Nigerian financial regulations.
Under the bail conditions, Justice Aneke mandated that EeZeeTee must provide one surety who resides in Lagos and owns property of equivalent value. The defendant was given 72 hours to meet these requirements. Pending compliance, he remains in the custody of his lawyer, Mr. Ojukwu Chikaosolu.
Prosecution counsel, Bilikisu Buhari-Bala, informed the court that the defendant had, in June 2023, illegally negotiated a forex transaction totaling $52,895 with a certain Oladotun Olaobaju Mureke without the necessary license from the Central Bank of Nigeria (CBN).
According to the EFCC, such a transaction contravenes Sections 5 and 29(1)(c) of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, Cap F34, Laws of the Federation, 2004. The offense is punishable under Section 29(2) of the same Act.
Initially, EeZeeTee was facing a 14-count charge relating to alleged fraudulent conversion. However, the prosecution later amended the charges to focus specifically on unauthorized forex dealings.
The music producer, who is well known in the Nigerian gospel music industry, pleaded not guilty to the charges.
The court has adjourned the case to June 20, 2025, for the commencement of trial.
