By Ayomide Otitoju
The Federal High Court sitting in Lagos has granted bail in the sum of N20 million to Ezekiel Onyedikachi, popularly known as EeZeeTee, a music producer and former manager of gospel singer Mercy Chinwo, in connection with an alleged $255,000 foreign exchange fraud.
Justice Chukwujekwu Aneke, who presided over the case on Friday, ordered that the bail must be secured with one surety residing in Lagos and possessing property valued at the bail amount. The court had earlier released the defendant to his counsel, Ojukwu Chikaosolu, on self-recognition, granting 72 hours for the bail conditions to be fulfilled.
The Economic and Financial Crimes Commission (EFCC) is prosecuting EeZeeTee on a seven-count amended charge, down from the original 14 counts. The charges include engaging in foreign exchange transactions without proper authorization from the Central Bank of Nigeria (CBN).
According to EFCC prosecutor, Bilikisu Buhari-Bala, the alleged offences were committed in June 2023 when the defendant negotiated a forex deal worth $52,895 with one Oladotun Olaobaju Mureke. The prosecution contends that the transaction 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, punishable under Section 29(2) of the same law.
