A Federal High Court sitting in Lagos has granted bail in the sum of N20 million to Ezekiel Onyedikachi also known as EezeeTee who is the former manager of gospel singer, Mercy Chinwo, over allegations of a $255,000 foreign exchange fraud brought against him by the Economic and Financial Crimes Commission-EFCC.
The trial judge, Justice Chukwujekwu Aneke, who gave the ruling today (Friday), ordered that the bail should be secured by one surety resident in Lagos who owns property of equal value.
Justice Aneke had previously released the defendant into the custody of his lawyer, Mr. Ojukwu Chikaosolu, on Wednesday, giving him 72 hours to meet the bail conditions.
In the revised charges brought against him by the EFCC, EeZeeTee is facing a seven-count amended charge for engaging in foreign exchange transactions without the required license to which EeZeeTee had pleaded not guilty to all charges.
EFCC prosecuting counsel, Bilikisu Buhari-Bala, told the court that in June 2023, the defendant allegedly negotiated a foreign exchange transaction worth $52,895 with one Mr. Oladotun Olaobaju Mureke, despite not being an authorized dealer licensed by the Central Bank of Nigeria.
The alleged offence contravenes 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.
The matter has been adjourned to June 20, 2025, for trial.
