A Federal High Court in Lagos has granted bail of N20 million to Ezekiel Onyedikachi, popularly known as EeZeeTee, the former manager of gospel singer Mercy Chinwo, over an alleged $255,000 foreign exchange fraud filed by the Economic and Financial Crimes Commission (EFCC).
Justice Chukwujekwu Aneke, in a ruling on Friday, ordered that the bail be secured by one surety who resides in Lagos and owns property equivalent to the bail amount.
EeZeeTee was earlier released to his lawyer, Ojukwu Chikaosolu, on Wednesday with a 72-hour window to fulfill the bail conditions.
The EFCC initially charged him with 14 counts of fraud but later amended it to a seven-count charge relating to conducting foreign exchange transactions without a valid licence.
Prosecuting counsel Bilikisu Buhari-Bala told the court that in June 2023, EeZeeTee, without approval from the Central Bank of Nigeria, negotiated a $52,895 forex deal with one Oladotun Olaobaju Mureke.
The EFCC said the alleged offences violate Sections 5 and 29(1)(c) of the Foreign Exchange Act, and are punishable under Section 29(2).
EeZeeTee pleaded not guilty to all charges. The case has been adjourned to June 20, 2025, for trial.