A Federal High Court sitting in Lagos has granted bail to Ezekiel Onyedikachi, popularly known as EeZeeTee, in the sum of N20 million over allegations of foreign exchange fraud brought against him by the Economic and Financial Crimes Commission.
Justice Chukwujekwu Aneke, who presided over the matter, ruled on Friday, May 9, 2025, that the bail must be secured with one surety resident in Lagos and who owns property equivalent in value to the bail amount.
The judge had earlier released the defendant to his counsel, Mr. Ojukwu Chikaosolu, after his arraignment on Wednesday and gave him 72 hours to fulfill the bail conditions.
The EFCC accused EeZeeTee, a former manager of gospel singer Mercy Chinwo, of engaging in illegal foreign exchange dealings totaling $52,895 with one Mr. Oladotun Olaobaju Mureke in June 2023.
The amended seven-count charge borders on operating as a foreign exchange dealer without a valid licence from the Central Bank of Nigeria.
According to EFCC prosecutor Bilikisu Buhari-Bala, “The defendant conducted foreign exchange transactions without authorisation, which 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.”
She added that the offences are punishable under Section 29(2) of the same Act.
However, Onyedikachi pleaded not guilty to the charges.
“The defendant has denied all allegations and is prepared to defend himself in court,” his lawyer said after the court session.
The case has been adjourned till June 20, 2025, for the commencement of trial.
