Music Producer, EeZeeTee Granted ₦20 Million Bail In Alleged $255,000 Forex Fraud Case

Justice Chukwujekwu Aneke of the Federal High Court in Lagos has granted music producer and former manager of gospel artist Mercy Chinwo, Ezekiel Onyedikachi (known as EeZeeTee), a ₦20 million bail in connection with an alleged $255,000 forex transaction fraud filed by the Economic and Financial Crimes Commission (EFCC).

In a brief ruling on Friday, Justice Aneke set the bail condition, requiring that EeZeeTee present one surety who must reside in Lagos and own property worth at least the bail sum.

The judge further instructed that EeZeeTee, who had previously been released to his lawyer, Ojukwu Chikaosolu, be given 72 hours to fulfil the bail condition.

The EFCC had initially filed a 14-count charge against EeZeeTee for alleged fraudulent conversion of funds, but later amended the charge to seven counts, accusing him of engaging in foreign exchange transactions without the proper license.

Prosecuting counsel, Bilikisu Buhari-Bala, informed the court that in June 2023, EeZeeTee negotiated a foreign exchange transaction worth $52,895 with one Mr. Oladotun Olaobaju Mureke, without authorisation from the Central Bank of Nigeria (CBN).

Buhari-Bala argued 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, and is punishable under Section 29(2) of the same Act.

EeZeeTee pleaded not guilty to all charges. The case has been adjourned to June 20, 2025, for trial.