A Federal High Court in Lagos has granted N20 million bail to Ezekiel Onyedikachi, popularly known as EeZeeTee a music producer and former manager of gospel singer Mercy Chinwo over an alleged $255,000 foreign exchange fraud.
Justice Chukwujekwu Aneke ruled on Friday that EeZeeTee must provide one surety residing in Lagos, who owns property equal in value to the bail amount.
The defendant, currently in the temporary custody of his lawyer Ojukwu Chikaosolu, has 72 hours to meet the bail terms.
The Economic and Financial Crimes Commission (EFCC) initially filed 14 fraud-related charges, later reduced to seven, centered on unauthorized forex transactions.
Prosecutor Bilikisu Buhari-Bala alleged that in June 2023, EeZeeTee unlawfully conducted a $52,895 forex deal with one Oladotun Olaobaju Mureke without Central Bank of Nigeria (CBN) approval violating sections of the Foreign Exchange Act.
EeZeeTee pleaded not guilty. The court has adjourned the case to June 20, 2025, for trial.
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