Court Grants N20m Bail to Mercy Chinwo’s Ex-Manager EeZeeTee Over Alleged $255,000 Forex Fraud
Justice Chukwujekwu Aneke of the Federal High Court in Lagos has granted bail in the sum of N20 million to music producer and former manager of gospel singer Mercy Chinwo, Ezekiel Onyedikachi, popularly known as EeZeeTee, in connection with a $255,000 alleged foreign exchange fraud.
The bail ruling, delivered on Friday, stipulates that the defendant must provide one surety residing in Lagos who owns property of equal value. The surety must also be verified by the court within 72 hours. Until then, EeZeeTee remains under conditional release.
The Economic and Financial Crimes Commission (EFCC) brought the fresh charges against EeZeeTee, alleging that he engaged in unauthorised foreign exchange transactions, including a $52,895 deal with one Oladotun Olaobaju Mureke in June 2023.
Prosecution counsel, Bilikisu Buhari-Bala, told the court that the transaction was executed without the requisite approval from the Central Bank of Nigeria (CBN), violating Sections 5 and 29(1)(c) of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, Cap F34, Laws of the Federation of Nigeria 2004. The offence is punishable under Section 29(2) of the same Act.
The EFCC had originally filed a 14-count charge against the defendant, later amended to seven counts focusing on alleged unauthorised dealings and fraudulent conversion of foreign currency.
EeZeeTee pleaded not guilty to all charges.
Justice Aneke had earlier released him to his lawyer, Ojukwu Chikaosolu, on administrative grounds, but stressed the importance of full compliance with the court-ordered bail conditions.
The case has been adjourned to June 20, 2025, for trial.