Justice Chukwujekwu Aneke of the Federal High Court in Lagos has approved a N20 million bail for music producer Ezekiel Onyedikachi, popularly known as EeZeeTee, who is facing allegations of forex transaction fraud amounting to $255,000, as brought forth by the Economic and Financial Crimes Commission (EFCC).
In a concise ruling delivered on Friday, Justice Aneke stipulated that the bail conditions include the requirement of one surety residing in Lagos, who must possess property valued at the bail sum. The judge had previously granted release to EeZeeTee into the custody of his attorney, Mr. Ojukwu Chikaosolu, and provided a 72-hour timeline to fulfill the bail requirements.
Initially, the EFCC lodged a 14-count indictment against EeZeeTee for purported fraudulent conversion, which was subsequently revised to seven counts, alleging that he conducted foreign exchange transactions without the necessary license.
Prosecuting attorney Bilikisu Buhari-Bala informed the court that in June 2023, EeZeeTee engaged in a foreign exchange transaction valued at $52,895 with one Mr. Oladotun Olaobaju Mureke, without the authorization of the Central Bank of Nigeria (CBN).
This action, she contended, contravened 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 subject to penalties under Section 29(2) of the same legislation.
EeZeeTee has entered a plea of not guilty to the charges. The court has scheduled the next hearing for June 20, 2025, to commence the trial.
