Justice Chukwujekwu Aneke of the Federal High Court in Lagos has granted ?20 million bail to music producer and former manager of gospel singer Mercy Chinwo, Ezekiel Onyedikachi, popularly known as EeZeeTee, over a fresh $255,000 foreign transaction fraud allegation filed by the Economic and Financial Crimes Commission (EFCC).

In a brief ruling on Friday, Justice Aneke ruled that the bail must be secured with one surety who resides in Lagos and owns property equivalent in value to the bail amount. The judge, who had earlier released EeZeeTee to his lawyer, Ojukwu Chikaosolu, gave the defendant 72 hours to meet the terms.

The EFCC originally filed a 14-count charge against EeZeeTee for allegedly converting funds fraudulently but later reduced the charges to seven, accusing him of conducting forex transactions without a valid license.

EFCC prosecutor Bilikisu Buhari-Bala informed the court that in June 2023, EeZeeTee allegedly carried out a $52,895 forex transaction with one Oladotun Olaobaju Mureke without the approval of the Central Bank of Nigeria (CBN).

She said the act contravenes Sections 5 and 29(1)? 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 law.

EeZeeTee pleaded not guilty. The matter has been adjourned to June 20, 2025, for trial. (The Nation)