Justice Chukwujekwu Aneke of the Federal High Court in Lagos has approved a bail amount of N20 million for music producer Ezekiel Onyedikachi, popularly known as EeZeeTee, in relation to a recent allegation of $255,000 forex transaction fraud brought against him by the Economic and Financial Crimes Commission (EFCC).
In a concise ruling delivered on Friday, Justice Aneke stipulated that the bail conditions require the presence of a surety who must be a Lagos resident and possess property valued at the bail amount. The judge, who had previously granted EeZeeTee temporary release to his attorney, Mr. Ojukwu Chikaosolu, has provided a period of 72 hours for him to fulfill these conditions.
Initially, the EFCC filed a 14-count indictment against EeZeeTee for alleged fraudulent conversion, later amending it to seven counts, which accuse him of conducting 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 worth $52,895 with Mr. Oladotun Olaobaju Mureke without the requisite authorization from 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, and the case has been adjourned until June 20, 2025, for trial.
