A Federal High Court in Lagos has granted bail to Ezekiel Onyedikachi, widely known as EeZeeTee, in a case involving alleged foreign exchange fraud brought against him by the Economic and Financial Crimes Commission (EFCC).
Justice Chukwujekwu Aneke, who presided over the hearing on Friday, ruled that the bail would be set at ₦20 million. The judge also stated that the bail must be supported by a single surety who lives in Lagos and owns a property that is valued at no less than the bail amount. This condition, according to the court, must be fulfilled within 72 hours.
Before the court officially granted bail, EeZeeTee had already been temporarily released to his lawyer, Mr. Ojukwu Chikaosolu, following his arraignment on Wednesday. The court gave EeZeeTee three days to meet the full bail requirements or face further legal consequences.
The EFCC originally filed a 14-count charge against the former gospel music executive. However, those charges were later revised to a seven-count charge. The updated charges are focused specifically on conducting foreign exchange dealings without holding a valid license.
According to details revealed in court, the case revolves around the alleged illegal conversion of $255,000. The anti-graft agency alleges that EeZeeTee engaged in unauthorized financial transactions that violated national regulations on foreign exchange.
While full details of the transactions were not made public, the EFCC believes the funds were processed without the necessary approvals.
Mr. Onyedikachi, known in the gospel music industry for managing popular singer Mercy Chinwo, has not made any public statement since the court proceedings began. His legal team, however, has maintained that he is innocent and prepared to defend himself in court.
