Ezekiel Onyedikachi, popularly known as EeZee Tee, a gospel music executive and former manager of singer Mercy Chinwo, has been granted bail in the sum of N20 million by the Federal High Court in Lagos.
He is facing charges related to an alleged $397,106 foreign exchange fraud.
Justice Chukwujekwu Aneke, who presided over the case, ruled on Friday that EeZee Tee must provide one surety residing in Lagos who owns property valued at the full bail amount.
The judge had earlier released the defendant to his lawyer, Ojukwu Chikaosolu and gave him 72 hours to meet the bail conditions.
EeZee Tee, the CEO of EeZee Global Concept Ltd, is standing trial on a seven-count amended charge filed by the Economic and Financial Crimes Commission (EFCC), accusing him of engaging in unlicensed foreign exchange transactions and failing to report financial dealings involving his company.
Prosecuting counsel Bilikisu Bala told the court that in June 2023, EeZee Tee conducted a foreign exchange transaction worth $52,895 with one Oladotun Mureke without authorisation from the Central Bank of Nigeria (CBN).
She also alleged that he engaged in another illegal forex transaction worth $18,775 with a person named Gift Christopher.
The EFCC claims that between 2022 and 2023, EeZee Global Concept Ltd received a total of $255,436 into its corporate account without proper disclosure.
These actions, the EFCC argues, violate sections of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act and are punishable under the same law.
The charges mark a shift from earlier allegations of misappropriating the earnings of Mercy Chinwo, which have since been dropped.
EeZee Tee pleaded not guilty to all charges.
The case has now been adjourned to June 20 for trial proceedings.
