Former Gospel Manager EeZeeTee Granted ₦20 Million Bail Over Alleged Forex Fraud

In a significant judicial development, the Federal High Court in Lagos has granted bail to Ezekiel Onyedikachi, popularly known as EeZeeTee, the former manager of renowned gospel artist Mercy Chinwo. The bail, set at ₦20 million, follows his arraignment over an alleged foreign exchange fraud amounting to $255,000, filed by Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC).

Presiding over the matter, Justice Chukwujekwu Aneke ruled on Friday that the bail must be secured by one surety who resides in Lagos and possesses property equal in value to the bail amount. This decision comes two days after the judge granted temporary release of the defendant to his legal counsel, Mr. Ojukwu Chikaosolu (SAN), providing him with 72 hours to satisfy the court’s bail requirements.

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Forex Fraud at the Center of EeZeeTee’s Trial

The case against EeZeeTee revolves around his alleged participation in foreign exchange transactions without proper licensing. Originally charged with a 14-count indictment, the EFCC amended the charges to seven counts. These revised charges include allegations of engaging in foreign exchange dealings without the necessary authorization from the Central Bank of Nigeria (CBN).

According to prosecuting counsel, Mrs. Bilikisu Buhari-Bala, the EFCC asserts that in June 2023, EeZeeTee unlawfully conducted a foreign exchange transaction worth $52,895 with one Mr. Oladotun Olaobaju Mureke. The agency contends that this transaction, and others like it, were executed without proper licensing, thereby violating the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, specifically Sections 5 and 29(1)(c). The charges carry punishments outlined in Section 29(2) of the same Act.

Although the charge sheet originally cited a $255,000 fraud, it appears that the EFCC’s amendment and legal strategy focus on provable transactions, like the one involving Mureke, to support their claims in court.

When the charges were read in court, EeZeeTee pleaded not guilty, firmly denying all allegations brought against him. His defense team has indicated that they intend to challenge the EFCC’s evidence and the legitimacy of the accusations, asserting that all business transactions conducted by their client were above board and legally compliant.

Justice Aneke’s bail ruling, while granting the defendant temporary freedom, also reflects the gravity of the case. The requirement that the surety own property equivalent to the ₦20 million bail figure ensures a degree of accountability while the matter proceeds through trial.

Legal analysts have noted that foreign exchange infractions have become increasingly scrutinized in recent times, as Nigeria battles financial crimes amidst a volatile economic climate. The Central Bank of Nigeria has reiterated the importance of curbing illicit forex dealings to stabilize the national currency and restore investor confidence.

The EFCC has, in recent years, intensified its oversight on unlicensed forex trading, citing a spike in black-market transactions that evade regulatory frameworks. In this context, EeZeeTee’s case is seen as a high-profile example of the agency’s commitment to enforcing compliance, particularly among influential individuals in entertainment and business circles.

As the case unfolds, public interest remains high, not only due to EeZeeTee’s former affiliation with a prominent gospel star but also because of the broader implications for how entertainers and entrepreneurs manage their international financial transactions. The court is expected to continue proceedings later this month, during which further evidence will be presented and legal arguments advanced by both sides.

The defense counsel, Mr. Chikaosolu, emphasized after Friday’s session that they are confident of their client’s innocence and believe that the court will ultimately vindicate him. “We trust in the judicial process,” he said, adding that EeZeeTee has consistently cooperated with investigators and voluntarily presented himself when summoned.

For now, EeZeeTee will remain free under the strict conditions set by the court, pending the fulfillment of the bail terms. His legal team is reportedly working to ensure the property documentation and verification are completed promptly.

Meanwhile, the EFCC is expected to continue building its case, with additional witnesses and financial evidence anticipated to be brought before the court. As Nigeria intensifies its campaign against financial crimes, this case may set a precedent on how strictly the judiciary interprets and enforces regulations under the Foreign Exchange Act.