The Federal High Court sitting in Lagos has granted bail of ₦20 million to Ezekiel ‘Eezee Tee’ Onyedikachukwu, the former manager of popular gospel artiste, Mercy Chinwo.
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.
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At the last sitting of the court on Wednesday, May 6, the judge released the defendant to his lawyer, Senior Advocate of Nigeria, Chikaosolu Ojukwu.
The defendant, Onyedikachukwu, who is popularly known as EeZeeTee, is standing trial for alleged money laundering amounting to $255,446.
The Economic and Financial Crimes Commission (EFCC) had initially filed a 14-count charge against him for alleged fraudulent conversion, but later amended the charge to seven counts, accusing him of engaging in foreign exchange transactions without a licence.
Prosecuting counsel, Bilikisu Buhari-Bala, told the court that in June 2023, the defendant, without authorisation from the Central Bank of Nigeria (CBN), negotiated a foreign exchange transaction worth $52,895 with one Oladotun Olaobaju Mureke.
She argued that this act violated 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 punishable under Section 29(2) of the same Act.
The defendant, however, pleaded not guilty to the charges.