BREAKING: Mercy Chinwo’s Ex-Manager EeZeeTee Granted N20 Million Bail Over Alleged $255,000 Forex Fraud

In a major legal development, the Federal High Court in Lagos has granted Ezekiel Onyedikachi, popularly known as EeZeeTee and former manager of renowned gospel singer Mercy Chinwo, bail set at N20 million in a new case involving a $255,000 foreign exchange fraud allegation.

Court Grants EeZeeTee Bail Amid Forex Fraud Charges

Presiding judge, Justice Chukwujekwu Aneke, delivered the ruling on Friday, May 9, 2025, ordering that EeZeeTee must provide one surety residing in Lagos who owns property equivalent to the bail amount.

Justice Aneke, who had earlier released the accused on the recognizance of his lawyer, Ojukwu Chikaosolu, further instructed that EeZeeTee must meet the bail conditions within 72 hours.

EFCC’s Allegations: Unauthorized Forex Transactions Without CBN License

The Economic and Financial Crimes Commission (EFCC) brought a seven-count amended charge against EeZeeTee, down from an original 14 counts. The EFCC accuses him of engaging in foreign exchange transactions without a valid license from the Central Bank of Nigeria (CBN).

According to the prosecuting counsel, Bilikisu Buhari-Bala, EeZeeTee was involved in a forex deal in June 2023, where he allegedly conducted an unauthorized $52,895 transaction with one Mr. Oladotun Olaobaju Mureke.

These acts reportedly violate Sections 5 and 29(1)(c) of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, Cap F34, Laws of the Federation of Nigeria, 2004. If found guilty, the offenses are punishable under Section 29(2) of the same Act.

EeZeeTee Pleads Not Guilty

During the court proceedings, EeZeeTee pleaded not guilty to all charges. His legal team has vowed to vigorously defend against the accusations. The case has been adjourned to June 20, 2025, for commencement of trial.

Background: Who is EeZeeTee?

EeZeeTee, a respected figure in the Nigerian gospel music industry, is best known for managing top gospel artists including Mercy Chinwo through his label, EeZee Conceptz. He played a pivotal role in launching her career, before their professional relationship ended under unclear circumstances.

Legal Implications and Industry Reaction

The case has sparked discussions in both legal and entertainment circles, as the Nigerian music industry continues to grapple with increasing regulatory scrutiny, especially regarding financial transactions and contract enforcement.

While Mercy Chinwo has not publicly commented on the matter, fans and observers await developments as the case proceeds.

Summary

• EeZeeTee, former manager of Mercy Chinwo, granted N20 million bail by a Federal High Court in Lagos.

• The EFCC accuses him of a $255,000 forex fraud involving unauthorized transactions.

• He faces seven counts, revised from an earlier 14.

• Next court date set for June 20, 2025.