EFCC arraigns EeZeeTee over forex breaches

In a new twist to the ongoing legal proceedings involving popular gospel music executive, Ezekiel Onyedikachi, popularly known as EeZeeTee, the Economic and Financial Crimes Commission (EFCC) has dropped its initial allegations of misappropriating gospel artiste Mercy Chinwo’s funds and has instead arraigned him for non-disclosure of financial transactions and unauthorised foreign exchange dealings.

The EFCC, on Wednesday, filed an amended eight-count charge before the Federal High Court sitting in Lagos, accusing the Chief Executive Officer of EeZee Global Concept Ltd of engaging in regulatory infractions between 2022 and 2023.

According to the revised charge sheet, EeZeeTee allegedly failed to disclose financial activities to the Special Control Unit Against Money Laundering (SCUML) and conducted foreign exchange transactions without authorisation from the Central Bank of Nigeria (CBN).

The commission stated that the company received a total of $255,436 in its corporate account within the said period. One of the charges read:

“That you, Ezekiel Onyedikachi and EeZee Global Concept Ltd, sometime in June 2023 in Lagos, within the jurisdiction of this Honourable Court, not being an authorized buyer of foreign currency appointed by the Central Bank of Nigeria under Section 5(1) of the Foreign Exchange Monitoring and Miscellaneous Provisions Act, CAP F34 LFN 2004, negotiated a foreign exchange transaction to wit: the naira equivalent of the sum of $52,895 with Mr. Oladotun Olaobaju Mureke.”

The EFCC further alleged that the defendant and his company conducted another forex transaction involving $18,775 with one Gift Ugochi Christopher outside the official market.

EeZeeTee, upon arraignment, pleaded not guilty to all counts.

Lead defence counsel, Chief Chikaosolu Ojukwu (SAN), informed the court that a bail application had already been submitted and urged the court to grant his client bail in liberal terms. He also revealed that parties were already in talks for an amicable resolution.

However, prosecuting counsel, Bilikisu Buhari, objected to the bail request and sought the defendant’s remand pending the court’s decision on the application.

Justice Chukwujekwu Aneke, after listening to both sides, adjourned ruling on the bail application till May 9, 2025. In the meantime, he ordered that the defendant be released to his lawyer.

Tension escalated briefly outside the courtroom when EFCC operatives attempted to rearrest EeZeeTee at the court’s gate, but the situation was swiftly brought under control following the intervention of a senior official of the agency, allowing him to leave peacefully.

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