The Economic and Financial Crimes Commission (EFCC) has dropped its initial accusations of fraudulently converting gospel singer Mercy Chinwo’s earnings in a plot twist to the legal battle involving well-known gospel music executive Ezekiel Onyedikachi, better known as EeZeeTee.
Instead, he has been charged with failing to disclose the financial transactions of his company.
The Chief Executive Officer of EeZee Global Concept Ltd was previously charged by the EFCC with embezzling Chinwo’s profits.
In an unexpected move, though, the anti-graft agency filed an amended eight-count indictment at a Lagos Federal High Court on Wednesday, concentrating instead on regulatory violations related to failing to register corporate earnings and foreign exchange transactions.
The additional allegations allege that between 2022 and 2023, EeZeeTee engaged in unlawful foreign exchange transactions and neglected to provide the Special Control Unit Against Money Laundering (SCUML) with the required disclosures.
According to reports, the company’s corporate account received $255,436 in total throughout this time.
One of the charges reads, “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 authorised 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.”
Additionally, the commission accused EeZeeTee and his business of manipulating the official foreign currency market to conduct another $18,775 forex transaction with a Gift Ugochi Christopher.
EeZeeTee entered a not guilty plea to all counts at arraignment.
Chief Chikaosolu Ojukwu (SAN), the lead defence attorney, told the court that the EFCC had already received a bail application that had been filed.
He asked the court to grant bail in a broad sense, stating that the parties were actively negotiating an out-of-court settlement.
Bilikisu Buhari, the prosecuting attorney for the EFCC, objected to the bail request and asked that the defendant be held in custody until the motion was decided.
The matter’s presiding judge, Justice Chukwujekwu Aneke, asked for clarity regarding the defendant’s court appearance. The EFCC’s attorney retorted that an arrest warrant had been issued.
Ojukwu, however, retorted that his client had voluntarily appeared in court after being granted administrative bail by the EFCC.
Additionally, he contended that the EFCC had not offered any proof that his client had turned down a formal invitation.
Justice Aneke postponed making a decision on the bail application until May 9, 2025, after hearing arguments from both parties.
He directed EeZeeTee to be released to his attorney in the interim.
When EFCC agents attempted to re-arrest the defendant at the court’s entrance gate shortly after the court session, tensions increased.
However, a senior EFCC official’s intervention brought the situation under control, enabling EeZeeTee to leave in peace.
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