On May 9, 2025, a Federal High Court in Lagos granted Ezekiel Onyedikachukwu, known as EeZeeTee and former manager of gospel singer Mercy Chinwo, bail of ₦20 million in a case involving alleged foreign exchange fraud and money laundering totaling $255,446.
The Economic and Financial Crimes Commission (EFCC) arraigned EeZeeTee and his company, Eezee Global Concepts Limited, on May 7 before Justice Chukwujekwu Aneke, charging them with seven counts of unauthorized forex transactions and failure to declare financial activities. EeZeeTee pleaded not guilty, and the court set bail conditions requiring a surety residing in Lagos with property worth the bail sum, giving him 72 hours to comply.
The EFCC alleged that between 2021 and 2023, EeZeeTee conducted unlicensed forex deals, including a $52,895 transaction with Oladotun Olaobaju Mureke in June 2023, a $70,000 deal with Avalan Chetrase 1307 Company in March 2021, and an $18,775 transaction with Gift Ugochi Christopher in October 2022, violating Nigeria’s Foreign Exchange Act.
Additionally, the EFCC claimed EeZeeTee failed to report $65,703, $52,350, and $137,383 flowing through his Zenith Bank account in 2022, 2023, and 2024, respectively, to the Special Control Unit Against Money Laundering (SCUML), breaching the Money Laundering Act. Earlier $340,000 fraud charges tied to Chinwo’s earnings were dropped, shifting focus to regulatory breaches.
EeZeeTee’s defense counsel, Chikaosolu Ojukwu, argued for liberal bail terms, citing EeZeeTee’s role as the sole caregiver for his ill children, but the EFCC opposed, noting his evasion of service and a prior arrest warrant issued in January 2025. The case, adjourned to June 20, 2025, for trial, stems from a contractual dispute with Chinwo, who alleged EeZeeTee diverted $274,000 in digital platform revenues and forged a 2019 contract to replace their 2017 agreement.
Nigeria’s forex market, with $1.2 trillion in annual turnover, faces strict CBN regulations, and the EFCC has cracked down on unlicensed transactions, prosecuting 150 cases in 2024. The case highlights tensions in Nigeria’s entertainment industry, where 60% of artist-manager disputes involve financial misconduct.