The Economic and Financial Crimes Commission (EFCC) has dropped the allegations of fraudulent conversion of funds levelled against gospel music producer, Ezekiel Onyedikachi, popularly called EeZeeTee, by gospel singer and former signee Mercy Chinwo.

Instead, the anti-graft agency has arraigned EezeeTee over non-disclosure of his company’s financial transactions.

The EFCC had accused EeZeeTee of misappropriating funds belonging to Chinwo following a petition filed by the gospel singer.

However, on Wednesday, the anti-corruption agency submitted a revised eight-count charge against the promoter at a Federal High Court in Lagos.

The updated charge highlighted violations related to foreign exchange transactions and the failure to report company earnings. It suggested that EeZeeTee engaged in unauthorised foreign exchange transactions and neglected to provide required reports to the Special Control Unit Against Money Laundering (SCUML) from 2022 to 2023.

During this period, the company reportedly received $255,436 in its corporate account.

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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 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.”

The commission also accused EeZeeTee and his company of engaging in another forex transaction amounting to $18,775 with one Gift Ugochi Christopher, without using the official foreign exchange market.

EeZeeTee pleaded not guilty to all charges upon arraignment.

Chief Chikaosolu Ojukwu (SAN), the lead defence counsel, notified the court that a bail application had been submitted and delivered to the EFCC.

He requested that the court consider granting bail on generous terms, noting that the parties involved were engaged in ongoing discussions to reach an amicable resolution outside of court.

The EFCC prosecution counsel, Bilikisu Buhari, opposed the bail application and requested that the defendant be remanded in custody pending the determination.

Justice Chukwujekwu Aneke, who presided over the case, requested clarification on the manner in which the defendant appeared in court. In reply, the EFCC’s lawyer asserted that an arrest warrant had been issued.

However, Ojukwu disputed this by pointing out that his client had received administrative bail from the EFCC and had come to court voluntarily.

He also noted that the EFCC had failed to present proof of a formal invitation that his client had disregarded. After hearing arguments from both parties, Justice Aneke postponed the decision on the bail application until May 9, 2025.

In the meantime, he ordered that EeZeeTee be released into the custody of his lawyer.

Tensions escalated shortly after the court proceedings when EFCC officers tried to rearrest the defendant at the courthouse’s entrance. Fortunately, a senior official from the EFCC intervened, diffusing the situation and allowing EeZeeTee to leave without any incident.