TapJets, the private jet company the singer allegedly defrauded, has also confirmed the law suit against Dammy Krane.
A defense attorney named Deborah Prager, has been appointed to represent the Ligali crooner in court.
Under the prevalent Florida law, grand theft is a felony offense, with penalties that may include prison, probation, fines, restitution and a permanent criminal record.
The singer had on Saturday morning, posted some vague tweets which neither confirmed or refuted his arrest.
But in a tweet on Sunday, the EFCC said: "Ladies and gentlemen, please do NOT mortgage your future in exchange for the transient thrill of ostentatious display.#EmbraceYourTruth"
Reacting, a fan asked for a simpler explanation and EFCC responded: "No dey live fake life unto say you wan flex for the gram. Notin concine bicycle wit petrol station. Respect your name. Maintain your level."