The Federal High Court in Lagos has remanded Jude Okoye, the elder brother and former manager of the defunct music duo P-Square, in prison over alleged financial crimes involving ₦1.38 billion, $1 million, and £34,537.59.
The Economic and Financial Crimes Commission (EFCC) arraigned Okoye and his company, Northside Music Ltd, before Justice Alexander Owoeye on Wednesday, charging him with a seven-count indictment related to money laundering.
One of the charges alleges that Jude Okoye acquired a landed property at No. 5 Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, worth ₦850 million, knowing that the money was proceeds of unlawful acts. This, according to the EFCC, violates the Money Laundering (Prevention and Prohibition) Act, 2022.
Another charge accuses Okoye and Northside Music Ltd of using a Bureau de Change operator to convert $1,019,762.87 domiciled in Access Bank Plc into naira and subsequently transferring it to various accounts to conceal the source of the funds.
Jude Okoye pleaded not guilty to all the charges brought against him. Following his plea, EFCC counsel Larry Peters Aso requested that the court set a trial date and remand the defendant in a correctional facility.
However, defence counsel Inibehe Effiong urged the court to allow Okoye to remain in EFCC custody until his bail application is heard. The prosecution objected, citing overcrowding in EFCC detention facilities and insisting that Okoye should be sent to Ikoyi Correctional Facility.
Justice Owoeye adjourned the bail hearing to February 28, 2025, and scheduled the trial to begin on April 14, 2025.
