A Federal High Court in Ikoyi, Lagos, has reserved judgment on the bail application of Jude Okoye, who is facing charges of money laundering.
Okoye, the elder brother and former manager of the defunct music duo Psquare, was arraigned on Wednesday by the Economic and Financial Crimes Commission (EFCC). He is accused of laundering N1.38 billion, $1 million, and £34,537.59 through his company, Northside Music Ltd.
The EFCC filed a seven-count charge against Okoye and his company before Justice Alexander Owoeye. According to the prosecution, he allegedly used illicit funds to acquire an N850 million property in Ikoyi, Lagos, and converted over $1 million through a bureau de change to conceal its source.
Okoye pleaded not guilty to the charges. His lawyer, Inibehe Effiong, urged the court to grant him bail and requested that he remain in EFCC custody until a ruling is made. However, the EFCC’s counsel, Larry Peters Aso, opposed the request, citing overcrowding in EFCC detention facilities and arguing that Okoye should be remanded in a correctional facility instead.
During the hearing, the prosecution filed a counter-affidavit, claiming Okoye posed a flight risk and could interfere with witnesses. Effiong, however, countered that Okoye had cooperated fully with investigators and had no intention of evading trial.
In support of the bail application, Paul Okoye (Rudeboy), Okoye’s brother, was present in court to act as a surety. Justice Owoeye directed him to submit his documents through his lawyer and set March 3 as the date for ruling on the bail application.
The court also scheduled April 14 for the commencement of Okoye’s trial.
