The Economic and Financial Crimes Commission (EFCC) arraigned Jude Okoye, the elder brother and former manager of the defunct music duo P-Square, before the Federal High Court in Lagos. Okoye, alongside his company Northside Music Ltd, faces a seven-count charge of money laundering involving ₦1.38 billion, $1 million, and £34,537.59.
One of the charges alleges that in 2022, Okoye and his company acquired a property at No. 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, worth ₦850 million, knowing that the funds were proceeds of unlawful activities. Another charge accuses them of converting $1,019,762.87 through a bureau de change to conceal the illicit origin of the funds.
Okoye pleaded not guilty to all charges. The prosecution counsel requested a trial date and for Okoye to be remanded in a correctional facility. However, Okoye’s defense counsel informed the court of a pending bail application and requested that his client be held in EFCC custody pending the bail hearing.
The prosecution opposed this request, citing overcrowding in EFCC detention facilities. Justice Alexander Owoeye adjourned the bail hearing to February 28 and scheduled the trial for April 14. He ordered that Okoye be remanded at the Ikoyi Correctional Centre until the bail application is heard.
These charges are believed to stem from a petition filed by Peter Okoye, one half of the P-Square duo, accusing his brother Jude of financial mismanagement and embezzlement of the group’s funds.
