The Economic and Financial Crimes Commission (EFCC) has arraigned Jude Okoye, the elder brother and former manager of Paul and Peter Okoye, members of the defunct music group P-Square. Okoye is facing allegations of money laundering amounting to N1.38 billion, $1 million, and £34,537.59.
The case was brought before Justice Alexander Owoeye at the Federal High Court in Lagos, where Okoye was arraigned alongside his company, Northside Music Ltd. The EFCC filed a seven-count charge against him, accusing him of acquiring property and transferring large sums of money suspected to be linked to unlawful activities.
One of the charges stated: “That you, Jude Okoye Chigozie and Northside Music Ltd sometime in 2022, in Lagos, within the jurisdiction of this court, did directly acquire a landed property known as No 5, Tony Eromosele Street Parkview Estate, Ikoyi, Lagos worth N850million, only which money you knew or reasonably ought to have known forms part of proceeds of unlawful act and thereby committed an offence contrary to Section 18 (2) (d) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
Another charge alleged that Okoye and his company used a bureau de change to convert over $1 million held in an Access Bank account into naira and then transferred the funds to various accounts. The EFCC noted that this act was aimed at concealing the origins of the money, which was believed to be linked to illegal activities.
Okoye pleaded “not guilty” to all charges. Following his plea, EFCC prosecutor Larry Aso requested a date for trial and asked that Okoye be remanded in a correctional facility until the case is heard.
However, Okoye’s lawyer, Inibehe Effiong, informed the court that a bail application had already been submitted. He requested a short date for the hearing of the application and asked that his client be kept in EFCC custody rather than a correctional facility.
The prosecution objected to this request, arguing that the EFCC detention center was already overcrowded with suspects waiting for trial. Aso urged the court to send Okoye to prison instead.
After hearing both sides, Justice Owoeye scheduled the bail hearing for February 28 and set the trial date for April 14. In the meantime, he ordered that Okoye be remanded in Ikoyi prison until his bail application is reviewed.
