The Economic and Financial Crimes Commission (EFCC) has arraigned Jude Okoye, elder brother and former manager of Paul and Peter Okoye of the defunct music group P-Square, on charges of laundering ₦1.38 billion, $1 million, and £34,537.59.
Okoye was brought before Justice Alexander Owoeye of the Federal High Court in Lagos alongside his company, Northside Music Ltd, on a seven-count charge related to money laundering and illicit financial transactions.
According to the EFCC, Okoye allegedly used illicit funds to purchase a property worth ₦850 million at No. 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos in 2022.
Another charge accuses him of converting $1,019,762.87 through a bureau de change and depositing the naira equivalent into various bank accounts to conceal the funds’ illegal origins.
Upon reading the charges, Okoye pleaded “not guilty.” In response, EFCC’s prosecuting counsel, Larry Peters Aso, requested a trial date and asked the court to remand the defendant in custody pending trial.
However, Okoye’s lawyer, Inibehe Effiong, filed a bail application and pleaded for his client to remain in EFCC custody rather than being sent to prison. The prosecution opposed this request, citing overcrowding in EFCC detention facilities and insisting that Okoye be remanded in a correctional facility instead.
After hearing arguments, Justice Owoeye adjourned the bail hearing to February 28, while setting April 14 for the commencement of the trial.
The judge further ruled that Okoye be remanded at the Ikoyi Correctional Facility until his bail application is determined.
