The Economic and Financial Crimes Commission (EFCC) has arraigned Jude Okoye, the elder brother and former manager of the defunct music group P-Square, on charges of laundering N1.38 billion, $1 million, and £34,537.59. He appeared before Justice Alexander Owoeye of the Federal High Court in Lagos, alongside his company, Northside Music Ltd, on a seven-count charge.
According to the EFCC, Okoye allegedly acquired a property worth N850 million in Ikoyi, Lagos, in 2022, with funds suspected to be proceeds of unlawful activity. Additionally, he is accused of using a bureau de change to convert $1,019,762.87 into naira and transferring it across various bank accounts to conceal the source of the funds.
Okoye pleaded not guilty to all charges. The prosecution counsel, Larry Aso, requested a trial date and urged the court to remand the defendant in a correctional facility.
However, the defense counsel, Inibehe Effiong, sought bail and requested that Okoye be held in EFCC custody pending the hearing. The prosecution opposed this request, citing overcrowding in EFCC detention.
Justice Owoeye adjourned the bail hearing to February 28 and set April 14 for trial. He also ordered Okoye’s remand in Ikoyi prison until further proceedings.
