Jude Okoye, the elder brother and former manager of P-Square, has been remanded in prison following his arraignment on fraud charges related to laundering approximately N1.38 billion, $1 million, and £34,537.59.
The Economic and Financial Crimes Commission (EFCC) on Monday filed a four-count charge against Okoye, accusing him of dishonestly converting music proceeds from three companies for personal use, thereby depriving his brother, Peter ‘Mr. P’ Okoye, of his rightful earnings.
During his appearance before Justice Ramon Oshodi at the Ikeja High Court on Tuesday, Okoye pleaded “not guilty” to the charges. His defense counsel, Clement Onwuenwunor, argued for bail, citing an ongoing related case at the Ikoyi court, where Okoye had already been granted bail.
However, prosecuting counsel MK Bashiru opposed the application, stating he had yet to file a response.
Justice Oshodi ruled that he could not “hastily grant the bail application” without reviewing the necessary filings. The prosecution was directed to submit a response before the next hearing on March 6, while the trial is set for May 16 and 23.
This latest legal battle comes barely a day after Okoye was granted N100 million bail over separate alleged fraud charges, involving the laundering of N1.38 billion, $1 million, and £34,537.59.
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