The Economic and Financial Crimes Commission (EFCC) has taken Jude Okoye, the elder brother and former manager of the defunct music duo P-Square, to court over alleged money laundering involving ₦1.38 billion, $1 million, and £34,537.59.
Okoye, along with his company Northside Music Ltd, appeared before Justice Alexander Owoeye at the Federal High Court in Lagos on Wednesday, facing seven charges related to financial crimes.
One of the charges accuses Okoye and Northside Music Ltd of acquiring a property in Lagos worth ₦850 million in 2022, which is alleged to be proceeds of unlawful activity.
Another charge claims that Okoye and his company used a Bureau de Change operator to convert over $1 million held in Access Bank Plc into naira and moved the funds into various accounts with the intent to hide the money’s origins, violating the Money Laundering (Prevention and Prohibition) Act.
Jude Okoye pleaded “not guilty” to the charges. Afterward, EFCC counsel Larry Peters Aso requested a trial date and asked for Okoye to be remanded in a correctional facility.
Defense counsel Inibehe Effiong indicated that a bail application was pending and requested Okoye be kept in EFCC custody until the application was heard. The prosecution opposed this, citing overcrowding in EFCC facilities, and urged the court to remand Okoye at a correctional center instead.
Justice Owoeye adjourned the case for a bail hearing on February 28 and set April 14 for the trial’s commencement, ordering Okoye to remain at Ikoyi correctional facility until the bail application is resolved.
