A Federal High Court in Ikoyi, Lagos, on Friday, heard the bail application of Jude Okoye, who is facing money laundering charges.
Okoye, elder brother and former manager of the defunct music group P-Square, was arraigned on Wednesday by the Economic and Financial Crimes Commission (EFCC) on allegations of laundering ₦1.38 billion, $1 million, and £34,537.59. He was charged alongside his company, Northside Music Ltd, before Justice Alexander Owoeye on a seven-count indictment.
According to the EFCC, Okoye allegedly acquired a property worth ₦850 million at Parkview Estate, Ikoyi, knowing the funds were linked to illicit activities. He was also accused of using a bureau de change to convert over $1 million and transfer the money into various accounts to conceal its source—an act in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
Okoye, however, pleaded not guilty to all charges.
During the hearing, Inibehe Effiong, his counsel, requested that he remain in EFCC custody pending the bail decision. However, prosecution counsel Larry Peters Aso opposed this, citing overcrowding at the EFCC facility and urging the court to remand Okoye at the Ikoyi Correctional Center instead.
On Friday, the prosecution further opposed bail, arguing that Okoye was a flight risk who might interfere with witnesses. In response, Effiong emphasized his client’s full cooperation with the investigation, noting that he had attended every hearing and did not pose a risk of absconding.
Paul ‘Rudeboy’ Okoye, Okoye’s younger brother, was present in court and offered to stand as surety for his release. Justice Owoeye directed him to submit his documents through his lawyer and scheduled the bail ruling for March 3. The trial is set to commence on April 14.
