The Economic and Financial Crimes Commission (EFCC) has formally arraigned Jude Okoye, the elder brother and former manager of the famous defunct music group P-Square, alongside his company Northside Music Ltd, on charges of money laundering involving a sum of ₦1.38 billion, $1 million, and £34,537.59.
The charges were presented before Justice Alexander Owoeye of the Federal High Court in Lagos, where Okoye and his company faced a seven-count indictment.
One of the charges states that, in 2022, Jude Okoye and Northside Music Ltd acquired a property located at No. 5 Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, valued at ₦850 million, which was allegedly linked to the proceeds of unlawful activities. This act is said to violate the Money Laundering (Prevention and Prohibition) Act, 2022.
Another count alleges that Okoye and his company, through a bureau de change, converted $1,019,762.87 from a Northside Music Ltd account at Access Bank Plc, intending to conceal the illicit origin of the funds by converting them into Naira and transferring them to various accounts.
Okoye, however, pleaded “not guilty” to all charges brought against him.
Following his plea, the prosecution counsel, Larry Peters Aso, requested that the court set a date for trial and remand the defendant in a correctional facility pending the hearing.
The defense, led by Inibehe Effiong, indicated they had already filed a bail application and requested the defendant be kept in EFCC custody until the bail hearing. However, Aso objected, citing overcrowding in the EFCC’s detention facilities, and advocated for Okoye’s remand in the Ikoyi Correctional Facility instead.
Justice Owoeye then adjourned the matter to February 28 for a bail hearing and set the trial date for April 14. The court also ordered that Jude Okoye be remanded in the Ikoyi Correctional Facility until further proceedings.
