The Economic and Financial Crimes Commission (EFCC) has arraigned Jude Okoye, the former manager and elder brother of P-Square’s Peter and Paul Okoye, over allegations of money laundering involving ₦1.38 billion, $1 million, and £34,537.59.
Okoye, alongside his company Northside Music Ltd, appeared before Justice Alexander Owoeye of the Federal High Court in Lagos on a seven-count charge related to financial misconduct.
Details of the Allegations
According to the EFCC, Okoye allegedly used proceeds from illicit activities to acquire a property worth ₦850 million at Parkview Estate, Ikoyi, Lagos, in 2022.
Another charge states that Okoye and his company converted over $1 million through a bureau de change and transferred the funds into multiple bank accounts to conceal the source of the money.
These actions, the EFCC claims, violate the Money Laundering (Prevention and Prohibition) Act, 2022.
Court Proceedings and Bail Hearing
During the court session, Okoye pleaded not guilty to all charges. The prosecution, led by Larry Aso, requested a trial date and urged the court to remand the defendant in a correctional facility until the trial begins.
However, Okoye’s lawyer, Inibehe Effiong, applied for bail and asked the court to keep his client in EFCC custody instead of prison.
The prosecution opposed this, stating that EFCC cells were already overcrowded.
What’s Next?
Justice Owoeye adjourned the bail hearing to February 28 and set the trial date for April 14. Until then, Okoye will remain in Ikoyi Correctional Facility.
Reports suggest that the allegations stem from a petition filed by Peter Okoye last year, accusing Jude of financial misconduct.
This case is expected to attract major public interest, given the high-profile nature of those involved.
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