The Economic and Financial Crimes Commission (EFCC) has arraigned Jude Okoye, former manager and elder brother of Paul and Peter Okoye of the now-defunct music group P-Square, on charges 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 at the Federal High Court in Lagos, facing a seven-count charge.
One of the charges alleges that in 2022, Okoye and Northside Music Ltd purchased a property at No. 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, for ₦850 million. The EFCC claims the funds used for this purchase were proceeds of unlawful activities, thereby violating Section 18 (2) (d) of the Money Laundering (Prevention and Prohibition) Act, 2022, which carries penalties under Section 18 (3) of the same Act.
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Another charge accuses Okoye and his company of using a bureau de change to convert $1,019,762.87 from an Access Bank account operated by Northside Music Ltd into naira. The funds were then transferred into multiple bank accounts to allegedly conceal their illicit origin. This act is said to contravene Section 18 (2)(a) and is punishable under Section 18 (3) of the Money Laundering Act.
Okoye pleaded not guilty to all charges. Following his plea, the prosecution counsel, Larry Aso, requested a trial date and asked the court to remand Okoye in a correctional facility until the trial. However, Okoye’s lawyer, Inibehe Effiong, informed the court of a pending bail application and requested an expedited hearing. He also appealed for his client to remain in EFCC custody instead of being transferred to a correctional facility.
The prosecution opposed this request, arguing that the EFCC’s detention center was overcrowded. Justice Owoeye adjourned the bail hearing to February 28 and scheduled the trial for April 14. In the meantime, he ordered Okoye to be remanded at the Ikoyi Correctional Facility.
