The Economic and Financial Crimes Commission (EFCC) has arraigned Jude Okoye, the former manager of the defunct music group P-Square, on allegations of money laundering involving ₦1.38 billion, $1 million, and £34,537.59. The case was brought before Justice Alexander Owoeye at the Federal High Court in Lagos on Tuesday, February 26.
Jude Okoye, who is also the elder brother of P-Square members Paul and Peter Okoye, was arraigned alongside his company, Northside Music Ltd. The charges stem from alleged financial irregularities linked to property acquisitions and suspicious transactions. The EFCC has filed a seven-count charge against him, detailing alleged fraudulent activities dating back to 2022.
According to the prosecution, Okoye and his company acquired a landed property at No. 5 Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, for ₦850 million. The EFCC claims that the funds used for this purchase were part of the proceeds of unlawful activities, violating the Money Laundering (Prevention and Prohibition) Act of 2022.
Further investigations revealed that in 2022, Jude Okoye and Northside Music Ltd allegedly engaged in illegal financial transactions by using bureau de change operators to convert $1,019,762.87. The funds, which were held in an Access Bank account operated by Northside Music Ltd, were reportedly transferred into various bank accounts to obscure their origins.
“The transactions in question were deliberately structured to conceal the illicit nature of the funds,” the EFCC stated in its charge sheet. The prosecution claims that these actions contravene Section 18 (2)(a) and are punishable under Section 18 (3) of the Money Laundering Act.
During the court proceedings, Jude Okoye pleaded not guilty to all charges. His defense counsel, Inibehe Effiong, requested that he be remanded in EFCC custody pending the next hearing. However, the prosecution counsel, Larry Peter Aso, argued that he should be held at a correctional facility instead.
After hearing arguments from both sides, Justice Owoeye ruled that Jude Okoye be remanded in the Ikoyi correctional facility. The court scheduled a bail hearing for February 28, with the trial set to commence on April 14.
