Jude Okoye Granted Bail Amidst N1.38 Billion Fraud Allegations

Jude Okoye, the elder brother and former manager of the defunct music duo P-Square, has been granted bail as he prepares to stand trial for alleged financial fraud. Okoye, who pleaded not guilty, is accused of laundering N1.38 billion, $1 million, and £34,537.59. The Federal High Court in Lagos set his bail at N100 million with strict conditions.  

Okoye was arraigned by the Economic and Financial Crimes Commission (EFCC) and initially remanded in Ikoyi Correctional Facility. His legal team, led by Inibehe Effiong, requested that he be kept in EFCC custody instead, citing concerns about his well-being. However, the prosecution, represented by Larry Peters Aso, opposed the request, arguing that Okoye could flee or interfere with witnesses.

At a hearing on Friday, Okoye’s lawyers filed a bail application, which the court reviewed before delivering its ruling on Monday. Justice Alexander Owoeye granted bail but imposed stringent conditions. Okoye must provide two sureties who own landed properties in Lagos worth at least N100 million each, and the court will verify the property documents before his release.

Additionally, the court has restricted Okoye’s movement. He is prohibited from leaving Nigeria without prior approval from the court. Until he meets these bail conditions, he will remain in custody. His trial is scheduled to begin on April 14, 2025, where he will face multiple financial crime charges brought by the EFCC.

The allegations against Okoye come amid long-standing family tensions. Since the 2017 breakup of P-Square, he has been at the center of disputes between his twin brothers, Paul and Peter Okoye. While the brothers briefly reunited in 2021, their relationship soured again in August 2024 when Paul accused Peter of involving the EFCC in their family matters.

Peter later claimed that Jude had mismanaged millions of dollars from their joint account, diverting funds into a secret company without their knowledge. He defended his actions, stating that he had no choice but to report Jude to authorities after Paul allegedly told him to “do your worst” during a heated argument.

Jude, however, has denied any wrongdoing. He maintains that he played a crucial role in managing P-Square’s affairs and tried to mend the brothers’ strained relationship. “I have sacrificed myself for my brothers, and yet, I am the one being accused,” he stated.