EFCC arraigns P-square’s ex-manager Jude Okoye over alleged N1.38bn money laundering

The Economic and Financial Crimes Commission (EFCC) has arraigned Jude Okoye, the elder brother and former manager of Paul and Peter Okoye of the defunct music duo P-Square, over allegations of money laundering involving ₦1.38 billion, $1 million, and £34,537.59.

Jude was arraigned alongside his company, Northside Music Ltd, before Justice Alexander Owoeye at the Federal High Court in Lagos on a seven-count charge bordering on financial crimes.

One of the charges stated: “That you, Jude Okoye Chigozie and Northside Music Ltd, sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did directly acquire a landed property known as No. 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, worth ₦850,000,000.00 (Eight hundred and fifty million naira), which money you knew or reasonably ought to have known forms part of proceeds of unlawful act and thereby committed an offence contrary to **Section 18 (2) (d) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

Another charge read: “That you, Jude Okoye Chigozie and Northside Music Ltd, sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did indirectly use a Bureau de Change to convert the sum of $1,019,762.87 (One million, nineteen thousand, seven hundred and sixty-two dollars, eighty-seven cents), domiciled in Access Bank Plc, operated by Northside Music Ltd, to the naira equivalent and remitted into various bank accounts with the intention of concealing that the said fund forms part of the proceeds of an unlawful act, thereby committing an offence contrary to **Section 18 (2) (a) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

Jude Okoye pleaded not guilty to all the charges.

Following his plea, the prosecution counsel, Larry Peters Aso, requested a date for the commencement of trial and urged the court to remand the defendant in a correctional facility pending the hearing.

However, the defence counsel, Inibehe Effiong, informed the court of a pending bail application and sought a short date for the hearing. He also pleaded that his client be remanded in EFCC custody rather than a correctional facility, pending the determination of the bail request.

In response, Aso opposed the request, arguing that EFCC facilities were already overcrowded with suspects awaiting arraignment and insisted that the defendant should be sent to a correctional facility instead.

Justice Owoeye ruled that the bail hearing would take place on February 28, while the trial is scheduled to begin on April 14. He further ordered that Jude Okoye be remanded at the Ikoyi Correctional Facility until the bail application is heard.