The federal high court in Ikoyi, Lagos State, has granted bail in the amount of N100m to Jude Okoye, the older sibling and former manager of the defunct music group, P-square.
This was revealed during a court ruling by Justice Alexander Owoeye, on Monday, March 3.
TheNewsGuru reported that Jude Okoye, the former manager of the hip-hop duo P-Square and elder brother of Peter and Paul Okoye, was arraigned on Wednesday by the EFCC over alleged money laundering involving N1.38 billion, $1 million, and £34,537.59 and was charged alongside his company, Northside Music Limited, on seven counts filed by the EFCC.
He pleaded not guilty to the charges and was initially held at the Ikoyi correctional facility. His lawyer, Effiong, argued that the bail application was made under relevant legal provisions and was based on medical grounds. However, the EFCC opposed the request, arguing that Okoye was a flight risk and could interfere with witnesses.
However, the judge decided to consider the bail request and granted it on Monday, March 3
He stated that the bail conditions, set by Owoeye, require Okoye to present two sureties, each owning property in Lagos valued at N100 million.
Justice Owoeye noted that the court will need to verify the property documents, and Okoye is also restricted from leaving the country without prior approval.
Justice Owoeye finally adjourned the case till Monday, April 14.