The Federal High Court in Lagos is set to rule on Jude Okoye’s bail application on Monday, March 3, 2025.
This development comes after Justice Alexander Owoeye heard arguments from Okoye’s lawyer, Inibehe Effiong, and the Economic and Financial Crimes Commission (EFCC) counsel, Mr. Fanny Anum.
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.
The prosecution alleged that Okoye acquired a property worth N850 million in 2022, knowing or reasonably ought to have known that the money used for the purchase was part of the proceeds of unlawful activities. Additionally, the EFCC claimed that Okoye and his company used a Bureau de Change to convert $1,019,762.87 into naira and transferred the funds into various bank accounts to conceal the illicit origin of the money.
Okoye pleaded not guilty to all the charges. 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.
TNG understands that the EFCC is currently investigating Jude Okoye after Peter Okoye petitioned the anti-graft agency over a “secret company” he discovered that had “Jude Okoye and his wife Ifeoma Okoye as founder and director” and the whereabouts of some of P-Square’s royalties.