‘N1.3bn fraud’: Jude Okoye returns to prison as court sets March 3 for bail ruling
On Friday, a federal high court in Ikoyi, Lagos heard Jude Okoye‘s bail application over money laundering allegations.
Okoye, the elder brother and former manager of the defunct music group Psquare, was on Wednesday arraigned on charges of laundering N1.38 billion, $1 million, and £34,537.59.
The Economic and Financial Crimes Commission (EFCC) arraigned Okoye and his company Northside Music Ltd before Alexander Owoeye, the presiding judge, on a seven-count charge.
“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) only, 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,” the counts read in part.
“That you, Jude Okoye Chigozie and Northside Music Ltd sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did indirectly using bureau de change convert the sum of $1,019,762.87 (One million nineteen thousand, seven hundred and six-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 to conceal that the said fund form part of the proceeds of an unlawful act and thereby committed an offence contrary to Section 18 (2)(a) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
The music mogul, however, pleaded “not guilty” to the charges.
Inibehe Effiong, his counsel, informed the court of a pending bail application and requested that the defendant be remanded in the EFCC’s custody pending the hearing.
However, Larry Peters Aso, the prosecution counsel, objected to the request, citing congestion in the EFCC custody.
Aso also urged the court to remand the defendant to the correctional facility in Ikoyi since he had taken his plea.
During Friday’s sitting, the defendant’s counsel filed a bail application, but the prosecution countered with an affidavit, arguing that Okoye poses a flight risk and may interfere with witnesses.
In response, Inibehe emphasized that the defendant has consistently cooperated with the investigation, honouring all invitations since the case began, and therefore does not constitute a flight risk.
He also told the court that Paul ‘Rudeboy’ Okoye was in court to bail out his elder brother.
The judge asked Rudeboy to present his documents through his lawyer, adding that he will hear the bail application on March 3.
Owoeye also scheduled Okoye’s trial for April 14.
ORIGIN OF CONTROVERSY
The controversy began with the feud between Paul and his twin brother Peter Okoye, which began in 2017. The rift led the brothers to split their group Psquare and pursue solo careers.
The twins were said to have parted ways after a disagreement on the role of Jude — their older brother who was their manager then.
Though they reunited in November 2021, their reconciliation was short-lived.
In August 2024, Paul revealed another fallout, accusing Peter of orchestrating his arrest by the anti-graft commission.
Peter, however, denied the allegations and accused Jude of diverting millions of dollars from their joint account into a secret company.
He said he was left with no choice but to involve the EFCC after Paul asked him to “do your worst” during their last conversation on the matter.
Responding to the accusations, Jude said he had done everything possible, even “sacrificing himself,” to mend the rift between his brothers.
