The Economic and Financial Crimes Commission (EFCC) has charged Jude Okoye, the elder brother and former manager of the music duo P-Square (Paul and Peter Okoye), with laundering ₦1.38 billion, $1 million, and £34,537.59.
Okoye, alongside his company, Northside Music Ltd, appeared before Justice Alexander Owoeye of the Federal High Court in Lagos on Wednesday, facing seven counts of money laundering.
One of the charges states that, in 2022, Okoye and his company acquired a property located at No. 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, worth ₦850 million. The charge alleges that the money used to purchase the property was derived from unlawful activities.
Another count accuses Okoye and Northside Music Ltd of using bureau de change to convert $1,019,762.87 into naira and subsequently transferring the funds to various bank accounts to conceal their illegal origin.
Okoye pleaded “not guilty” to the charges.
The prosecution, led by Larry Peters Aso, requested a hearing date and for Okoye to be remanded in a correctional facility while awaiting trial. Okoye’s defense counsel, Inibehe Effiong, mentioned a pending bail application and requested a short date for hearing, suggesting that Okoye be held in EFCC custody until the bail application was heard. However, Aso opposed this, citing overcrowding at the EFCC’s facility, urging that Okoye be sent to the correctional facility instead.
Justice Owoeye adjourned the case until February 28 for bail hearing and April 14 for trial, ordering that Okoye be remanded at the Ikoyi Correctional Facility.