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 alleged money laundering involving ₦1.38 billion, $1 million, and £34,537.59.
Okoye was arraigned alongside his company, Northside Music Ltd, before Justice Alexander Owoeye at the Federal High Court in Lagos on a seven-count charge related to financial misconduct.
Allegations Against Okoye
According to the EFCC, Okoye allegedly used illicit funds to acquire a property worth ₦850 million at No. 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, in 2022. The prosecution also accused him of converting over $1 million through a bureau de change to conceal the source of the funds.
The charges were filed under the Money Laundering (Prevention and Prohibition) Act, 2022.
Court Proceedings
Okoye pleaded not guilty to all charges. The prosecution, led by counsel Larry Peters Aso, requested the court to remand him in a correctional facility pending trial. However, his defense lawyer, Inibehe Effiong, sought bail and urged the court to keep Okoye in EFCC custody while awaiting a ruling on the bail application.
The judge rejected the defense’s request and ordered Okoye’s remand at the Ikoyi Correctional Facility. The bail hearing is set for February 28, while the trial will commence on April 14
