A special offences court in Ikeja has granted Jude Okoye, the former manager of the now-defunct music group Psquare, bail in the sum of N50 million. This decision comes after the Economic and Financial Crimes Commission (EFCC) brought fresh fraud charges against him.
On Monday, the EFCC filed a four-count charge, accusing Okoye of “dishonestly converting” funds from music royalties to his personal use. The charges allege that Okoye, through his company Northside Music Limited, improperly diverted payments from three companies meant for his brother Peter ‘Mr. P’ Okoye.
The specific amounts involved include over $1 million and £34,000, which were payments for music digital distribution and publishing royalties. According to the EFCC, Okoye’s actions were intended to deprive his brother, Peter, of his rightful share of these earnings. The funds allegedly involved include:
$767,544.15 and £34,537.59 from Lex Records Limited
$133,566.49 from Kobalt Music Services Limited
$118,652.23 from Mech Limited
The charges, dated January 27, 2025, are in violation of the Lagos State Criminal Law of 2011. Okoye pleaded “not guilty” to the charges during his appearance before Justice Ramon Oshodi on Tuesday.
The defence team, led by lawyer Clement Onwuenwunor, informed the court about ongoing fraud charges against Okoye at the Ikoyi High Court, requesting bail while awaiting the commencement of trial.
On Thursday, Justice Oshodi ruled in favour of granting bail, citing the discretion conferred upon the court under Section 115 (2) of the Administration of Criminal Justice Law (ACJL), noting that the charges did not carry the death penalty. He granted Okoye bail in the amount of N50 million, with two sureties in like sum. The sureties must be gainfully employed and able to provide evidence of three years’ tax payments to the Lagos state government.
In addition, the court ordered that Okoye submit his dual citizenship documents to the Chief Registrar and directed the EFCC to notify immigration authorities to withhold his international passport until the case is concluded.
The trial is scheduled to begin on May 16, 2025.
This case adds to a growing list of legal troubles for Okoye. Just last week, he was granted N100 million bail over separate charges of laundering a staggering N1.38 billion, $1 million, and £34,537.59. He also pleaded “not guilty” to those charges.
The ongoing controversy involving the Okoye brothers dates back to 2017 when a bitter feud led to the disbanding of Psquare. The rift, reportedly fueled by disagreements over Jude’s role as their manager, caused a public split between the twin brothers, Peter and Paul. Despite a brief reconciliation in November 2021, tensions resurfaced in August 2024 when Paul accused Peter of orchestrating his arrest by the EFCC. Peter, in turn, accused Jude of embezzling millions from their joint account, prompting him to involve the EFCC after being told by Paul to “do your worst” in their last confrontation.
Jude, however, denied the accusations, asserting that he had done everything possible to reconcile with his brothers, even sacrificing himself in the process.
