The Economic and Financial Crimes Commission (EFCC) has brought serious charges against Jude Okoye, the former manager and elder brother of the defunct music duo, Psquare. Okoye is accused of laundering over N1.38 billion, $1 million, and £34,537.59, with his company, Northside Music Ltd., also named in the case.
Okoye appeared in the Federal High Court in Lagos on Wednesday before Judge Alexander Owoeye, where he was formally arraigned on a seven-count charge related to illicit financial activities. Among the most serious allegations is acquiring a prime property at No. 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, valued at ₦850,000,000.00. The EFCC claims that Okoye and his company knew, or should have known, that the funds used to purchase the property were proceeds of unlawful activity.
In another charge, Okoye and Northside Music Ltd. are accused of converting $1,019,762.87 (over one million dollars) through a bureau de change, to hide the origins of the money. The funds, allegedly transferred to various bank accounts to conceal their illicit nature, are said to have been moved from an Access Bank account operated by Okoye’s company.
Despite the grave nature of the charges, Okoye pleaded “not guilty” when his charges were read. His lawyer, Inibehe Effiong, requested bail and asked that Okoye be kept in EFCC custody pending the hearing. However, prosecution counsel, Larry Peters Aso, opposed the bail request, citing overcrowding in EFCC facilities, and instead pushed for Okoye’s remand in a correctional facility.
The court ruled in favor of the prosecution, ordering Okoye to be held at the Ikoyi correctional facility. The case was adjourned to February 28 for a formal bail hearing, with the trial set to begin on April 14.
