Jude Okoye Arraigned for Alleged ₦1.38 Billion Money Laundering, Remanded in Ikoyi Prison
Jude Okoye, former manager of the defunct music duo P-Square, has been arraigned before Justice Alexander Owoeye of the Federal High Court, Lagos, on a seven-count charge related to money laundering involving ₦1.38 billion, $1 million, and £34,537.59.
EFCC’s Allegations Against Jude Okoye
The Economic and Financial Crimes Commission (EFCC) accused Okoye and his company, Northside Music Ltd, of engaging in financial crimes, including purchasing high-value properties and laundering money through Bureau de Change operators.
One of the charges states:
“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 acts.”
Another charge alleges that Okoye used a Bureau de Change operator to convert $1,019,762.87 into naira and distributed the funds across various accounts to conceal the source of the money, violating the Money Laundering (Prevention and Prohibition) Act, 2022.
Okoye Pleads “Not Guilty,” Court Orders Remand
During his arraignment, Jude Okoye pleaded “not guilty” to all charges.
EFCC counsel Larry Peters Aso requested a trial date and asked that Okoye be remanded in a correctional facility pending trial.
However, Okoye’s lawyer, Inibehe Effiong, applied for bail and requested that his client remain in EFCC custody until the application is heard. The prosecution opposed this request, citing congestion in EFCC detention centers, and urged the court to remand Okoye to Ikoyi Prison instead.
Court Adjourns Bail Hearing, Sets Trial Date
After hearing both sides, Justice Owoeye ruled that:
✅Bail hearing will be held on February 28.
✅ Trial will commence on April 14.
✅ Jude Okoye will remain in Ikoyi Correctional Facility until his bail application is determined.
