P-Square’s ex-manager to be tried for suspected $1m, £34,000 theft

The Economic and Financial Crimes Commission will on Tuesday arraign the elder brother of Peter Okoye (Alias Mr P) and Paul Okoye (Alias Rudeboy), Jude Okoye, the former manager of the hip-hop artistes, of the defunct music group, P-Square, on fresh charges of $1,019,763.87 and £34,537.59, theft before the Lagos State Special Offences Court in Ikeja over alleged $1,019,763.87 and £34,537.59 theft.

The EFCC filed the four counts before Justice Rahman Oshodi.

The arraignment initially slated for Monday could not go on as the Ikoyi Correctional Centre had not received any information for his arraignment at Ikeja.

In the charge marked Ref/99260/2025, the EFCC accused OKoye of dishonestly converting the sum of $767,544.15, to his own use, the alleged sum which was paid Lex Records Limited as payment for music digital distribution/publishing royalties with intent to permanently deprive Peter Okoye his special interest in the property.

He was also accused of having some time, between 2016 and 2023, dishonestly converted the sum of £34,537.59, paid by Lex Records Limited as payment for music digital distribution/publishing royalties with the intent to permanently deprive Peter Okoye of his special interest in the property.

The anti-graft agency alleged that P-Square’s ex-manager dishonestly converted the sum of $133,566.49, which sum paid by Kobalt Music digital distribution /publishing royalties with the intent to permanently deprive Peter Okoye of his special interest in the property.

The anti-graft agency said the defendant dishonestly converted the sum of $118,652.23, paid by Mtech limited as payment for music digital distribution publishing royalties with intent to permanently deprive the music artiste of his special interest.

According to the EFCC, the offences committed contravened Sections 278 and 285 of the Criminal Laws of Lagos State 2011.

Earlier, the Federal High Court in Lagos on Monday granted N100m bail to Jude Okoye, the former manager of the hip-hop artistes, the defunct music group, P-square.

Justice Alexander Owoeye granted him bail with two sureties in like sum.

Okoye was arraigned on February 26, 2025, before the court on the alleged crime of money laundering involving N1.38bn, $1m, and £34,537.59.

He was arraigned alongside his company, Northside Music Limited, on seven counts preferred against him by the EFCC.

The commission told the court that the defendant alongside his Northside Music Limited sometime in 2022, in Lagos, directly acquired a landed property known as No 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos worth N850,000,000, the money he knew or reasonably ought to have known formed part of proceeds of unlawful activities.

The anti-graft agency also alleged that Okoye and his company, in 2022, used a Bureau De Change to convert $1,019,762.87, held in an Access Bank account operated by Northside Music Ltd, into naira and transferred the funds into various bank accounts to conceal the illicit origin of the money.

According to the EFCC, the offences committed contravened Sections 18 (2)(a) and are punishable under Section 18 (3) of the same Act.

Okoye pleaded not guilty to all the counts.

However, when Okoye’s lawyer, Inibehe Effiong, informed the court of a pending bail application and requested a short date for its hearing, the court then adjourned till Friday to hear the bail application.

On Friday, when the matter came up, both the prosecution and the defence counsel argued the bail application.

Justice Owoeye after taking arguments from both lawyers, adjourned the matter till Monday for ruling on the bail application.

When the matter was called on Monday for ruling, the defendant’s counsel, Arome Mathew, announced his appearance and told the court that the matter was for ruling on the pending application.

He said, “We have argued the bail application dated February 25 and filed February 26, 2025.”

Fanne Anum also announced his appearance for the prosecution.

Justice Owoeye in his ruling granted the defendant bail in the sum of N100m, with two sureties in like sum.

The judge held, “One of the sureties must be an owner of a landed property, (while) the other surety must be a businessowner with verifiable address.

“Both sureties shall show an affidavit of means.”

Justice Owoeye also ordered that the property title as well as the Bank Verification Number should be deposited before the court.

“The defendant shall not travel out of the country, pending the hearing and determination of the charges.

“The defendant shall continue to be remanded at the Ikoyi Correctional Centre, pending the fulfilment of his bail conditions,” the judge held.

The case was adjourned till April 14, for the commencement of trial.