The Economic and Financial Crimes Commission (EFCC) will on Tuesday arraign Jude Okoye, the elder brother and former manager of Paul and Peter Okoye of the defunct music group P-Square, over allegations of theft amounting to $1 million and £34,537.59.
The case will be heard by Justice Rahman Oshodi at the Lagos State Special Offences Court in Ikeja.
Okoye’s arraignment was initially scheduled for Monday, March 3, but was delayed due to his absence.
The Ikoyi Correctional Centre, where he is being held, claimed it had not received official communication regarding his court appearance.
The EFCC’s charges, filed on January 27 by prosecutor Aso Larry Peters, allege that between 2016 and 2023, Okoye dishonestly converted funds meant for music royalties.
The commission accused him of diverting $767,544.15 paid to Lex Records Ltd for digital distribution and publishing royalties, allegedly depriving Peter Okoye of his entitlement.
It also accused him of misappropriating £34,537.59 from the same source, $133,566.49 from Kobalt Music, and $118,652.23 from Mtech Ltd.
The EFCC stated that these offences, committed between 2016 and 2023, violate Sections 278 and 285 of the Lagos State Criminal Laws, 2011.
Meanwhile, at the Federal High Court in Ikoyi, Justice Alexander Owoeye granted Okoye ₦100 million bail on Monday in a separate case involving alleged money laundering of ₦1.38 billion, $1 million, and £34,537.59.
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The court set strict conditions, requiring two sureties: one must own landed property, and the other must be a business owner with a verifiable address.
Both must present an affidavit of means, while the property title and Bank Verification Number (BVN) must be submitted to the court.
Justice Owoeye also ruled that Okoye must remain in Nigeria and in Ikoyi Correctional Centre until his bail conditions are met.
The trial is set to begin on April 14, 2025. Okoye was initially arraigned on February 26 alongside his company, Northside Music Ltd, on seven counts related to money laundering.
The EFCC alleged that in 2022, he used illicit funds to purchase a ₦850 million property at No. 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos.
The commission also claimed he used a Bureau De Change to convert $1,019,762.87 from a Northside Music Ltd Access Bank account into naira and transferred the money to multiple accounts to disguise its origin.
The EFCC argued these actions violate Section 18 (2)(a) of the Money Laundering Prevention and Prohibition Act and are punishable under Section 18 (3) of the same Act.
Jude Okoye pleaded not guilty to all charges. His brother, Paul Okoye, known as Rudeboy, was present in court to support him.