The Economic and Financial Crimes Commission (EFCC) has arraigned Jude Okoye, the elder brother and former manager of the defunct music duo P-Square, on allegations of money laundering involving ₦1.38 billion, $1 million, and £34,537.59.
Jude was brought before Justice Alexander Owoeye of the Federal High Court in Lagos alongside his company, Northside Music Ltd., facing a seven-count charge related to financial misconduct.
One of the charges accuses him of acquiring a property at No. 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, valued at ₦850 million.
The EFCC alleges that the funds used for the purchase were proceeds from unlawful activities, violating sections of the Money Laundering (Prevention and Prohibition) Act, 2022.
Another charge states that in 2022, Jude and his company allegedly converted $1,019,762.87 through a bureau de change and funneled the naira equivalent into various bank accounts to conceal its illicit origins.
Jude pleaded “not guilty” to the charges. Following his plea, EFCC’s counsel, Larry Peters Aso, requested a trial date and urged the court to remand the defendant in a correctional facility until proceedings begin.
READ ALSO: EFCC Arraigns 16 More Chinese for Alleged Cyber-terrorism, Internet Fraud in Lagos
However, Jude’s lawyer, Inibehe Effiong, submitted a bail application, requesting that his client be held in EFCC custody rather than a correctional facility until the bail hearing.
The prosecution objected, citing overcrowding at EFCC detention centers and insisting that the accused be transferred to a standard correctional facility.
Justice Owoeye scheduled the bail hearing for February 28 and set April 14 for the trial commencement.
In the meantime, the court ordered that Jude Okoye be remanded at the Ikoyi Correctional Facility.
The case has drawn significant attention, given Jude Okoye’s connection to Nigeria’s entertainment industry.
As proceedings unfold, all eyes will be on the court for further developments.