EFCC Arraigns P-Square’s Ex-Manager Jude Okoye Over Alleged ₦1.3bn Fraud

The EFCC has arraigned Jude Okoye, former manager of music duo P-Square, over an alleged ₦1.3 billion fraud case. Read more on the legal proceedings.

Jude Okoye, the elder brother and former manager of Paul and Peter Okoye from the now-disbanded music group P-Square, has been brought before court by the Economic and Financial Crimes Commission (EFCC) on charges of laundering ₦1.38 billion, $1 million, and £34,537.59.

Jude and his company, Northside Music Ltd, were brought before Justice Alexander Owoeye at the Federal High Court in Lagos on a seven-count charge.

One of the charges stated: “In 2022, within Lagos and under this Court’s jurisdiction, you, Jude Okoye Chigozie along with Northside Music Ltd., directly acquired a property located at No. 5 Tony Eromosele Street in Parkview Estate, Ikoyi valued at ₦850 million. You knew or should have reasonably known that these funds were derived from unlawful activities, thereby committing an offense against Section 18 (2) (d), and punishable under Section 18 (3) of the Money Laundering Prevention and Prohibition Act of 2022.”

Another charge stated: “In 2022, in Lagos and within the jurisdiction of this Honourable Court, you, Jude Okoye Chigozie and Northside Music Ltd., are accused of unlawfully converting $1,019,762.87 (One million nineteen thousand seven hundred sixty-two dollars and eighty-seven cents), held at Access Bank Plc by Northside Music Ltd., into its naira equivalent through bureau de change transactions. This amount was then distributed across various bank accounts with the intent to disguise that these funds were part of unlawful activities; thus violating Section 18(2)(a) and subject to penalties under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

Considering his plea, the prosecuting attorney, Larry Peters Aso, requested a hearing date and asked that the defendant be held in a correctional facility until the trial begins.

The defendant’s attorney, Inibehe Effiong, notified the court about a submitted bail application that is awaiting adjudication. He requested an expedited scheduling for its hearing and also proposed that the defendant remain in EFCC custody until the bail hearing takes place.

Aso opposed the request for the defendant’s remand in EFCC custody, arguing that it was already overcrowded with suspects awaiting arraignment. He urged the court to send the defendant to a correctional facility instead, as he had already entered his plea.

Justice Owoeye rescheduled the proceedings, setting February 28 for the bail hearing and April 14 for the trial.

He also directed that the defendant be held in custody at the Ikoyi correctional facility.