EFCC Drags P-Square’s Ex-Manager Jude Okoye To Court Over Alleged N1.3bn Fraud

LAGOS—The Economic and Financial Crimes Commission (EFCC) has arraigned Jude Okoye, former manager and elder brother of Paul and Peter Okoye from the defunct music group P-Square, on charges of laundering N1.38 billion, $1 million, and £34,537.59 before a Federal High Court in Lagos.....KINDLY READ THE FULL STORY HERE▶

Okoye was arraigned alongside his company, Northside Music Ltd, before Justice Alexander Owoeye on a seven-count charge related to money laundering.

One of the charges stated that in 2022, Okoye and Northside Music Ltd allegedly acquired a property at No. 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, worth N850 million, knowing or having reason to know that the funds used were proceeds of unlawful activities, thereby violating the Money Laundering (Prevention and Prohibition) Act, 2022.

Another charge alleged that in 2022, the defendants used a bureau de change to convert $1,019,762.87 from an Access Bank Plc account belonging to Northside Music Ltd into naira and distributed it across multiple bank accounts to conceal its illicit origin, also breaching the Money Laundering Act.

Okoye pleaded “not guilty” to all charges.

Following his plea, EFCC prosecutor Larry Aso requested a trial date and asked the court to remand the defendant in a correctional facility pending the commencement of proceedings.

Defense counsel Inibehe Effiong informed the court of a pending bail application and requested an expedited hearing. He also urged the court to remand Okoye in EFCC custody rather than a correctional facility.

Aso opposed the request, citing overcrowding in EFCC detention facilities, arguing that remanding Okoye there would not be feasible.

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