Court Remands Ex-P-Square Manager Jude Okoye Over Alleged N1.38bn Money Laundering
On Wednesday, Justice Alexander Owoeye of the Federal High Court in Lagos ordered the remand of Jude Okoye Chigozie, former manager and elder brother of the now-defunct music duo P-Square, in the custody of the Nigerian Correctional Services over allegations of money laundering.
Okoye was arraigned by the Economic and Financial Crimes Commission (EFCC) for allegedly laundering a total of N1.38 billion, $1 million, and £34,537.59. The charges, presented before the court, relate to violations of Section 18 (2)(d) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The EFCC claimed that Okoye committed the alleged offence in 2022 in Lagos by acquiring a property in Ikoyi, Lagos, at 5 Tony Eromosele Street, Parkview Estate, valued at N850,000,000. The commission argued that Okoye had acquired the property using funds that he should have known were part of the proceeds from unlawful activities.
Additionally, the EFCC alleged that Okoye used a bureau de change to convert $1,019,762.87 held under Northside Music Ltd into its naira equivalent, depositing the converted funds into various accounts with the intent to conceal their illicit origins.
Okoye pleaded not guilty to all charges.
In light of the plea, the prosecuting counsel, L. P. Aso, requested that the court set a trial date and remand Okoye in a correctional facility until the trial commenced. The defense lawyer, Inibehe Effiong, notified the court of a pending bail application and sought a short date for the hearing, requesting that Okoye be kept in EFCC custody until then.
However, Aso objected, citing congestion in the EFCC detention facilities. He urged the court to remand the defendant in the Nigerian Correctional Services’ custody instead.
Justice Owoeye adjourned the case to February 28 for the bail hearing and set April 14, 2025, for trial. The defendant was remanded in the Ikoyi Correctional Facility pending the hearing.
