Jude Okoye Faces Money Laundering Allegations Involving ₦1.38 Billion, $1 Million, and £34,537.59, Bail Application Heard
Thank you for reading this post, don't forget to subscribe!On Friday, a Federal High Court in Ikoyi, Lagos, heard the bail application of Jude Okoye, the elder brother and former manager of the defunct music group Psquare, in connection with money laundering charges. Okoye was arraigned on Wednesday by the Economic and Financial Crimes Commission (EFCC) for allegedly laundering ₦1.38 billion, $1 million, and £34,537.59.
The EFCC brought Okoye and his company, Northside Music Ltd, before Justice Alexander Owoeye on a seven-count charge. The charges include the acquisition of a property worth ₦850 million at 5 Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, in 2022, with funds suspected to be proceeds from unlawful acts. Additionally, the charges include the conversion of $1,019,762.87 through bureau de change to conceal the origin of the funds.
Okoye pleaded not guilty to the charges. His counsel, Inibehe Effiong, informed the court of a pending bail application and requested that Okoye be remanded in EFCC custody until the hearing. However, prosecution counsel Larry Peters Aso objected, citing congestion in EFCC custody and recommending that Okoye be remanded at the Ikoyi correctional facility.
During the Friday session, Okoye’s defence filed the bail application, while the prosecution countered with an affidavit, arguing that Okoye posed a flight risk and might interfere with witnesses. Effiong responded by stating that Okoye had cooperated fully with the investigation and had attended all previous hearings. He also revealed that Okoye’s brother, Paul Okoye (Rudeboy), was present in court to bail him out.
Justice Owoeye asked Rudeboy to submit his documents through his lawyer and scheduled the bail hearing for March 3. Okoye’s trial was set for April 14.
The legal controversy surrounding Okoye dates back to the ongoing feud between him and his twin brothers, Paul and Peter Okoye, which began in 2017. The rift, which led to the split of their group Psquare and their solo careers, was reportedly sparked by disagreements over Jude’s management role. Although the brothers briefly reconciled in November 2021, their reunion was short-lived, with Paul accusing Peter of orchestrating his arrest by the EFCC in August 2024.
Peter Okoye denied the accusations, instead claiming that Jude had misappropriated millions of dollars from their joint account into a secret company. Jude responded by stating that he had done everything in his power to mend the relationship between his brothers, even making personal sacrifices.
