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Jude Okoye, the elder brother and former manager of Peter and Paul Okoye of the defunct music group P-Square, has been remanded in the Ikoyi Correctional Facility following his arraignment by the Economic and Financial Crimes Commission (EFCC) over allegations of money laundering amounting to N1.38 billion, $1 million, and £34,537.59.
Okoye was arraigned alongside his company, Northside Music Ltd, before Justice Alexander Owoeye of the Federal High Court in Lagos on a seven-count charge on Wednesday.
One of the charges stated: “That you, Jude Okoye Chigozie and Northside Music Ltd sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did directly acquire a landed property known as No 5, Tony Eromosele Street Parkview Estate, Ikoyi, Lagos worth N850,000,000.00 (Eight hundred and fifty million naira) only, which money you knew or reasonably ought to have known forms part of proceeds of unlawful act and thereby committed an offence contrary to Section 18 (2) (d) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
Another charge alleged: “That you, Jude Okoye Chigozie and Northside Music Ltd sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did indirectly using bureau de change convert the sum of $1,019,762.87 (One million nineteen thousand, seven hundred and six-two dollars eighty-seven cents), domiciled in Access Bank Plc operated by Northside Music Lid to the naira equivalent and remitted into various bank accounts to conceal that the said fund form part of the proceeds of an unlawful act and thereby committed an offence contrary to Section 18 (2)(a) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
Following his plea, the prosecution counsel, Larry Peters Aso, requested a date for trial and urged the court to remand the defendant in custody pending the commencement of proceedings.
However, Okoye’s counsel, Inibehe Effiong, informed the court of a pending bail application and requested a short date for its hearing. He also appealed for his client to remain in EFCC custody until the bail hearing.
Opposing the request, Aso argued that the EFCC detention facility was already congested and urged the court to remand Okoye in a correctional facility since he had taken his plea.
Justice Owoeye subsequently adjourned the case to February 28 for the bail hearing and April 14 for trial. He further ordered that Okoye be remanded in the Ikoyi Correctional Facility.
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