The Economic and Financial Crimes Commission (EFCC) has filed a seven-count charge against Jude Okoye, the former manager and elder brother of the defunct music duo Psquare, over alleged involvement in money laundering amounting to ₦1.38 billion, $1 million, and £34,537.59. His company, Northside Music Ltd., has also been implicated in the case.
Okoye was arraigned on Wednesday before Judge Alexander Owoeye at the Federal High Court in Lagos, where he pleaded "not guilty" to all charges. Among the allegations against him is the purchase of a property worth ₦850 million at No. 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, with funds suspected to be proceeds of unlawful activities.
Additionally, Okoye and Northside Music Ltd. are accused of converting over $1 million through a bureau de change to conceal the origins of the funds. The EFCC alleges that these funds were transferred through multiple bank accounts from an Access Bank account linked to Okoye’s company to further obscure their source.
Following his plea, Okoye’s lawyer, Inibehe Effiong, requested that he be granted bail and kept in EFCC custody pending the hearing. However, prosecuting counsel, Larry Peters Aso, opposed the request, citing overcrowding in EFCC detention and urging the court to remand Okoye in a correctional facility instead.
The court sided with the prosecution, ordering that Okoye be remanded at the Ikoyi Correctional Facility. The case has been adjourned to February 28 for a formal bail hearing, while the trial is set to commence on April 14.
This development marks a significant legal challenge for Okoye, as the EFCC intensifies its crackdown on financial crimes.
