Jude Okoye, former manager of the now-defunct hip-hop group P-Square, will have his bail plea heard at the Federal High Court in Lagos on Monday.
After hearing arguments from Okoye’s lawyer, Inibehe Effiong, and the Economic and Financial Crimes Commission’s counsel, Fanny Anum, Justice Alexander Owoeye on Friday set March 3, 2025, for the ruling.
The EFCC charged Jude Okoye, the elder brother of Peter and Paul Okoye of P-Square, in court on Wednesday for allegedly laundering N1.38 billion, $1 million, and £34,537.59.
He and his company, Northside Music Limited, were charged with seven counts by the EFCC.
The EFCC told the court that in 2022, Jude Okoye and Northside Music Limited purchased a property valued at N850 million at No. 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos.
The prosecution argued that Okoye either knew or should have been aware that the funds used for the purchase were derived from unlawful activities.
The EFCC further alleged that in 2022, Okoye and his company engaged a Bureau de Change to convert $1,019,762.87 from a Northside Music Ltd Access Bank account into naira, then distributed the funds across multiple bank accounts to disguise its illicit source.
The EFCC stated that the offences violate Section 18(2)(a) of the applicable law and are punishable under Section 18(3) of the same Act.
Okoye denied all the charges and pleaded not guilty.
After Okoye’s plea, EFCC prosecutor Larry Aso asked the court to set a trial date and requested that Okoye be remanded in a correctional facility until the trial.
On the other hand, Okoye’s attorney, Inibehe Effiong, asked for an accelerated hearing and alerted the court of a pending bail application.
He also requested that his client be kept in EFCC custody rather than in a correctional facility.
The prosecution objected to the request, stating that the EFCC detention facility was already overcrowded with suspects awaiting arraignment.
The prosecution rejected the request, arguing that the EFCC detention facility was filled to capacity with suspects awaiting trials.
Justice Owoeye postponed the bail hearing to February 28 and set the trial date for April 14, 2025.
The judge also instructed that Okoye be kept at Ikoyi Correctional Centre until the bail ruling is made.
During the resumed hearing of the bail application on Friday, Effiong argued that his client’s application was made in accordance with relevant legal provisions and was supported by medical grounds.
He stated that the application was supported by both an affidavit and a written address.
Effiong also pointed out that the EFCC, in a counter-affidavit, claimed that Okoye was a flight risk and might tamper with witnesses.
He also conveyed to the court that the matter was a family issue and appealed to the judge to overlook the prosecution’s arguments, requesting bail for his client under the most lenient conditions.
In reply, EFCC counsel Anum stated that the prosecution had submitted a counter-affidavit consisting of 13 paragraphs, which was sworn to by an EFCC investigator, Rabana Job.
Anum contended that Okoye’s health issues were not backed by a medical report and urged the court to deny the bail application, calling for a speedy hearing of the case.
After hearing arguments from both parties, Justice Owoeye postponed the case to Monday for a decision on the bail application.
