Ahead of his trial for suspected fraud, Jude Okoye, the older brother and former manager of the now-defunct P-Square, has been granted N100 million bail.
The Economic and Financial Crimes Commission (EFCC) arraigned Okoye on accusations of laundering N1.38 billion, $1 million, and £34,537.59.
Alexander Owoeye, the judge of the federal high court in Ikoyi, Lagos, initially detained him at the Ikoyi detention facility after he disputed the charges.
His counsel, Inibehe Effiong, had requested that he be remanded in EFCC custody until the hearing, but the prosecution’s lawyer, Larry Peters Aso, rejected the request.
The defendant’s lawyer filed a bail application at Friday’s hearing, but the prosecution objected with an affidavit, alleging that Okoye is a flight risk and could potentially interfere with witnesses.
The judge consented to hear the bail application and granted approval on Monday.
Owoeye issued the bail conditions, ordering Okoye to provide two sureties, each of whom owns landed properties in Lagos worth N100 million.
The court is required to authenticate the properties’ documentation, and Okoye is prohibited from leaving the country without prior clearance.
Owoeye decided that Okoye would stay in detention until the bail terms were met. His trial is slated to start on April 14, 2025.
Hmmm it is well