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The Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has brought Jude Okoye, the elder brother and former manager of Paul and Peter Okoye from the now-defunct P-Square music group, before a Federal High Court in Ikoyi on charges of money laundering involving N1.38 billion, $1 million, and £34,537.59.
Okoye was presented before Justice A.O. Owoeye, alongside his company, Northside Music Ltd, facing a seven-count indictment related to money laundering.
One of the charges states: “That you, Jude Okoye Chigozie and Northside Music Ltd, at some point in 2022, in Lagos, within the jurisdiction of this Honourable Court, directly acquired a property located at No 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, valued at N850 million, knowing or reasonably should have known that such funds constituted proceeds of unlawful activities, thus committing an offence under Section 18 (2) (d) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
Another charge claims: “That you, Jude Okoye Chigozie and Northside Music Ltd at some point in 2022, in Lagos, within the jurisdiction of this Honourable Court, indirectly utilized bureau de change to convert the amount of $1,019,762.87 (One million nineteen thousand, seven hundred and sixty-two dollars eighty-seven cents), held in Access Bank Plc accounts operated by Northside Music Ltd, into its naira equivalent and transferred to various bank accounts, aiming to conceal that this money was derived from illegal activities, thereby violating Section 18 (2)(a) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
After hearing the charges, Okoye denied the accusations, leading prosecution counsel, L.P. Aso, to request a trial date and for Okoye to be held in a correctional facility.
However, defense counsel, Inibehe Effiong, alerted the court about Okoye's bail application and requested a short adjournment for its hearing. The defense also requested that the defendant be held in EFCC custody until the bail hearing.
The prosecution opposed the motion for EFCC custody, asserting that their facility was crowded with suspects pending arraignment, and recommended the defendant be taken to the correctional facility since he had entered a plea.
Justice Owoeye postponed the case until February 28, 2025, for the bail hearing and April 14, 2025, for the trial, ordering that the defendant be held at Ikoyi Correctional Centre.
