Jude Okoye, P-Square brother, in prison over money laundering
Jude Okoye, the elder brother and former manager of the well-known Nigerian music duo P-Square, was on Wednesday arraigned in the Federal High Court in Lagos.
He faced serious allegations of financial crimes, specifically related to money laundering. The Economic and Financial Crimes Commission (EFCC) brought a seven-count charge against him and his company, Northside Music Ltd, involving significant sums of money.
The charges include accusations of laundering approximately ₦1.38 billion (Nigerian Naira), $1 million (USD), and £34,537.59 (GBP).
One notable charge states that in 2022, Okoye directly acquired a property located at No 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos. This property was valued at ₦850 million (Eight hundred and fifty million naira), which the prosecution claims he knew or should have known was derived from unlawful activities. This act is said to violate Section 18 (2)(d) of the Money Laundering (Prevention and Prohibition) Act of 2022.
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Another charge alleges that Okoye used a Bureau de Change operator to convert over $1 million from an account at Access Bank Plc into its naira equivalent. The funds were then remitted into various accounts with the intent to conceal their source as part of unlawful proceeds. This action contravenes Section 18 (2)(a) of the same Money Laundering Act.
During the court proceedings, Jude Okoye pleaded “not guilty” to all charges presented against him.
Following his plea, the EFCC’s counsel requested that he be remanded in a correctional facility while awaiting trial. The defense counsel argued for bail and requested that Okoye be held in EFCC custody instead due to concerns about conditions in correctional facilities.
Justice Alexander Owoeye presided over the case and ultimately decided to remand Jude Okoye at Ikoyi Correctional Centre until a bail hearing could take place on February 28, with trial proceedings set to commence on April 14.
