Justice Alexander Owoeye of the Federal High Court in Lagos has granted bail for Jude Okoye, the former manager of the defunct hip-hop group P-Square, in the amount of N100 million. Okoye is facing serious charges related to alleged money laundering involving N1.38 billion, $1 million, and £34,537.59.
As part of the bail requirements, the judge has mandated that Okoye must provide two sureties with equivalent financial backing, one of whom must have a verifiable business and ownership of landed property. Additionally, he is prohibited from traveling outside Nigeria while his trial is ongoing and will remain at the Ikoyi Correctional Facility until the bail conditions are fulfilled.
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The Economic and Financial Crimes Commission (EFCC) has brought a seven-count charge against Okoye and his company, Northside Music Limited, regarding one charge against money laundering activities. The EFCC alleges that in 2022, Okoye and his company purchased a property located at No. 5 Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, valued at N850 million, using funds believed to be acquired from unlawful activities.
Furthermore, the commission claims that Okoye utilized a Bureau De Change to convert $1,019,762.87 from a Northside Music Ltd Access Bank account into Nigerian naira. This money was subsequently distributed across various accounts to obscure its illicit origins. These actions are believed to contravene Section 18 (2)(a) and (d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and are subject to penalties outlined in Section 18 (3) of the same law.
One of the charges against Okoye states that he, along with Northside Music Limited, acquired the aforementioned property in Lagos, aware that the funds involved were connected to unlawful activities. Another charge specifies that Okoye and his company used the Bureau De Change to convert significant funds into naira, transferring them to different accounts to conceal their illegal source.
Despite these allegations, Jude Okoye has pleaded not guilty and maintains his innocence throughout the proceedings.
