EFCC Arraigns Jude Okoye for Alleged ₦1.38 Billion Money Laundering, Court Remands Him in Ikoyi Prison

The Economic and Financial Crimes Commission (EFCC) has arraigned Jude Okoye, the elder brother and former manager of Paul and Peter Okoye of the defunct music group P-Square, on charges of laundering ₦1.38 billion, $1 million, and £34,537.59.

Jude was arraigned alongside his company, Northside Music Ltd, before Justice Alexander Owoeye of the Federal High Court in Lagos on a seven-count charge. One of the charges alleges that he acquired a property worth ₦850 million in Parkview Estate, Ikoyi, with funds suspected to be proceeds of an unlawful act. Another charge accuses him of using a bureau de change to convert over $1 million and remit the naira equivalent into various bank accounts to conceal the source of the funds.

He pleaded not guilty to the charges. Following his plea, EFCC counsel Larry Peters Aso requested a trial date and asked the court to remand the defendant in a correctional facility.

Jude’s lawyer, Inibehe Effiong, informed the court of a pending bail application and requested that his client be kept in EFCC custody until the hearing. However, the EFCC opposed the request, citing overcrowding.

Justice Owoeye adjourned the bail hearing to February 28 and set April 14 for trial. He ordered that Jude Okoye be remanded in the Ikoyi correctional facility.