Court Grants Jude Okoye N100m Bail

• This decision follows his arraignment by the EFCC for alleged money laundering involving N1.38 billion, $1 million, and £34,537.59, among other charges.

Jude Okoye, the older brother of Peter and Paul Okoye from the former Psquare music group, was granted bail by the Federal High Court in Lagos on Monday, March 3.

This decision follows his arraignment by the Economic and Financial Crimes Commission (EFCC) for alleged money laundering involving N1.38 billion, $1 million, and £34,537.59, among other charges.

The EFCC charged Okoye and his company with seven counts in front of Judge Alexander Owoeye. The count read in part:

“That you, Jude Okoye Chigozie and Northside Music Ltd sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did directly acquire a landed property known as No 5, Tony Eromosele Street Parkview Estate, Ikoyi, Lagos worth ₦850,000,000.00 (Eight hundred and fifty million naira),”

“That you, Jude Okoye Chigozie and Northside Music Ltd sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did indirectly using bureau de change convert the sum of $1,019,762.87 (One million nineteen thousand, seven hundred and six-two dollars eighty-seven cents), domiciled in Access Bank Plc operated by Northside Music Ltd to the naira equivalent and remitted into various bank accounts to conceal that the said fund form part of the proceeds of an unlawful act.”

In a recent ruling, the Federal High Court in Lagos approved a N100 million bail for Jude Okoye, the ex-manager of Peter and Paul Okoye. Justice Alexander Owoeye set the condition that he must have two sureties of the same amount and is not allowed to travel abroad.

The judge ruled that at least one surety must own real estate, among other conditions. A video that surfaced online shows Jude exiting the court with his brother Paul Okoye.

This situation arises after Paul claimed that Peter was behind Jude’s EFCC charges, a claim Peter has rejected.

Watch video below