The Economic and Financial Crimes Commission (EFCC), on Wednesday, arraigned Jude Okoye, older brother and ex-manager of Paul and Peter Okoye of the defunct P-Square music group.

The commission arraigned him before the Federal High Court, in Ikoyi, Lagos.

He was arraigned alongside his company, Northside Music Ltd, on seven counts of money laundering to the tune of N1.38 billion, $1 million and £34,537.59.

The prosecution alleged that the sometimes in 2022, in Lagos, directly acquired a landed property at No 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, worth N850 million, “which money you knew or reasonably ought to have known forms part of proceeds of unlawful act.”

The offence is contrary to Section 18 (2) (d) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.

The defendants were also alleged to have used bureau de change, converted more than $1 million ($1,019,762.87) domiciled in Access Bank Plc operated by Northside Music Ltd to the naira equivalent and remitted into various bank accounts.

It was alleged that the defendants did this with intention of concealing that the said fund formed part of the proceeds of an unlawful act. The prosecution said this act constiuted an offence contrary to Section 18 (2)(a) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.

Mr Okoye pleaded “not guilty” to the charges, following which prosecution counsel, L.P. Aso, applied for a trial date and for the defendant to be remanded in a correctional facility.

However, the defence counsel, Inibehe Effiong, informed the court of Mr Okoye’s bail application and prayed for a short date of adjournment to enable its hearing.

The defence counsel also prayed that the defendant be rather remanded in the EFCC custody pending the hearing of the bail application.

Objecting to the prayer for the defendant to be remanded in EFCC’s custody, the prosecution counsel argued that the commission’s holding facility was already congested with suspects awaiting arraignment and that the court should remand the defendant in the correctional facility since he has taken his plea.

The judge, A.O. Owoeye, adjourned the matter till 28 February for the hearing of the bail application and 14 April for trial.

The judge ordered that the defendant be remanded in Ikoyi Correctional Centre.