Wale Igbintade

Justice Alexander Owoeye of the Federal High Court in Lagos has granted a N100 million bail to Jude Okoye, the former manager of twin brothers Peter and Paul Okoye of the defunct hip-hop group P-Square.

Okoye is facing charges of alleged money laundering involving N1.38 billion, $1 million, and £34,537.59.

As part of the bail conditions, Justice Owoeye ordered Okoye to provide two sureties in like sum, one of whom must own a verifiable business and landed property.

The judge also ruled that Okoye cannot travel outside Nigeria during his trial and will remain at the Ikoyi Correctional Facility until he meets the bail conditions.

The Economic and Financial Crimes Commission (EFCC) arraigned Okoye alongside his company, Northside Music Limited, on a seven-count charge of money laundering.

According to the EFCC, in 2022, Okoye and his company allegedly acquired a property at No. 5 Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, worth N850 million, using proceeds suspected to be from unlawful activities.

The commission further alleged that Okoye used a Bureau De Change to convert $1,019,762.87 held in a Northside Music Ltd Access Bank account into naira, which was then distributed across various accounts to conceal its illicit origin.

These alleged offenses violate Section 18 (2)(a) and (d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and are punishable under Section 18 (3) of the same law.

The Commission told the court that the defendant alongside his Northside Music Limited sometime in 2022, in Lagos, directly acquired a landed property known as No 5, Tony Eromosele Street Parkview Estate, Ikoyi, Lagos worth N850, 000, 000.(Eight hundred and fifty million naira) the money he knew or reasonably ought to have known forms part of proceeds of unlawful activities.

One of the charges reads: “that you, Jude Okoye Chigozie and Northside Music Limited 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 N850,000,000.00 (Eight hundred and fifty million naira) only, which money you knew or reasonably ought to have known forms part of proceeds of unlawful act and thereby committed an offence contrary to Section 18 (2) (d) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

Another charge reads that Okoye and his company, in 2022, used a Bureau De Change to convert $1, 019, 762. 87 USD, held in an Access Bank account operated by Northside Music Ltd, into naira and transferred the funds into various bank accounts to conceal the illicit origin of the money.

Despite the charges, Okoye maintains his innocence and has pleaded not guilty.