He was charged with a seven-count indictment under the Money Laundering (Prevention and Prohibition) Act, 2022.
By Ife Osemedua
365Daily – Jude Okoye, the elder brother and former manager of Paul and Peter Okoye of the defunct music group P-Square, has been remanded in Ikoyi prison over allegations of money laundering amounting to ₦1.38 billion, $1 million, and £34,537.59.
The Economic and Financial Crimes Commission (EFCC) arraigned Okoye alongside his company, Northside Music Ltd, before Justice Alexander Owoeye of the Federal High Court, Lagos, on Wednesday, February 26, 2025.
He was charged with a seven-count indictment under the Money Laundering (Prevention and Prohibition) Act, 2022.
One of the charges alleges that in 2022, Okoye and Northside Music Ltd acquired a property at No. 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, worth ₦850 million, knowing or reasonably suspecting that the funds were proceeds of unlawful activities. Another charge accuses him of using a bureau de change to convert $1,019,762.87 and distribute the naira equivalent across various bank accounts to conceal the origin of the funds.
Okoye pleaded not guilty to all charges. Following his plea, EFCC counsel Larry Peters Aso requested a hearing date and urged the court to remand the defendant in a correctional facility pending trial.
However, Okoye’s counsel, Inibehe Effiong, sought his remand in EFCC custody, citing a pending bail application.
The prosecution opposed the request, arguing that the EFCC’s detention facilities were overcrowded. Justice Owoeye ruled in favor of the prosecution and ordered Okoye’s remand in Ikoyi prison.
The bail hearing is set for February 28, while the trial is scheduled to commence on April 14.