Jude Okoye, Ex-Manager Of P-Square, Granted Bail In Money Laundering Case

Jude Okoye, Ex-Manager Of P-Square, Granted Bail In Money Laundering Case

Jude Okoye, the former manager of the now-defunct music group P-Square, has been granted bail by the Federal High Court in Lagos. Justice Alexander Owoeye set the bail at N100 million after Okoye was arraigned on charges related to money laundering, involving N1.38 billion, $1 million, and £34,537.59……READ MORE

As part of the bail conditions, Okoye must provide two sureties, each with assets worth the same amount, including one who must own verifiable business and landed property. He is also prohibited from traveling outside Nigeria during the trial and will remain at the Ikoyi Correctional Facility until the bail conditions are met.

The Economic and Financial Crimes Commission (EFCC) brought the case against Okoye and his company, Northside Music Limited, accusing them of money laundering. The EFCC claims that in 2022, Okoye and Northside Music Ltd acquired a property worth N850 million in Lagos using illicit funds. The commission also alleges that Okoye used a Bureau De Change to convert $1,019,762.87 from the company’s account into naira, which was then distributed across multiple accounts to hide its unlawful origin.

These actions allegedly violate Nigeria’s Money Laundering (Prevention and Prohibition) Act, 2022. Okoye has pleaded not guilty to all charges, maintaining his innocence.