The Federal High Court in Lagos has ordered the remand of Jude Okoye, brother and former manager of the now-defunct music duo P-Square, following allegations of money laundering involving ₦1.38 billion, $1 million, and £34,537.59.
Okoye, alongside his company Northside Music Ltd, appeared before Justice Alexander Owoeye on Wednesday to face a seven-count charge filed by the Economic and Financial Crimes Commission (EFCC).
According to the charges, the EFCC alleged that: “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) only, which money you knew or reasonably ought to have known forms part of proceeds of unlawful acts, thereby committing an offence contrary to Section 18 (2)(d) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
Another count accused Okoye of using a Bureau de Change operator to convert $1,019,762.87 in an Access Bank Plc account into naira, allegedly distributing the funds across multiple accounts to hide their origin — a violation of the Money Laundering Act.
Okoye pleaded “not guilty” to all charges.
After the plea, EFCC counsel Larry Peters Aso requested a trial date and asked the court to remand Okoye in a correctional centre until proceedings began.
In response, defence lawyer Inibehe Effiong informed the judge of a pending bail application and requested that Okoye remain in EFCC custody until the bail hearing. The prosecution opposed this, pointing to overcrowding in EFCC facilities and insisting on his remand at a correctional facility.
Justice Owoeye set the bail hearing for February 28 and scheduled the trial to start on April 14. In the meantime, the judge ruled that Okoye would be held at the Ikoyi correctional centre until a decision on his bail application is made