The Federal High Court in Lagos has granted N100 million bail to Jude Okoye, the former manager of the defunct music group P-Square, over alleged money laundering charges involving N1.38 billion, $1 million, and £34,537.59.
Justice Alexander Owoeye, who presided over the case on Monday, ruled that Okoye must provide two sureties in like sum. One of the sureties must own a landed property in Lagos, and the court will verify the property documents.
The court also ordered that Okoye must not travel outside Nigeria without prior approval.
Jude Okoye, the elder brother of Peter and Paul Okoye of P-Square, was arraigned last week Wednesday alongside his company, Northside Music Limited, on a seven-count charge brought by the Economic and Financial Crimes Commission (EFCC).
According to the EFCC, Okoye and his company allegedly acquired a property at No. 5 Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, in 2022. The property, valued at N850 million, was said to have been purchased with funds suspected to be proceeds of unlawful activities.
Okoye pleaded ‘not guilty’ to all charges.
During the bail hearing on Friday, February 28, Okoye’s lawyer, Inibehe Effiong, requested that his client be remanded in EFCC custody pending the court’s decision. However, the prosecution counsel, Mr. Fanny Anum, objected.
After listening to both sides, Justice Owoeye scheduled the ruling for March 3, ultimately granting bail with strict conditions. He also ruled that Okoye would remain in prison until all bail conditions are fully met.
The court fixed April 14, 2025, for the commencement of the trial.
