The Economic and Financial Crimes Commission (EFCC) has arraigned Jude Okoye, the elder brother and former manager of the defunct music group P-Square, on charges of laundering ₦1.38 billion, $1 million, and £34,537.59.
Okoye was arraigned alongside his company, Northside Music Ltd, before Justice Alexander Owoeye of the Federal High Court in Lagos, facing a seven-count charge.
One of the charges read: “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 property located at No 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, valued at ₦850,000,000 (Eight hundred and fifty million naira), which you knew or reasonably ought to have known forms part of proceeds of unlawful activity, 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 read: “That you, Jude Okoye Chigozie and Northside Music Ltd, sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did indirectly use a bureau de change to convert $1,019,762.87 (One million, nineteen thousand, seven hundred and sixty-two dollars eighty-seven cents), held in an Access Bank account operated by Northside Music Ltd, into its naira equivalent and remitted it into various bank accounts with the intention of concealing that the said funds were proceeds of unlawful activity, thereby committing an offence contrary to Section 18 (2)(a) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
Okoye pleaded “not guilty” to all charges.
Following his plea, prosecution counsel Larry Peters Aso requested a hearing date and for the defendant to be remanded in a correctional facility pending trial.
The defendant’s counsel, Inibehe Effiong, informed the court of a pending bail application and requested a short date for the hearing. Effiong also requested that Okoye be remanded in EFCC custody pending the bail hearing.
Aso objected to the request for EFCC custody, citing congestion due to other suspects awaiting arraignment. He urged the court to remand Okoye in a correctional facility instead, now that his plea had been taken.
Justice Owoeye adjourned the case to February 28 for the bail hearing and April 14 for trial. The court also ordered that Okoye be remanded in the Ikoyi Correctional Facility.
