Jude Okoye, former manager of the defunct music group, P-Square, has been granted N100m bail in an alleged N1.38 billion fraud case.
He was granted bail on Monday March 3rd 2025, ahead of his trial for alleged N1.38 billion, $1 million and £34,537.59 money laundry charge.
Jude was arraigned before the court by the Economic and Financial Crimes Commission, EFCC, and remanded in the Ikoyi prison on Friday.
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He was granted N100 million bail with two sureties in like sum, each with N100 million landed properties in Lagos.
Okoye is also prohibited from travelling outside the country without approval. His trial is set to commence on April 14, 2025.
Okoye was arraigned alongside his company Northside Music Ltd on Wednesday before Alexander Owoeye of the federal high court in Lagos on a seven-count charge.
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“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 act and thereby committed an offence contrary to Section 18 (2) (d) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022,” the counts read in part.
“That you, Jude Okoye Chigozie and Northside Music Ltd sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did indirectly using bureau de change convert the sum of $1,019,762.87 (One million nineteen thousand, seven hundred and six-two dollars eighty-seven cents), domiciled in Access Bank Plc operated by Northside Music Ltd to the naira equivalent and remitted into various bank accounts to conceal that the said fund form part of the proceeds of an unlawful act and thereby committed 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 the charges. Inibehe Effiong, his counsel, informed the court of a pending bail application and requested that the defendant be remanded in the EFCC’s custody pending the hearing.
